Brand assessment research is different than a standard quantitative market research study. The mark of a good brand assessment lies in the incorporation of brand management knowledge and vision to define the research, analyze the results, and draw important brand management implications. It’s not the data tabulations and reports that count, but the translation of the data into actionable brand management activities.
Brand assessment results are useful in:
- Understanding the brand’s current attribute associations, verifying a brand’s current position. This information can be used to measure the need for re-positioning the brand to provide optimum support for the organization’s business strategy.
- Providing a concise understanding of competitive strengths and weaknesses.
- Creating benchmark brand-building standards to measure the effect of different brand strategies and tactics on the brand’s equity.
- Providing statistically-based information that can be used to promote a brand with trade customers and end-users.
- Educating and motivating internal employees to better understand the priority of brand gaps that must be addressed to drive customer loyalty.
Statistical analysis consisting of derived importance and factor analysis will be performed on the data.
- Derived importance analysis will be performed to determine which brand attributes are most highly correlated with the overall impression of and satisfaction with the organization.
- Factor analysis will produce several, usually 3-5, meaningful factors to determine how the brand attributes are grouped together.
The final analysis of this activity provides valuable insights into the current strengths of the brand, a ranking of what the brand must deliver to earn preference and clear understanding of the gaps that must be filled to elevate to the next level.
