At the end of last year I asked readers to send me their biggest challenges for 2014. The winning question was related to innovation, which I wrote about last week: “This is why your new products crash & burn“.
Another of the questions I received was related to measuring equity and the relative importance of following the image of the br and or the corporation. I respond below to this interesting dilemma and propose some ideas about what you should be following.
Let me start by saying that I covered br and image metrics in some detail last year in a popular post called “ How to Build Br and Reputation and Consumer Trust: And then Track it”. The article spoke about the three important areas that you need to measure in order to have a complete perspective of your br and image, namely Rational / Functional, Emotional / Subjective and Cultural / Relational.
Whilst this is the simplest method for measuring br and equity, it is said that there are in fact seven essential elements that make a business great in the eyes of the customer. These elements are a combination of product perceptions as above, together with those of the enterprise. Perhaps surprisingly, the latter actually trump the former in driving behaviours today, so corporate reputation is now essential to follow too. It also suggests that whilst product performance, services and innovation are important, it is the companies behind the br ands that influence a consumer’s trust and final choice. If you’d like to read more about this, please click on the above link where you can find more details.
However, measuring br and image and corporate reputation is still not going to give you all the answers you need. One of the areas that few organisations study today, even when they measure both of these, is the relationship between the images of the br ands and the company.
Despite an increasing effort by both companies to strengthen the association between their br ands and themselves as manufacturer, the connection remains tenuous at best.
So how do you measure this link and underst and what the br and brings to the corporation and vice versa? Read on for a simple process.
Following Br and & Corporate Reputations is a 3-step process
Step 1: Measure your br ands’ images
Hopefully you are already doing this on a regular basis. If not please start immediately since you cannot manage br ands without knowing where you are today, even if you have a clear idea planned for where you want to go. The post linked above gives you a start on getting this done.
The one addition that you may have to incorporate in your current questionnaire is to ensure that you clearly identify whether the respondent knows who makes each of the br ands. This will be essential for the analysis later on.
Step 2: Measure your corporate image
Again you should already be doing this, but I am always amazed how few companies collect such metrics on a regular basis. The prompt for doing so is often a crisis or a change of management and vision, but by then it is actually too late. Whatever you measure in such circumstances will be difficult to analyse since you don’t know what the figures looked like before the event happened. This is why it is essential to measure it at least annually and perhaps even more regularly when a lot is happening in the marketplace.
As was also the case for your br and equity metrics, you will need to include a measurement of br and attribution for each of the companies you measure. This will again be used in the analytical phase.
Step 3: Analyse and cross-reference the information gathered
The third step of the process is to first review the images of each br and by the knowledge and awareness of the consumers about its parent company. Then review the corporate images based upon whether each is attributed or not to each of its br ands, or maybe even to competitive br ands. Then by crossing these two sets of relational information, you will get a clear picture of what the br and brings in terms of reputation to the company and what the corporate reputation adds to or detracts from each br and. Once you underst and the relationship between your br ands and your business, you can start to lay out a plan to boost your consumers’ knowledge and trust with appropriate PR and advertising.
Some organisations, including those mentioned above, find ways to associate their company name within their br and advertising. For instance Nestlé and Purina both end their ads with a company link and logo. Unilever and SCJohnson are a little more creative in showing a fold up / down corner with their logo and name and in the case of the latter, even their corporate slogan. This is far less intrusive and leaves the br and to shine as hero in the ad.
If you already run your own br and equity or corporate reputation studies, why not combine them as suggested above, for improved actionability? If you do a different type of analysis I would love to hear about it; just add a comment below or write to me in person at firstname.lastname@example.org. It would be great to hear your thoughts on this essential element of tracking.