Measuring and Managing Brand Value
Acquiring new customers and retaining the already established customer-base is one of the primary goals for any marketer. This can be achieved by increasing brand awareness and improving its value by letting the firm's name in front of the target audience. It can be achieved through different platforms such as social media, outdoor advertising among other techniques. The aim of this report is to show how companies can measure and manage their brand value through different types of techniques in an organizational context, Google Company.
Types of Techniques for Measuring and Managing
1. Brand Value
Brand value refers to the worth and features that differentiate a particular brand from any other in the market. The main technique used to measure brand value is through brand value survey research. Hague (1018) explains this technique and how it can be applied in an organizational context. He explains that brand value surveys involve asking people to place a monetary value on the brand (Hague, 2018).
2. Brand Awareness
Brand awareness can be measured through different techniques; for instance, social media listening, Google analytics, and feedbacks. In Google Company, all these techniques are applicable. Social media listening allows the company to online conversations about the brand (Smith, 2015). Through the use of social media listening technique, the company looks at the social media searches and online mentions. Through its alert system, the company is able to track its brand mentions with specific keywords or phrases across all the social media platforms.
3. Market Share
Measuring and understanding the market share is important in business because it helps to distinguish between two categories; the addressable market and the available market (Zhuo, 2016). Google Company defines its sub-segment of the market as a technique to measure its market share. As Zhuo (2016) explains, not even the most reputable and most established organization can have a 100% share of the market.
4. Consumer Attitudes
There are two main techniques used to measure consumer attitudes; Z-test and linear regression (Khandelwal & Bajpai, 2015). According to the authors, there are different factors that affect consumer attitude in an organization. For example, product and service quality, brand equity, marketing communication, product and service pricing, risk aversion, consumer conformity, and consumer purchasing power (Khandelwal & Bajpai, 2015). These variables can be measured through linear regression test which examines the relationship between these variables and the consumer attitude.
5. Purchasing Intent
Measuring purchasing intent in the company can help the firm determine the optimal price for the specific products or services. According to Hoehn (2018), an increase in price results in a reduction in volume, which is the purchasing intent, especially on the consumer-oriented products or services. Therefore, through measuring the purchasing intent, the idea is to accurately design a model that can determine the inverse relationship and the price band it exists in. According to Hoehn (2018), purchasing intent can be measured with the funnel model, which involves identifying the purchasing behavior and determine the price band. Based on the funnel model, Hoehn (2018) explains that the simplest way to determine the purchasing behavior is to ask the consumers the brands that they would buy. This can be done through multiple choice checkbox questions.
Application of Techniques for Measuring and Managing Brand Value
1. Brand value
Like many other companies, Google uses market survey research to measure and determine its brand value. Hague (2018) shows the worth of different brands as per the Interbrand's business week rankings for 2009. In the survey, Coca-Cola is the leading brand with a value of $69 billion and Google is the 7th in the rank with a brand value of $32 billion. These values were obtained through brand value research, a survey on the monetary value of the brands.
2. Brand awareness
Google analytics is another technique and tool that the company uses to measure its brand awareness. As Smith (2015) explains, looking at the website traffic can help reveal some insightful information regarding the brand in the public. Google Company uses this tool to track different people who type their URL. Through this monitoring system over time, Google is able to identify its users by demographics and how they are engaged.
3. Market share
As an organization, Google tries to zero in on its initial pool of customers to ensure that it has a handle on this particular group. Its intention to expand the operations in the Asian market, in India to be precise is one way to define its sub-segment of the market to ensure that it has achieved the attention and loyalty of that pool of customers. As Desjardins (2018) explains, Google Company has managed to retain more than 90% of the market share.
4. Consumer attitudes
Like many organizations, Google relies on regression test to measure and determine its consumer attitudes towards different dimensions of variables. For example, trough the regression test, Google can establish a positive linear relationship between the consumer attitude on the brand and the different marketing dimensions such as risk aversion, pricing, marketing communication, consumer purchasing power, and the brand equity. Linear regression analysis can help understand the impacts of these attributes on consumer attitude (Khandelwal & Bajpai, 2015)
5. Purchasing intent
As Hoehn (2018) explains, the funnel model is suitable for consumer-oriented products and services. Google deals with products and services that are consumer-oriented; therefore, this technique is applicable in the company. The company uses this model through its online self-administered surveys taken by consumers. Like Hoehn (2018) explains, the survey must be simple, precise and concise. Google has managed to maintain its high market share because it has been able to attract the most number of customers. As Desjardins (2018) explains, through its "Google-Opoly" strategy, the company follows its customers; its strategy is to go where the users are and ensure that Google search is easy. The only way to ensure that this strategy is successfully implemented is to ensure that its products are easy and cheap to access by users. Hoehn (2018) explains that the funnel model can help organizations determine the best price point for their brands. According to Hoehn (2018), the best price is the option that has the highest relative frequency; the price that has the highest probability to attract many customers to purchase the products. Desjardins (2018) explains that over 90% of all internet searches are taking place through Google Company. The company is processing over 3.5 billion searches per day (Desjardins, 2018). This is because Google relies on brand measuring techniques that attract the most of customers.
To conclude, measuring brand awareness, value, purchasing intent, and consumer attitude may seem pointless, but it is important because they influence consumer attitudes in different ways. One of the greatest drivers in making consumers to make a purchase of the product or service is simply to make them recall that product or service. Measuring and understanding how to manage these variables can help the organization understand the markets better and also formulate effective policies.
Desjardins, J. (2018, April 23). How Google retains more than 90% of Market Share. Business Insider. Retrieved from https://www.businessinsider.com/how-google-retains-more-than-90-of-market-share-2018-4?IR=T
Hague, P. (2018). Measuring Brand Value: How much are brands worth? B2B Market Research Company. Retrieved from https://www.b2binternational.com/publications/value-of-brands/
Hoehn, R. (2018). Measuring Purchase Intent-A Funnel Approach. QuestionPro. Retrieved from https://www.questionpro.com/blog/measuring-purchase-intent-a-funnel-approach/
Khandelwal, U., & Bajpai, N. (2015). Measuring Consumer Attitude through Marketing Dimensions: A Comparative Study between Metro and Non-metro Cities. Jindal Journal of Business Research, 2(2), 85-103. Retrieved from http://journals.sagepub.com/doi/abs/10.1177/2278682115595895?journalCode=brja
Smith, K. (2015, October 5). How to Measure Brand Awareness. BrandWatch. Retrieved from https://www.brandwatch.com/blog/marketing-how-to-measure-brand-awareness/
Zhuo, T. (2016, March 7). 5 Strategies to effectively determine your market size. Entrepreneur. Retrieved from https://www.entrepreneur.com/article/270853
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