Brands are assets but do not appear on the balance sheet, but they require a management framework to ensure that they are nurtured, embraced by their target customer and continue to protect their competitive advantage and evolve into brand extensions. Said differently, healthy brands are the lifeblood of any company including consumer and B2B brands.
Brand equity can be sourced from many sources beginning with the physical product, impressions and beliefs that are created for the brand through marketing, communications and corporate stature, consumer loyalty and advocacy and lastly through the strength of the brand’s relationships in the marketplace. We believe that the brand equity management framework can be outlined as follows:
Certainly each of these brand equity components can be measured through proprietary research. But with the advent of real-time data access we are recommending to our clients who have “big data” capabilities that certain elemenets of brand equity that respond quickly to client and competitor activity should be measured more frequently using real time metrics and use survey research to monitor those aspects of brand equity that change more slowly.
Done correctly, brand equity data can be combined with other internal measures such as employee engagement and process cycle time and external data such as CX, customer satisfaction, and brand knowledge metrics with internal financial data to begin developing financial linkage models which help determine a true marketing ROI and provide a management framework which leads to optimal allocation of total company resources ini order to optimize stakeholder equity.