This is a challenging subject. Many people believe the only measure of success is the final results. For example, if you are selling a product did you sell more because of the investment in your communication campaign? If yes, then it is judged a success. If no, it is judged a failure.
Understanding your brand’s equity in the market has never been more important. Having a data-driven view of how your brand is perceived and what customers want will put you in possession of the truth and help you construct a powerful brand strategy.
Branding Strategy Insider helps marketing oriented leaders and professionals like you build strong brands. BSI readers know, we regularly answer questions from marketers everywhere. Today we hear from Laura, a VP of Marketing from Atlanta, Georgia who asks this question about pricing strategy.
What is brand equity measurement and how can it be a driving force in building your brand? Let me begin by saying that marketing professionals still have different definitions of brand equity and therefore brand equity measurement.
Brand equity is the added value element of your brand. I often refer to as “emotional margin”. It’s frequently measured as the gap between the price your brand can command through its very presence compared with how consumers value non-branded products in your category.
