A pandemic. More shopping online from home for your consumer. For you, less control*, more commoditisation, fewer barriers to entry for newcomers and so more competition.
The rules of the game have shifted dramatically, and your brand equity might be getting squeezed as a result. But your equity is still where you make your point of difference, and it's still what prevents you from having to race to the bottom.
So, measuring it is even more important than before. And measuring your true brand equity - what your consumers think and feel about it in their own words - is the most effective way to do it.
To understand what your brand means to consumers, how they articulate it versus the category competition, their relationship to it and what it ultimately stands for, you could:
- Hear what they THINK by gauge shopping habits, usage occasions and purchase drivers for your brand
- Measure intuitive system 1 responses to your brand to learn how they FEEL about it
- Go further to understand how they FEEL by using creative techniques to unlock how consumers see your brand, and identify the associations that land with them both for your brand and your competitors
- Wrap everything up with quantitative style questions to quickly measure your brand equity attributes vs. the competition to understand more about what your consumers THINK, and learn where you are distinctive and competitive
The only place you can capture all this insight in one place and translate that data into strategic recommendations that build brands is with the Catalyx Consumer Activation System.
If you would like to know more about how you can use it to more effectively measure your brand equity under the new rules, please click here.
*In fact this need not be the case as you can use our bespoke ecommerce site builder to test the performance of your product, concept or communications directly against the competition in a more real-life setting without showing the world what you are doing. Meaning you can also capture what your consumers WANT and DO as well.