Earlier this week I was discussing with a client about Br and Image and Equity. “Oh we don’t need to worry about that!” he told me confidently. “We know exactly who we are and what we st and for; look, here is our br and framework” he continued, h anding me a very impressive sheaf of paper.
Whilst I was certainly impressed with the organisation of the document and its contents, I had a niggling doubt in the back of my mind. “This all looks really complete” I responded, “Is this what you want the br and to st and for, or is this what its image is currently?” I asked. “That’s the same thing isn’t it?” he responded!
OK, OK, so you saw that coming didn’t you? But it still amazes me how many companies spend time developing these frameworks, including relevance and differentiation, br and promise, br and personality, etc. etc. but in fact have never measured whether or not their content is actually what they st and for in the hearts and minds of their customers! Therefore, I thought it would be useful to summarise what you need to know about your br and and not just what you have decided you want your br and to be.
If people don’t know about your br and or service, then they can’t buy it, so you need to start by measuring how your awareness is moving. Hopefully it is growing, but you need to look at top-of-mind (first mention), spontaneous as well as prompted awareness, and amongst your target audience, not (just) a representative sample of category users, especially if yours is not a category that everyone buys.
Of course if you haven’t even identified to whom you are selling, then stop reading and go to the post on targeting that we published a while back; you can find it here. Awareness should be measured regularly, as it will be impacted by your marketing actions, promotions, communications, events etc.
Once you know how many people have heard about what you are offering, you need to measure what they believe it is. Whilst you may have identified what you want your br and to be, this may not be the same as what your customers perceive it to be. They will have made up their own minds based upon what they see, what they experience and what they hear from friends, families or your own communications, as well as those of your competitors.
Whilst it is a good idea to measure the attributes with which you want to be associated, it is important to also measure some attributes you believe are particularly relevant for your major competitors, as well as those of the category itself. These latter metrics will help you identify the “price of entry” into the category and whilst not providing any competitive advantage, can seriously harm your br and if yours is weak on any of them.
Although image can fluctuate a little, in line with your marketing actions, your base image is slow to move, certainly slower than most marketers would like it to. Therefore, unless you are in an extremely active category, are being attacked by an agressive competitor who could weaken your image, or have made significant changes to your communications’ content or frequency, annual measurement is usually sufficient.
One other tip about br and image; changes to it are usually a pre-cursor of market share changes, so this is definitely an important KPI to keep updated.
The measurement of your image should include perceptions of its value for money, especially compared to its major competitors. However, in addition, it is also useful to run a separate pricing study, especially if you are looking to raise or lower prices, as a result of changes in the competitive market or commodity prices.
In the past, the most common way of looking at the price of a product or service was to take its cost of production and then add on a percentage for margin. Today, it is essential that you start with your customers, underst and how well they value your offer and whether or not they are willing to pay more than the cost, in exchange for its perceived benefits. I am constantly amazed at how many companies still work with cost-based pricing strategies, leaving thous ands, if not millions on the table. However, since value can be impacted by so many external as well as internal factors, it needs to be regularly measured, certainly more often than image.
Every br and today is trying to build a relationship with its customers. In order to do this, it must ensure that its personality and character are in line with its target audience. This doesn’t mean that it should be the same; rather it should complement or complete that os its customer as this is what provides the reason to to buy. As with image, personality builds up slowly over time, through all the communications, events and promotions you propose. Therefore an annual measurement should be sufficient.
5. Satisfaction & Loyalty
I mentioned earlier that people won’t buy what you offer if they don’t know it and the same goes for its image, value and personality if they are not well perceived. The fifth metric to underst anding your br and is to review its overall satisfaction and loyalty levels. If these are lower than the category average or than you would like, then something in the mix is under-performing and you will need to identify what that is. Some categories with little differentiation may have lower levels than those with few br ands with larger differences, so no absolute number can be proposed here. However, comparing your levels to those of your major competitors, or to the category average should tell you what you need to know.
Which brings me to my final thoughts on image metrics; always make comparisons with your category and competitors rather than looking in isolation at your own numbers and their growth or decline. As with sales, it is share or their relation to others that holds the real truth.
Do you have a question or challenge about starting, updating or harmonizing your br and equity measurement and metrics? I am sure I can help; just contact me here and I’ll respond personally.
How do you follow what your br and st ands for? What metrics do you use to ensure you know how your br and is perceived by its current or potential customers? I would love to hear your own additions to this list.
For more ideas on br anding please see our website: https://www.c3centricity.com/home/engage/
C³Centricity sources images from Dreamstime.com