How does Brand Equity Research inform strategies for business success?
Assessments of Brand Health (i.e., awareness, familiarity, consideration) and Brand Perceptions (i.e., overall image, sentiments, resonance of brand pillars/attributes) provide great insight, but in market research consulting, we seek to answer the “So What?” that follows.
Understanding the Call-to-Action of the brand and its marketing informs our strategic recommendations for the business. Call-to-Action may be personal (Who will conduct research on this? Who will buy it? How much will they spend? etc.) and social (Who will recommend us? Who will post about us on social media? etc.)
For example, from Brand Health analysis, we may learn that awareness is at 66% and consideration is 50% of those aware of the brand. From Brand Perceptions analysis, we may identify the top associations for the brand (70-90%s for quality, reputation, product design) and opportunities for competitive differentiation (60% customer service versus 40%s for competitors). But Call-to-Action insights add to the overall snapshot of Brand Equity, highlighting how many target consumers intend to research the brand (75%), check it out in store (65%), recommend it on social media (55%), etc.
A deeper understanding of Brand Equity includes more than a reflective, point-in-time status. It is important to gain a forward-looking perspective to guide next steps in the business strategy.