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.
Every established brand should have a clear understanding of its brand equity. The Blake Project’s BrandInsistence brand equity measurement system measures the five things that cause customers to insist upon specific brands: awareness, relevant differentiation, value, accessibility and emotional connection.
With the dawn of the Age of Intellectual Capital during the mid 1990’s, came the realization that a majority of the value of a modern enterprise can be located in the intangible assets and not in the traditional tangible assets such as real estate, plant, equipment, inventory, cash, and the like.
Brand equity measurement leads to highly valuable insights into what the brand and competing brands own in the minds of its target customers. For those marketers in the process of measuring brand equity, We have cataloged the 29 most common mistakes to avoid:
