A brand is the collection of perceptions that exist in the minds of its current customers, and its prospects. Branding, on the other hand, is the process by which a company creates and sustains these perceptions in a compelling and differentiated way. The outcome of successful branding is a connection with existing customers (which results in loyalty) and with prospects (which results in a “willingness to try”).
Elon Musk, founder of Tesla Motors, PayPal and SpaceX eloquently explains “Brand is just a perception, and perception will match reality over time. Sometimes it will be ahead, other times it will be behind. But brand is simply a collective impression some have about a product.”
Brand equity can be measured by the extent to which its target markets understand the brand, what it does, and perceive its products (or services) as differentiated, relevant and quality-oriented.
Our approach to brand research involves:
- Measuring the competitive brand differentiation, relevance, regard and awareness
- Showing how brand equity corresponds to DESIRED INTENTIONS (repeat purchase, customer satisfaction, likelihood to recommend, likelihood to consider, etc.) in customers and prospects
- Identifying key attributes driving brand equity for the brand and for its competitors
- Determining where a brand needs to focus to create a unique advantage in order to attain desired intentions.
Whether you are looking to do a one-time brand assessment (i.e., a baseline study) or an ongoing brand tracking study, Panalytics can help you design an approach to your specific needs.