How do You Measure Up?
Brand identification is never possible if marketers and product owners like you continue to overlook the issue of brand image, name and logo. However, Measuring your Brand’s Value has been proven to promote product visibility as it aims at identifying existing bottlenecks which helps promote desirable brand performance. Value of the brand must be considered a critical factor which determines overall mental attitude held by consumers about given line of good or service.
Whatever marketing communication you adopt in the market should be able to influence and drive consumers towards that product that you sell. Different ways of Measuring your Brand’s Value exist and if you desire to earn more one of the following ways should be applicable to your brand. Measurement can be done at various levels such as firm level, product level and finally for some they may consider consumer levels.
Firm level strategies usually measure the value as a financial asset to the business; however, you will be required to carry out calculations to quantify the brand as an intangible asset by taking the whole value of the firm then subtracting tangible assets. Other firms may use project profits that are discounted to the present value to get the actual brand value.
On the other hand also you may need to try out product level measurement approaches that involve comparison of prices between two products. From the differences in prices you will be able to attribute that result to brand effect. In order to utilize brand value well you will be needed to proceed and adopt a recent approach known as revenue premium approach.
Finally, Measuring your Brand’s Value may require you to go for the consumer level approach. This approach has been valued time immemorial because it seeks to find out those associations which the consumer has with a particular brand. It seeks to measure general awareness and brand image that exists so that fair conclusions can be drawn. Depending on the needs of your firm as a reliable business professional you need to adopt relevant method that satisfies both short term and long term needs.