Marketers have long relied on brand health trackers to take the consumer pulse of their brand-- to measure brand awareness, consideration and purchase intent. But with so many customers’ opinions now readily available through social chatter, are these entrenched and expensive budget line items still necessary?
Not so fast. Today’s brand measurement world is more complex than ever. Consumer behavior is changing rapidly and marketers have gone from data famine to feast. Today’s Chief Marketing Officer (CMO) needs trusted advisors to help her turn mountains of data into actionable insights. Forrester has identified three core disciplines of brand measurement to help marketing leaders navigate this complex landscape. These three disciplines are:
Brand equity reveals what people feel about your brand. Evaluating brand equity helps CMOs understand how consumers perceive a brand, without consideration for brand usage. What does the brand stand for in the eyes of a consumer?
Brand health quantifies the strength of a brand in the marketplace. Measuring brand health helps CMOs understand the relationship between how consumers perceive a brand and how that manifests itself in the marketplace relative to competition.
Brand value quantifies a brand as a financial asset. Quantifying brand value helps chief financial officers (CFOs) understand the financial value of a brand to a corporation. It is most commonly used for financial reporting to define goodwill, the value of an acquisition, or the appropriate price for licensing.
I’m currently quite taken with the new Fox TV series The Americans, which features a chameleon-like Matthew Rhys and a kick-ass Keri Russell as deep-undercover KGB spies. They live an apparently normal family life in 1980s suburban cold war America, while unbeknownst to their two American-born children, they conduct brutal covert operations for mother Russia. A recent episode called “Trust Me” exposed the perilous shifting sands of trust in their relationships. It is a world where no one is quite what they seem to be, and every character is constantly reevaluating whom they can trust. It is exhausting. Because without trust, every decision or action is a risk.
This holds true not just for human relationships but also for brand relationships. In both, trust is the cornerstone. Brand trust makes purchasing decisions easier, quicker, and less risky. I choose Amazon because I trust that it will deliver the product I want when I want it. I trust that my Neutrogena sunblock will protect my skin. I trust that my Starbucks coffee will taste good. I recently attended an event hosted by the Marketing Science Institute (MSI) on the topic of “Building Trust In A Digital Age.” MSI seeks to bridge the gap between marketing academic and business worlds, by bringing together marketing thought leaders from both realms to research and discuss big meaty, marketing topics. For the Boston Spring session, attendees debated the nature of brand trust and how it is driven and measured. A couple of highlights:
Major events — political, natural, or economic — create a lot of eyeballs on a select set of media and stories. But as friends chimed in on Facebook, Twitter, and texts, they shared stories of who stood by them during the crisis. My colleague Christine Overby and I were discussing what marketers did and should do during a crisis. Do your customers need to hear from you during Hurricane Sandy? We’ve seen a few best practices from companies that are handling communications in a helpful and dignified way. We hope they are useful to our readers in charge of customer communications, both this week and in general.
USAA's mobile app reduces angst. The USAA Mobile App allows customers to report a property or auto claim, submit photos, and view claims status. Storm-related tweets featured a link to the app so that customers knew how to find it and submit a claim. One friend of mine was able to submit a claim, including photos, in about 2 minutes, allowing him to focus on cleaning up the debris. Its relative ubiquity — available for the iPad, iPhone, Android, Windows Phone 7, and BlackBerry — means that any USAA customer with a smartphone can take advantage of these game-changing and life-managing services.
Citi Cards and American Express send emails to offer personal assistance. In a service message to customers today, Citi Card anticipates their needs and offers relevant services like access to cash, fee waivers, and general instructions for getting help. Similarly, American Express offered affected customers help with emergency financial, travel, or medical services. The message from both is targeted, helpful, and intentionally brief — creating the right tone and value in the middle of a crisis.