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Sep 21, - Brand equity refers to the importance of a brand in the customer's eyes, while brand value is the financial significance the brand carries. Both brand equity and brand value are educated estimates of how much a brand is worth.
Table of contents

• Branding By Financial Numbers - Measuring Brand Value and Brand Equity
• Brand Equity vs. Brand Value: What’s the Difference?
• Preference Metrics
• Why brand equity is the true measure of success

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Melissa French. Measuring Brand Equity in 6 Steps Truthfully, measuring the value of your brand is going to take time — you need to gather market research over a period of at least a few months for results that will actually be worth something. Get a concrete perspective of brand equity throughout your organization.

Since brand equity can be viewed from many different perspectives, a boundary needs to be set in stone around financial outcomes and price premiums. Set research goals. For market research that sets out to gain a better understanding of brand equity, there are three common goals that companies choose to focus on, according to Gigi DeVault of The Balance : Tracking Exploring change Extending brand powerRegardless of your goal here, if you choose to focus on one of the three above, ensure that you stick to it so that you remain aligned with what you set out to do and what you are seeking to achieve from the research.

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Know how customers feel about your brand like the back of your hand. Knowing this data will help connect their feelings with your brand, help provide direction for improving brand quality, and increase hopefully brand loyalty. Pick attributes that are closely aligned with consumer experience such as awareness and reach.

Perceived brand differentiation. Think brand loyalty here and how confident or not your customers are in your brand. This is usually the strongest while a customer is using your product. Commit to qualitative and quantitative approaches in gathering brand equity data. Start making smarter decisions Start a free 7-day trial or speak with a member of our sales team. And that figure cannot be found by brand valuation techniques which extrapolate from those short term flows. Companies which develop good measures of their brand equity have an early warning indicator of likely future profit trends, and can get a much better feel of the dangers of short-termism, suggests Ambler.

Preference Metrics

Trouble is, brand equity remains an elusive beast. Ambler recommends using a mix of three different types of measure: inputs such as share of voice or marketing as a percentage of sales; intermediate measures such as perceived quality, awareness and customer satisfaction preferably relative to the competition ; and actual behaviour, such as market share, relative price, customer gains and retention and so on.

Pretty familiar stuff, in other words. But the critical issue is which measures to use. Simple example: if you are a dot-com in launch phase, awareness is a critical measure. Also, internal and external measures need to chime. A rigorous approach to such metrics has many benefits, Ambler suggests. So how shall we measure it?

Likewise, focusing on metrics helps communication. Every business person has some sort of mental model as to how business actions translate into revenues and profits. Is it shared by every member of the board?

All this goes beyond familiar debates about marketing accountability and advertising effectiveness. And it may just improve the status of marketing. Yet that is what marketing does.

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