Brand Equity, the value of the brand, is largely determined by four key elements: brand awareness, brand attributes and associations, perceived quality, and brand loyalty. Qualtrics Brand Equity and Brand Loyalty solutions help you build brand awareness for the customers you target, diagnose problem attributes and associations, increase perceived quality and increase brand loyalty.
Brand Awareness Measures
Brand awareness research is the key to creating brand equity. Awareness equates to traffic and prospective buyers showing up at the store. Without awareness, little happens. Qualtrics measures brand awareness with both aided and unaided recall items such as the following:
- Are you aware of [Company Name]'s offerings in the [product] market? If so, to what extent?
- What is your perception of [Company Name]'s services? Technology? Account Management?
- Which single company comes to mind first in the [product] market?
- Which factors led you to mention [Company Name] as the leader?
Brand Attributes and Associations Measures
Brand attributes may be functional, physical, financial, social, or psychological in nature. Brand associations concern what the customer thinks and feels about the product as well as personal viewpoints about the product class. Loyalty and equity are largely the result of the associations and attributes of the brand. Brand Loyalty and Equity measurement is accomplished with multiple attribute and association inventories that focus on quality and craftsmanship and key component areas (design and package, keyboard, processing power, ease of use, performance, graphics, and sound).
Perceived Quality Measures
Quality is a key component of all loyalty and equity measures. Quality is not, as many researchers perceive, a unidimensional construct. Quality effects are the consequence of attribute performance. Key areas of quality are the focal point of in-depth elaboration techniques to find out what quality improvements can be made to enhance brand loyalty and brand equity.
Brand Loyalty Measures
Brand loyalty is one of the most important factors influencing a brand's success or failure in the marketplace. From the re-evaluation of a fledgling product to the extension of a mature brand, effective marketing strategies depend on a thorough understanding of the core brand loyalty. Trust, quality, pride of association, and identification with the brand's concept and image influence loyalty and what consumers buy. The Loyalty Tracking Program provides an ongoing measure of loyalty to your product or service which will help guide your business.
Brand Equity
Brand Equity is the summation of brand awareness, brand attributes and associations, perceived brand quality, and brand loyalty. Brand Equity is the set of brand assets and liabilities linked to the brand. It also includes the brand name and symbol, which can either add to or subtract from the value provided by a product or service. Each of these factors is considered explicitly or implicitly by the company or customers that evaluate your product or service offering.
The Brand Equity and Loyalty programs use custom designed processes to measure the strength of awareness, attributes and associations, perceived quality, and loyalty. Increasing Brand Equity and Brand Loyalty will increase your ability to attract and retain customers. The seven goals of marketing are consistent with this promise and are realized through brand equity research:
- Attract and retain profitable customers
- Turn problem customers into profitable customers
- Attract new customers
- Find a target, product, place, positioning, and price that maximizes revenue
- Maximize emotional value and rational (attribute) value
- Use the marketing mix to strengthen the bond between the core product and the physical product.
- Use the full product-service experience to strengthen the bond between the core product and the physical product.
Our project managers will work closely with you and your staff to determine the best approach by developing a research plan as we formulate the research problem and work with you to produce the research report that meets your needs. For more information on Brand Loyalty Surveys and Brand Equity Surveys, please contact one of our product consultants.
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