Building your Brand Equities will:
- Generate “Gravity Demand Generation” (i.e. Pull Marketing) as opposed to always having to push with direct sales campaigns.
- Shorten the sales cycles as the brand brings credibility and reassurance to decision makers.
- Position you apart from the herd.
- Increase customer loyalties and mitigate competitive threats.
Brand Scorecard for Fast Growth Enterprises:
Brand Measures | Description | Target |
Recognition | What is the breadth and depth of your prospect market awareness? i.e. how distinguished is your brand? This is a summary indicator of the current customer, account and product penetration of major customers, along with annual goals (i.e. brand penetration). | > Percentage of target market that “knows” you? |
Perception | - What percent of qualified leads are you converting by channel, and how long is the sales cycle? - Is your brand “premium” or “economy”? Does your brand express the brand type adequately? Is your brand recognizable and memorable? How legally protectable is your brand? | > How does your brand perception impact you? |
Brand Value | - Customer retention & net lifetime value: The primary factor affecting customer profitability is retention as generally, the longer a customer stays with you, the more profitable they become. Therefore, customer profitability measured above benchmarked industry average is your brand price premium. - Customer loyalty: A variety of indicators can be used here, but the most common one is the number of referrals. | > What financial impact does the brand provide? (Normal profit *Price premium * Sales) + (Retention impact + Referral Impact) |
Getting Started: Brand Measurement Process:
Generally, Ephor Group recommends surveying your brand value, perception attributes, and market recognition yearly and online brand equities being measured as part of your standard monthly sales and operations reporting package.
A yearly snapshot of your current brand value and other brand-related metrics sets a stake in the ground. Whether your goal is to assess the value of two brands for a merger or perhaps, to improve C-level awareness, brand measurement needs to be monitored to demonstrate improvement.
Online Brand Equities Scorecard
Online Brand Equity Measures | Month Over Month Change | Target Goal |
Web Traffic | +12% | 10% a month improvement |
Interactions | -2% | 10% a month improvement |
Page Rankings | #1 for top 3 phrases | #1 for top 5 phrases |
Cost-Per-Click | -29% | >$144 per prospect capture |