Where is your brand’s weak spot?
The 5 Drivers of Brand Equity.
Regardless of your company size or the industry you operate in, your brand is an asset that has direct monetary value. It impacts the bottom line.
Numerous studies have shown that the strength of a company’s brand correlates to improved financial performance, market share, margin and sales gains.
While debate continues about the merits of brand valuation, at GSG, we have found brand equity a more meaningful and actionable measure.
We like and apply the simple Tim Ambler’s definition of Brand equity. ‘The associations your customers carry around in their heads about your brand’. Positive associations, stronger equity. Negative associations, brand equity dilution.
Strong brand equity will deliver committed customers, repeat purchase and positive word of mouth, all necessary for sustained sales growth.
No matter how meticulously designed, managed or enhanced, every brand has an opportunity to better itself in one way or another. The question is where to focus.
Brand Equity: Finding your weak spot
At GSG we have found five key drivers of brand equity.
Take the test and assess how your brand is performing relative to your nearest rival brand?
Where are your ‘weak spots’? Strengths? Where should you focus your efforts?
1. Awareness. Is unprompted brand awareness with target markets sufficient to get you on the shopping list or consideration set?
2. Positioning. Is your brand distinctive and relevant to your target market needs? Do prospective and current customers have the desired brand associations to what you intended?
3. Pricing. Are you competitively and reasonably priced compared to benefits you offer relative to competitors?
4. Availability. Well-known brand or not, your brand needs to be available? How do your customers buy? What’s their path to purchase? Is your brand readily available to be researched, trialled, purchased and re-purchased? Is this working across all channel touch points? Is there further upside from new locations?
5. Performance. What are the actual vs. perceived quality of your product/service performance and delivery on brand promise? What’s driving any gaps? Changing expectations? Customer experience not aligned? Are competitors getting better? Our delivery?
Hopefully, this helps put a spotlight on some areas of opportunity.
No doubt. your own assessment will reveal a range of different responses required. A tweak (or overhaul) of your brand’s market position, re-vamp of channel strategy, change to the range, price or promotional strategy or indeed the need to innovate to stay relevant.
If you’d like to discuss any of the ideas presented, please contact GSG here.