Brand equity – a measurement of the strength of the brand
The foundation of a strong brand is that it is known by many people. But high awareness is not the same as the brand being strong against competitors. To get a comprehensive picture of a brand’s strength, the picture needs to be detailed. The quality the brand stands for, the customers’ loyalty to the brand and whether the brand is associated with positive or negative things are all equally important aspects.
Prognosesenteret uses a research-based approach where customers evaluate claims on every aspect. The results are then compiled for a Brand Equity value.
Strong brand and customer satisfaction
A strong brand creates both expectations and emotions that affect the purchasing behaviour of consumers. Having a strong brand is not the same thing as having satisfied customers.
There are a variety of brands where the customers are satisfied with their purchases, but the brand is still unknown to most people. Therefore it is valuable for a company to measure both customer satisfaction and strength of the brand.