From the course: Advanced Branding
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How to measure brand equity
- There are several methods for determining if your brand is successful. The one I find the most approachable is called the Brand Asset Valuator Model. The marketing communications agency Young and Rubicam developed this model in the mid-90's. The idea is that your company's brand health and future can be evaluated by collecting consumer insights in four key areas: differentiation, relevance, esteem and knowledge. Typically you'll capture these insights through the form of surveys or customer interviews. In fact, if you do a Google search for Survey Monkey BAV, you'll find already built surveys that you can use to conduct your research. So let's explore these four key areas in more depth. With differentiation, you'll measure this by asking questions about how often consumers have encountered your brand, if they recognize it, and what makes it different from your competition. With relevance, it's important to measure…
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