Brand Health
In most markets, brand influences the customer's decision to buy one company's product instead of another's. This is because the brand adds an intangible benefit to the purchase, ownership or use of the product. That benefit may be perceptions about broad functional benefits of the product, such as overall quality, or it may be emotional benefits (e.g., status).
These benefits are conveyed by brand image. Brand image has traditionally been thought of as a method for acquiring customers, but it also influences current customers. For example, an image of reliability will make an owner more satisfied with a product. This effect is even greater if the product is such that its reliability cannot be fully evaluated even by the user "until it's too late". Home heating equipment is an example.
Brand is not only important in B2C markets, but B2B as well. This is well illustrated by the advertising line "No one ever got fired for buying IBM".
A brand health analysis includes an overall measure of the health of each brand in the market, as well as diagnostics for improving your brand's health. These diagnostics consist of measures of brand awareness, awareness of marketing communications, attractiveness of the brand, differentiation of the brand, satisfaction with the brand's products if used, as well as other factors.
The analyses we can provide include the following:
- Brand switching models.
- Quantifying the financial value of brand equity.