I want to show you how to measure your brand.
Recently, I got wind of a marketing research study that revealed how brand equity played a vital role in determining a business’ market value.
In this study, measuring a brand is one of the first steps taken if the business wishes to incur higher revenues.
So, of course I had to get this info to you ASAP.
Because, I know for a fact that you (yes you!) want to get more clients, increase your impact and get paid your worth.
Let me break it down.
You need to evaluate your own brand and put yourself in the mindset of your clients.
How much are they willing to pay for the services and/or products that your brand offers?
You have to conduct a thorough market research though before you come up with any decisions, so you have a basis for your evaluation.
To come up with a tangible data about this, you might have to conduct a survey. This will enable you to track down goods or services that appeal most to consumers.
You can also take note whether there are any repeat purchases. This will enable you to effectively measure your brand’s value in the market.
Based on the level of satisfaction and benefits derived from the use of the product, consumers will have their varying perceptions when it comes to the quality of a given product.
But even this one entails several variables such as consistency of delivering quality products or its performance in comparison to competition.
There are two ways to look into this one: in terms of money and benefits. However, these two are interlaced.
Meaning, consumers determine the value of a service or product for its money based on whether it delivers the kind of benefits that the product promised and the consumers expect from it.
Even though it is not directly concerned with the product that a customer is in the process of buying, the reputation of the company behind the service or product impacts their buying choices.
Is it a credible organization? Is it something that I can trust?
Building that reputation comes in part of a business’ effort to build a strong brand.
To achieve this, most businesses often work on establishing brand recognition.
Brand recall often times lead to purchases since most buyers opt to buy something that is familiar to them, as opposed to an unknown product or brand.
You need to work on protecting your brand as just a few mistakes can destroy the brand that you have worked incredibly hard to build.
Let’s wrap it up.
Establishing a value for your brand is a marathon and not just a sprint.
And yet, money is only a meager factor in the entire formula.
Only when a brand has established itself well enough such that consumers are willing to pay for it, regardless of the price, does it achieve its true value as a brand.