Building a strong brand is more than merely providing a reliable product or satisfying a few consumers. Building a strong brand requires the measurement of crucial brand equity parameters, then adapting the company’s performance to meet the high-value areas of the consumers. Without studying the equity of the brand, it is challenging to understand the brand’s current perception and position in the market amongst its consumers and thus, critical areas of improvement. Realizing the potential of a brand is essential in terms of strategy and brand investment decisions. Hence evaluating a brand is critical to understand the effectiveness of the current strategy, to defend brand budgets and decision making for the long run. Brand equity tracking thus becomes imperative for new as well as established brands.
Brand Equity accurately represents the brand’s competitive environment and its position in the same. Information captured in a brand equity study
Experience of Brand users, aware non-users and Lapsers
Brand Consideration and intention to purchase
When tracked over a significant period, these studies offer strategic value and consistent results that can be used to generate actionable insights and design the brand’s architecture.
Furthermore, brand equity research can shed light on consumer needs and branding direction for the next few years. This allows for the ability to make well-balanced and informed decisions to differentiate from other competitors.