Brand Impact Analysis
It’s widely been documented that a brand name has an impact on purchase decisions. We’ve all been guilty of choosing one product over another simply by the brand recognition. Looking at this from a brand’s perspective, how do you quantifiably measure the impact of a brand? Let’s approach this problem from the messaging stand point. For example, are there certain marketing messages that resonate better when attached to a specific brand? If so, wouldn’t this knowledge change how a brand speaks to their consumers? Let’s look at how you can quantifiably answer this question.
In order to determine a brand’s impact on messaging, we utilize a proprietary online concept evaluation tool called IdeaMap®, which tests key brand names in combination with other marketing elements. IdeaMap®, rooted in Conjoint Analysis methodology, identifies the weight of an individual element by assessing the stimulus response (the choices people make based off of what’s presented to them).
Enough with the technical talk, let’s look at an example. The table below is an example scenario around technology brands. When presented with Element 1, HP (+10) has much more brand equity in comparison to Dell (-4). In other words, consumers attach Element 1 to the HP brand more than they would with Dell.
Did you just have an “Ah ha” moment? I hope so. This type of understanding is huge for brands trying to optimize their messaging. When crafting the right marketing message you need to understand what messaging elements are already attached to your brand, what messaging elements are already dominated by other brands, and what messaging elements are up for grabs in your industry (no brand has a strong hold over the messaging element).
How does it work?
Combinations of messaging elements are shown to consumers under a variety of brand names. The score for each element is calculated to reflect the interactive, or combination effect that each element has when presented together with each of the brand names.
Learn more about Brand Impact Analysis
Sometimes half the battle is knowing “where-not” to play. In other words, don’t waste your time pitching a message that is already owned by your competitor (unless you’re trying to overtake them in that area).
Do you know the value of your brand with different marketing messaging elements?