Branding is a very important aspect of a company. It can be responsible for altering the strength of a company’s competitive advantage, public perception and sales of a product or service. A product in a company can be copied by another competitor and can easily fade through time. A brand however, will last a long time.
The Brand Asset Valuator (BAV) model denotes brand equity by identifying two elements which are brand strength and stature.
Brand strength measures the growth potential and reflects the future value of the brand. It is a combination of relevance and energised differentiation. Relevance is the consumers perception on how appropriate the brand is for them. Whereas, energised differentiation is the combination of uniqueness, offering, pricing power, innovation and dynamism.
Brand Stature refers to the power of the brand in terms of esteem and knowledge. Esteem in this case refers to the quality of the brand in terms of how it fulfils and delivers their product. This means that the product of the brand must be consistent in quality. Furthermore, brand knowledge is important in order to have a good brand stature. This is the degree of which consumers are aware of your brand. In order to stand out, the brand will have to provide product knowledge in order for customers to see the point of difference between the brand and product offered.
How to Evaluate
Both brand strength and stature can be plotted in a power grid that can identify if your brand is either new/unfocused, niche/momentum, eroding or a leadership brand. For example, if you have high brand strength and low brand stature, it means that the brand has unlocked potential and it needs more exposure to gain consumers’ awareness. Brands that are low in brand strength may create a slogan to enhance a brand image. A slogan also helps in recognition and recall to provide differentiation in consumers minds. A slogan that relates to their point of difference provides differentiation to consumers which increases brand strength.
You may also start researching and plotting your competitors in the chart to see where you stand in your industry and what you can do to enhance your brand in order to fully unlock your brand’s potential.
Want further assistance? Contact Zumax Digital now to help to unlock your brands true potential.