Since the printing press made its debut onto the scene circa 1440, the value of a name or mark to distinguish your message or cooperative has steadily increased. In today’s digital marketplace, where impressions only require a source server, a network and a screen for viewing, being strategic about how you invest in your company’s brand has never been more important.
There has been a significant volume of material written about the importance of brand; what it is, how it delivers value, and how to tap into that value.
Less has been written about how brand value is quantified. Brand has always been a qualitative subject, until it is valued on a company’s balance sheet. Yet, even in these cases, questions abound as to what value a brand possesses, and how to make it into a reliably knowable quantity.
We are dedicating the first quarter of 2017 to discussing the brand measurement process and its implications, including some example case studies.
First and foremost, it is hard to measure something if it doesn’t have a clear definition. According to the Business Dictionary, Brand is defined as:
“Unique design, sign, symbol, words, or a combination of these, employed in creating an image that identifies a product and differentiates it from its competitors. Over time, this image becomes associated with a level of credibility, quality, and satisfaction in the consumer's mind…Legal name for a brand is trademark and, when it identifies or represents a firm, it is called a brand name.”
That definition allows for many different measurable dimensions; credibility, quality, satisfaction, differentiation. And all are very important to the value of a company’s brand.
Note an important phrase buried in the text above: “Over time, this image becomes associated with…”. This is the process of an image (or name) becoming a real brand; when its associated values can be substituted for the image or name.
That is not to say name recognition or mark recognition is without value; they are extremely valuable. In addition, your company may not have mass market appeal (like Coca-Cola or Tide, for example), but it may have strong connections with values to a small audience. Measuring this value is an insurance policy for your marketing and product development investments.
Actionable Brand Measurement
Our series begins with the many ways that brand value impacts company success; corporate value, customer engagement, consistent messaging, etc. Following these posts on brand value opportunities, we will outline Actionable Research’s methodology for brand measurement and how the quantities work together to determine a solid brand value framework. Finally, we will finish the series with a few specific case studies designed to illustrate how investing in brand measurement research is just that – an investment in your company’s future.
Follow our blog over this first quarter of 2017 as we dig in on brand and how to measure it, Actionably.