June 5, 2020
One of the biggest challenges facing today’s college marketers is the need to continually measure how their brand strategies are impacting their overall brand equity.
This measurement is important for two reasons. First, it allows you to finetune your brand strategy. Second, measurement helps legitimize your brand marketing efforts to institutional leadership and stakeholders.
At its most basic, brand equity is the value ascribed to your brand. This value is both monetary and non-monetary.
Using a brand value and price elasticity study, for example, we can determine the dollar value of your brand. We can also make a determinant of the monetary value of your brand by repeating baseline research that may have been conducted to establish the initial (or refreshed) brand strategy.
There are, additionally, other ways to measure brand equity. While these measurements may be less precise because they don’t rely on quantitative measurement, they can still offer powerful insights into what’s working…and perhaps what’s not. These measurements are especially valuable when taken en toto rather than individually.
To help you more completely understand these measures, I have “broken” them into three categories.
As you can see, there are numerous opportunities to measure brand equity. While some of these measures are quantitative and will require some investment, a substantial number of these measures can be utilized using data you regularly collect and already have on hand.
Want to learn more? Schedule a free consultation today.