Brand Equity & Message Testing
A company's brand is its core asset, in effect, a piece of equity on it's balance sheet. While considered an intangible asset by accounting rules, its impact on your bottom line is indeed tangible! Just ask Apple, Starbucks or Virgin Airlines.
Like an asset, your brand equity must be protected & managed. And anything that has to be managed needs to be measured. At Silicon Valley Research Group, we have developed innovative proprietary tools & methods to measure your brand equity. These range from a one time brand baseline measurement to ongoing tracking of a brand's performance & its key competitors over time. The key to successful brand equity measurement is selecting the dimensions along which you will measure the brand. Our proprietary methods are based on a unique blend of qualitative & quantitative techniques that uncover these key dimensions before the brand measurement is conducted.The result is a "brand power" index that can be tracked over time.
Your brand power has the following impact on your company's performance:
- Higher margins for products associated with the brand
- Greater buyer loyalty
- Higher social media affinity
- Fewer competitive defections
- Greater in-elasticity to price increases
- Increased effectiveness & impact of marketing campaigns
- Opportunities for brand extensions
Surprisingly, many marketing campaigns are based on little more than gut feel. The adage, "trust but verify" applies to your gut feel and that of your advertising agencies. Message testing is vital to a campaign's success and the return on your investment from the campaign. We recommend at least 7% to 10% of a campaign's budget be allocated to this important activity. We also recommend that the testing NOT be conducted by the same agency that created the campaign, a mistake many companies make. Even with the very best of intentions, it is not easy to not hear what you want to hear. An entity that is independent and has "no axe to grind" is key to successful message testing.
Silicon Valley Research Group conducts various message testing assignments through the course of any given year working closely in a three way collaboration between our clients, their agencies and us. Our rigorous method enable our client's to maximize return from their spending and their agencies to create & launch high impact campaigns containing compelling messages.