“Anyone who launches new products will immediately appreciate the power of this resource to influence design direction, target appropriate price points, and select materials with high consumer appeal. What I love most is that it facilitates open and powerful discussions across the marketing, design and business teams. It minimizes reliance on “the gut feel” of just one individual in an organization and helps create a unified vision for success.”
How widely known is your brand? Which consumers are aware of your brand? Is it top of mind to consumers or an also ran? What do they think of your brand? Do they perceive it as a category leader? Is it a quality brand? Is it a fashion-forward brand? Is it a discount brand? Brand Awareness and Equity studies are designed to answer these questions.
Your Brand Equity is comprised of many components such as quality, value, innovativeness, trustworthiness, history, reliability and fairness in dealings. Do you know how your brand fares on all of these components?
Smart companies monitor their Brand Equity on a continuing basis. For those that don’t, there are two main reasons for clients to pursue these studies. First, they are about to start a new market positioning campaign and they want to know the “before” baseline data. They want to define whether the new efforts move the needle in raising awareness and in redefining the brand in the desired way. The goals could also be to change/expand the consumer audience. Second, these studies are often used to define the value of the brand. This can happen when the brand has recently been purchased or if there is a plan to sell it. Brand awareness and equity levels are important factors in defining the value of a brand.
Typical project timing: 3-4 weeks