Posted by Tracy Stokes on September 3, 2013
- 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.
- Social Listening serves as a complement, not a replacement to brand health measurement. Social listening opens up a whole new window into consumers’ attitudes and actions. Vendors like Crimson Hexagon, Visible Technologies and Networked Insights help marketers listen to real time conversation about their brand. But social listening is better suited to understanding your customer’s recent experience – a bad flight, a cool movie, lackluster service - than deep rooted brand perceptions. Or to mine for real time data insights – like Samsung did for the rapid development of its successful Apple fan boy mocking TV spots.
- Established brand health vendors will merge methodologies to continue their lead. The brand establishment vendors - like Millward Brown, Interbrand, Ipsos and BAV Consulting - are deeply entrenched with their time-honored models. But they are looking forward, not stuck in the past. Most incorporate social insights into their research, a few experiment with the nascent field of Neuroscience while others test new methodologies -like 5 minute mobile surveys-more attuned to the behaviors of perpetually connected consumers.
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