[h=2]How do we measure brand equity?[/h]
The two general approaches are complementary, and marketers can employ both. In other
words, for brand equity to perform a useful strategic function and guide marketing decisions,
marketers need to fully understand
(1) The sources of brand equity and how they affect outcomes of interest.
(2) How these sources and outcomes change, if at all, over time.
Brand audits are important for the former; brand tracking for the latter.
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| Measure Brand Equity |
[h=3]Brand audit[/h]
is a consumer-focused series of procedures to assess the health of the brand,
uncover its sources of brand equity, and suggest ways to improve and leverage its equity. Marketers should conduct a brand audit when setting up marketing plans and when considering shifts in strategic direction. Conducting brand audits on a regular basis, such as annually, allows marketers to keep their fingers on the pulse of their brands so they can manage them more proactively and responsively.
[h=3]Brand-tracking[/h]
Studies collect quantitative data from consumers over time to provide consistent, baseline information about how brands and marketing programs are performing.Tracking studies help us understand where, how much, and in what ways brand value is being created, to facilitate day-to-day decision making.
