Establish and measure brand equity via brand equity models Brand equity can be established around different variable associated wi...
Establish and measure brand equity via brand equity models
Brand equity can be established around different variable associated with brand reputation and customer knowledge. If we are able to measure the intensity of these variables we can determine the brand equity of the specific brand. This will also help us to identify the brand health. The health of the brand can be improved by strengthen the week areas.
Brand Equity Models
Here we have a brief look on some of the most popular brand equity models.
BRANDASSET® VALUATOR
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| Brand Asset Valuator |
Developed By:
Advertising agency Young and Rubicam (Y&R)
Practical Implementation
Based on research with almost 800,000 consumers in 51 countries, BAV compares the brand equity of thousands of brands across hundreds of different categories.
Working Logic of BRANDASSET® VALUATOR
Brand equity is established around four components
• Energized differentiation measures the degree to which a brand is seen as different from others, and its perceived momentum and leadership.
• Relevance measures the appropriateness and breadth of a brand’s appeal.
• Esteem measures perceptions of quality and loyalty, or how well the brand is regarded and respected.
• Knowledge measures how aware and familiar consumers are with the brand.
Current performance measurement
Esteem and knowledge together create brand stature, a “report card” on past performance and a current indicator of current value.
Future forecast
Energized differentiation and relevance combine to determine brand strength—a leading indicator that predicts future growth and value.
Position of different brands on the Power grid
- Strong new brands show higher levels of differentiation and energy than relevance, whereas both esteem and knowledge are lower still.
- Leadership brands show high levels on all pillars.
- Declining brands show high knowledge. It is the evidence of past performance; a lower level of esteem, and even lower relevance, energy, and differentiation.
BRANDZ
Developed By
Marketing research consultants Millward Brown and WPP
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| BRANDZ |
Working Logic
Brand building follows a series of steps suggested by the developers in BrandDynamics pyramid.
Pyramid levels define the strength of brand
• Presence. Active familiarity based on past trial, saliency, or knowledge of brand promise
• Relevance. Relevance to consumer’s needs, in the right price range or in the consideration set
• Performance. Belief that it delivers acceptable product performance and is on the consumer’s short-list
• Advantage. Belief that the brand has an emotional or rational advantage over other brands in the category
• Bonding. Rational and emotional attachments to the brand to the exclusion of most other brands “Bonded”
Strength of Brand at different levels:
Consumers at the top of the pyramid build stronger relationships with and spend more on the brand than those at lower levels. There are more consumers at the lower levels, so the challenge for marketers is to help them move up.
BRAND RESONANCE MODEL
Resonance is the intensity of customers’ psychological bond with the brand and the level of activity it engenders.The model develops and measure brand equity building as an ascending series of steps.
Identification and association of brand
Ensuring customers identify the brand and associate it with a specific product class or need;
Brand Positioning
Firmly establishing the brand meaning in customers’ minds by strategically linking a host of tangible and intangible brand associations;
Call forth
Eliciting the proper customer responses in terms of brand-related judgment and feelings
Brand Loyalty
Converting customers’ brand response to an intense, active loyalty.
Emotional and rational aspects of Brand Equity
The model emphasizes the duality of brands the rational route to brand building is on the left side of the pyramid and the emotional route is on the right side.
Different levels of Model
• Brand salience is how often and how easily customers think of the brand under various purchase or consumption situations.
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BRAND RESONANCE MODEL |
• Brand performance is how well the product or service meets customers’ functional needs.
• Brand imagery describes the extrinsic properties of the product or service, including the ways in which the brand attempts to meet customers’ psychological or social needs.
Brand judgments focus on customers’ own personal opinions and evaluations.
• Brand feelings are customers’ emotional responses and reactions with respect to the brand.
• Brand resonance describes the relationship customers have with the brand and the extent to which they feel they’re “in sync” with it.
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