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QuestionPro Brand Equity & Awareness Model
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Introduction Image, as they say, is everything. Successfully measuring brand equity and awareness can help companies tailor their marketing mix in a way that is not only cost-effective but also strategic in the long run. Most companies agree that their brand is an asset, yet measuring awareness and equity of the same asset seems to be more than art than a science. Measuring ROI on your brand exposure is quite challenging and there are multiple models to effectively measure it. The Brand Equity and Awareness model developed here at QuestionPro allows companies to get actionable intelligence and answers to the questions like:
- Are there "Clusters" of users that value my brand differently? For example, do males between the ages of 21-30 have a higher awareness of my brand than everyone else?
- What is my brand awareness compared to my competitors? Do users recognize my competitors brand significantly more than mine?
- Are users happier/satisfied with my competitors brands relative to mine? What kind of satisfaction levels do my competitors brands have?
- What is the median spend for users in this product segment? What piece of the pie are we capturing?
- Where is the Zero-Awareness Cluster (If it exists)? Are are clusters that are not aware of your (including your competitors) brand? Does this potentially offer a untapped/overlooked market?
There are many models and mechanisms to measure brand equity and awareness and pros and cons of each of the models are beyond the scope of this article. The QuestionPro Brand Equity & Awareness Model allows you to use an established model and customize it based on your requirements and for you your industry/company. The model consists of executing a survey on a sample population consisting of likely consumers. The survey itself is fully customizable and can be adjusted to match specific requirements other than the key branding components that it measures. The model fundamentally relies on an online survey administered to a sample population of likely customers. Data collected via this mechanism is then tabulated and cross-segmented to perform the various the analytical models.
Survey Structure The survey itself consists of two broad sections:
Section 1: Demographic Segmentation
Users are generally profiled based on general overall attributes that is relevant to the industry segment. Standardized profiling items for consumer oriented products usually differ from business-to-business oriented products.
- Consumer Oriented (Age, Gender, Household Income etc.)
- Business Oriented (Employee Strength, Industry, Job Function etc.)
Section 2: Competitive Brand Awareness & Usage Loop
User are presented with a list of brands, including yours to mark awareness. This sections quantifies:
- Users who are aware of the different brand(s) -- Of the users that are aware of the brands the model "dives" into an individual probing segment:
- Users who have purchased/used the different brands over the last 6/12 months
- Brand/Competitive Product Satisfaction -- Users who have used your/competitors brands are further probed on satisfaction with your/competing products.
- Recommendation and Word of Mouth implications are also probed.
- An estimate of "Spending" is also measured.
- Users who plan on purchasing/using the different brands over the next 6/12 months.
- Users who are not aware of any of your (or your competitors) brands are also recorded for cluster analysis for the Zero-Awareness Cluster.
Actionable Intelligence Once the survey is fielded and data-collected the model provides access to a dashboard that addresses the following:
- Detailed Frequency Analysis of the Demographic/Profiling section (Age/Gender/Industry/Employee Strength etc.):
- Overall Distribution
- Cross-Segmentation based on High Brand Awareness Product Vs. Your Product
- Brand A Distribution Vs. Brand B Distribution of the profile
- Brand Awareness Distribution
- Absolute Frequency Analysis on your brand awareness relative to the other brands.
- TURF Analysis on the brand-awareness choice to measure Unduplicated Reach.
- Satisfaction & Recommendation Scoring
- Relative measure of product/service satisfaction scores of each of the brands compared to yours.
- Relative measure of product endorsement (recommendation) of each of the brands. Measure of "Word of Mouth" or Viral marketing.
- Median "Spend" on the product/service category.
- Overall Median "Spend" Vs. Median Spend of users who are aware of your Product
- Identify and Report the Zero-Awareness Cluster.
The QuestionPro Brand Equity and Awareness model is delivered as a full-service project by the Research division of Survey Analytics. If you would like to apply this model please contact the professional services team at Survey Analytics and let us know that you are interested in the Brand Equity and Awareness Model.
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