Know-How Exchange : Branding

I would be interested to know if anyone has a simple answer, obviously (as you suggest), large branded companies and FMCG employee huge and expensive brand models to calculate their brand value.

Ideally you need to prove a link between the branding exercise, customer acquisition, customer revenues and customer churn ... mighty difficult and expensive to do.

A simple task would be to research your brand awareness, loyalty and strength against your competitors, and for that you would need a list of brand characteristics, so I recommend the following as a starting point for you:

EXTERNAL:

Can you/do you charge a brand premium
Do you have excellent customer satisfaction/loyalty or have excellent customer relationships.
Are you perceived to be a quality supplier
Are you perceived to have good market leadership / or are you popular
Can you brands personality be easily recognised
Do you have good brand awareness in the market
Do you have one of the best market shares
Do your products shout “buy me” from the shelves!

INTERNAL:
Do you have brand values
Do you have internal communications
Do you regularly reinforce the brand values to your staff
Do you have great supplier relationships
Do you truly understand your customers/prospects and why they buy from you.
Do you innovate in product development
Are you front line employees fully behind your brand values

BRAND:
Are the top management supporting of the brand and its values
Does your brand generate an emotion response (A brand should strive to evoke emotions and create sensory experiences)
Does your brand exhibit admirable human qualities.
Does your brand actually stand for something.

Some of these points you score, and some you allow your market to score (if you can) and that may help.

Not sure what your market is, but you could also try 'Brand Price Value', I have used this before where prices for good are similar.

List your brand with that of your competitors, and give them all the same price:

Your brand $1.50
Brand X $1.50
Brand Y $1.50

Then ask your customers/prospects which they would buy, which ever the choose, increase the price on your list of the chosen brand by say 5% and reduce the other brands by same percentage and ask the same question again with the new list and prices. After you ask the question and see the answers you tend to get a feeling for brand loyalty (value) against purchase decision.

To get the most out of these two, you must really understand your brand values.

Expose it in a beta-test, or a survey. You can get the best results from real customers. It's that simple.

If you have more than one product, I would suggest alternating the prices a bit Like Andrew suggested to test "loyalty".

Value is a human perception. So test it on humans...not paper.

Good Luck!

Try this site:

https://www.brandfidelity.com/index.html

It's free and is exclusive to branding.

Good luck!

btw, I have added a few bits on branding to my website and hope to include a brand map(tm) and brand audit section soon :-)

https://straightforward-marketing.p5.org.uk