BRAND EQUITY RESEARCH
Brand is an intangible, conditional asset associated with a product or service. Brands are associations with a set of emotions that influence consumers’ responses and behaviors towards a product/service.
Usually it is very easy to put values on products and to some extent on services too. However, It is essential for a business to understand the commercial value, or equity, that is derived from consumers’perceptions of the brand name of a particular product or service.
Several aspects of brand equityconvey the value it may or may not possess at any given moment, or over a longer period. Keys aspects of Brand Equity, which should be measured, are:
Brand Perception, Quality Perception, Loyalty, Association, Standing vis-à-vis Competition, familiarity etc.
Assessing and Monitoring the Brand Strength: Brand Health and Diagnostics
- Health metrics: To measure awareness, trials, conversions, repeat visits etc., both for individual stores and chains.
- Brand Track: Measuring brand health in a competitive context among intenders and users.
- Brand Perception: Measuring brand perception and satisfaction.
- Diagnostics: To understand sources of awareness, extent of knowledge, triggers to visit, items shopped for, purchased at the store, perceptions on store experience on specific factors relating to products, display, prices, service, ambience etc.
- Developing Brand Positioning Cues: Decoding brand perceptions, brandpropositions, emotional connect and communication with the brand and logo.
Your brand is a powerful tool that allows you to effectively presentyour company and its products/services to your target audience. Properly positioning your brand so that it best represents the core values of your business and the needs of your target market is an extensive process that takes time and requires expertise in a number of business fields.
The goal of positioning research is to identify the best way to gain a unique, relevant place in the consumer’s mind that is emotionally compelling.Brand positioning research helps the organizations by:
- Identify Core Benefits in Their Own Words
- Understand what your brand’s strengths and weaknesses are from your customers’ perspectives
- Know how your customers perceive your brand vis-à-vis competitive brands
- Understand which benefits are the most important to your customers and which of those benefits your brand could uniquely “own” in your customers’ minds
- Know which benefits are believable for your brand
- Understand how different customer groups perceive your brand’s product/service categories (and the brands within them) differently
PRC team can help the clients with the following deliverables with regard to Brand Positioning Research Solutions:
- Positioning Strategy
- Selection of Marketing/Promotional Mediums
- Customer Reaction Study
- Perceptual Mapping
- Optimization of Brand Positioning
- Brand Value Monitoring
REPUTATION ASSESSMENTand SUSTAINABILITY PERCEPTIONS
Organizations with strong reputationsin general and on sustainability initiativesdeliver higher than average profits. Further, thestock performance improve significantly and organizations have increased employee support, productivity, sales and customer loyalty. RSAlooks at your company’s reputation from the perspective of the Key Stakeholders (people and groups who matter the most to you). It will help:
- Assess Reputation among Key Constituent Stakeholder Groups
- Identify your strength areas, which could be leveraged & areas that need to be fixed -People, Processes, Communication.......to impact stakeholders positively
- Identify Key Reputation Drivers
- Compare to Peer Companies
- Develop Action Plans for each Group