In today’s competitive world, companies are increasingly focusing on improving brand awareness & brand image in order to gain competitive edge in the market place. During this process, they are constantly striving to assess performance of their brand & plug the gap areas that are imperative to increase the effectiveness of their product marketing & branding programs.
One such study that helps marketers measure the performance of the brand is a brand equity study. It focuses on understanding what motivates consumers to choose one brand over another by measuring the awareness levels and analysing the brand image - to help marketers optimize their marketing spends for better Return on Investment.
A brand equity study involves asking consumers to express their feeling with regards to particular feature of brand and overall experience with the brand. Such techniques also involve capturing consumer behaviour in understanding their purchase decision. Here question are asked, to understand how the consumer came to purchase decision, what factors they consider, is there a particular time of the year do they make this purchase, etc.
Usually, a brand equity study includes a brand profiling study that involves analysing a brand against a set of competitors using a set of indicators and attributes. These indicators are usually fixed within the model used with the attributes varying according to the category.
Methods used for Brand equity
• Focus group discussions
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