MarketingProfs' Members Register for B2B Forum 2010 for just $695! (good until 11/30) »

Ask your question ... sign up today! It's FREE!
Branding     
 
This question has been closed, and points have been awarded.
How Do You Measure Overall Branding
Posted By: phaney on 9/14/2004 9:03 AM (CST) 125 Points
I want to set aside some budget each year for measuring our brand performance irrespective of the channels - ie this will be quantitative or qualitative analysis.

Posted by: D4Demand Accepted Answer
9/14/2004 9:18 AM (CST)
Assumption 1
You have already conducted a benchmark study so that you know your basic awaremness, level of preference among brand alternatives, strategic strengths and weaknesses. If you have done this , you already know what this costs. Plug that cost in annually so that you may measure incremental gains and losses in brand appeal.

Select Regional markets to act as indicators. measure your results for the same incremental benefits.
 
Posted by: W.M.M.A. Accepted Answer
9/14/2004 9:30 AM (CST)
D4Demand has great answer.

I firmly believe that by understanding your budgeting and measuring against that you will begin to realize more about how the brand is working.
In the long run, consumers are the best indicator of long-term brand success...although responding to the needs of the customer, today is of extreme importance (short-term builds to long-term), therefore the brand relationship with today's customers is also of great urgency.
Cashflow, cashflow, cashflow - - to us, this is the most important way to measure the short-term value of the brand. The market will gradually introduce you to other variables that may continue to embrace your products to them, or drive them away from you. This is the urgency of developing today's relationships. I believe that continuous monitoring of revenue streams is the key to brand measurement. That's my $.02.

I hope this has helped a bit.

Randall W. Montalbano
Senior Advisor
WMMA
 
Posted by: thinkmor Accepted Answer
9/14/2004 10:15 AM (CST)
Hi Phaney

You can also try using a more judgemental approach for quantifying your brand value equation by:

Price X Functional Benefit X Perceived Benefit = Customer Value

You do need sound judgement to evaluate benefits though. You need to base these on detailed facts and market knowledge.

E.g. price - Take your average price, relate it to market average and index it.

Functional - B2b markets, functional benefits can often be evaluated through techical testing. More difficult to test services but can be done is you have comparative performance benchmark figures.

Perceived - Customer attitude scores based on consumer research, customer retention & customer loyalty are also useful as indicators.

You can also measure your brand strength by using Novaction IDQV - impact, differentiation, quality and value. This can help you check for brand strengths and weaknesses and be applied to products and services. IDQV is a good quick check method.

For more depth you can use a Brand Scorecard. Send me an email if you need a copy but you'll have to cater it towards your own market.

Hope this helps you with your question.


Zahid Adil
 
Posted by: JBtron Accepted Answer
9/14/2004 1:08 PM (CST)
phaney

Allocation of annual dollars to measure brand performance is a commendable way to begin your process. Is this allocation from the overall corporate budget? From the marketing dollars? Corporate communications?

The answer will almost tell me more about your project’s viability that the project itself. Remember: brand valuation as a process demonstrates proper corporate priorities, so the concept of “selling this to management” is removed from your plate. If this allocation comes from the marketing department, then I think you have some corporate culture issues that need to be addressed, and you MAY need some assistance to garner corporate consensus. I can help with that, if you like.

At Coca-Cola, I once heard a Vice President say he could refinance the entire company if he only had Coca-Cola's brand equity valuation to start. So the effort is worth it IF YOUR PRODUCT is worth it. Make sure it IS, and then proceed.

For a primer on your impending task, I would strongly recommend the following article:

http://www.brandchannel.com/features_effect.asp?pf_id=48

Brandchannel, an Interbrand site, gives information about the process. If this link doesn't work because of login restrictions, then go to brandchannel.com and look for the article,

"World's Most Valuable Brands: A Closer Look at Measuring Brands," By Robin Rusch.

Hope this helps.

Best,

::JBtron
 
Posted by: mgoodman Accepted Answer
9/14/2004 10:15 PM (CST)
Unaided/aided awareness among the target audience is certainly one way to track/measure the effectiveness of a branding program, but it may not be enough.

You might consider a "brand audit" for the entire category. You essentially measure not only awareness for your brand and all competitors, but you also ask consumers what features and benefits are important to them, then have them rate your brand (and competitors' brands) against those very features and benefits.

What you end up is a "benefits map." You can essentially visualize a space where you can see how each brand stacks up against the benefits that are important to consumers. This lets you see not only whether people remember your brand, but also whether your specific brand promise is being communicated, whether it's distinctive, whether it's important to a large segment of the target market, etc.

Hope this helps. I think it's better than a straightforward awareness and attitude study.
 
Posted by: jose04 Accepted Answer
10/2/2004 12:22 PM (CST)
Hello Phaney

Overall branding irrespective of channels...

Brand performance is a reflection of the acceptance the brand has in the market place. Ideally the attitudinal assessments of the happiness level of the average customer should correlate highly with the sales data within and between channels. This is the acid test for an overall brand performance and the firm's task for the next period will be to investigate the reasons for the differences if any. Over time these differences will be settled by the professional firm.

hope these thoughts help!!
 
Posted by: ASVP/ChrisB Accepted Answer
10/3/2004 1:08 AM (CST)
There'a great tutorial on this site here http://www.marketingprofs.com/homepage/premium_preview.asp?file=/Tutorials/... which I am sure will help you...

Good luck

ChrisB
 
Posted by: Andr* Accepted Answer
10/3/2004 9:18 PM (CST)
Hi phaney

If you're interested in "brand auditing", I know of a brand assessment product (called Brand Audit) which may help you. It doesn't focus exclusively on measuring your brand in terms of market/customer perceptions, but looks at how commited your company is - as a whole, not just the marketing department - to "living and breathing" the brand. So basically it assesses overall brand strategy alongside brand performance.

Brand Audit is about 381 questions and includes sections like Brand Strategy, Operational Structure, Culture, Customers, Finances, and Key Performance Indicators.

If you're interested feel free to email me. :)

andr
 
Posted by: Val (Moderator)* Moderator Response
10/6/2004 9:08 PM (CST)
Hello all. I am closing this question, since its more than 2 weeks old. We do this to make sure members' contributions are rewarded in a timely manner and to improve the visibility of newer questions. Thanks, so much, for participating!

Val (Moderator)
 


Get more answers ... ReTweet this!

Would you like to post a response?
Welcome to Know-How Exchange!
This is a collaborative community. We welcome everyone's participation.
All you need to do is login. Enter your account info in the box above (top right).
Not a member? Not a problem. Register here (it's FREE and EASY).




Know-How Exchange powered by MarketingProfs


Sponsored Links

Buy a Link Now

Just Released ... Download Today!
Just Released ... Download Today!
Look inside
Included with Premium Membership
User Name:
Password:
Remember Me
Forgot your password?

Top 25 KHE Experts
(Branding)
mgoodman (14628)
Jay Hamilton-Roth (12310)
JBtron (9848)
thinkmor (8936)
W.M.M.A. (8761)
ilan (7056)
wnelson (6870)
skoobie99 (6868)
mbarber (6365)
PhilGrisolia=Results (6134)
Puru Gupta (5095)
Mushfique Manzoor (3978)
darcy.moen (3958)
SteveByrneBranding (3390)
AndrewS (3093)
Nitin Kochhar (3033)
Peter (henna gaijin) (2838)
Michele (2681)
rob (2596)
Paul Copcutt (2538)
proeditor (2418)
stlubahn (2362)
BARQ (2271)
SRyan ;] (2159)
D4Demand (2155)
Recently Posted Marketing Jobs
Director of Marketing and Communications
Demand Generation Manager
Marketing/Advertising Faculty
Director of Marketing
Market Analyst
Sr. Field Marketing Manager - Business Intell.
Associate Vice President of Marketing and Corporat
Marketing Manager
[more jobs]

Join over 355,000 members ... SIGN UP!

My email address is and I'd like my password to be .

Already a member? Sign In!

My email address is , and my password is .


HACKER SAFE certified sites prevent over 99.9% of hacker crime.