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As businesses, we all strive to be the first brand customers think of when looking for a product in a given category.
Just think of it – if we feel like drinking orange soda on a hot summer’s day, isn’t it an ice-cold glass of Fanta or Mirinda that we dream of?
The same goes for children’s brick toys – it’s highly unlikely you’ll first think of a brand other than Lego.
In layman’s terms, that’s how brand equity can be defined – namely, the perceived value of a brand among its customers or the general public.
While it’s clear that the companies we mentioned above are at the very top of their respective sectors, what does their brand strength boil down to?
How can you measure your very own brand equity and compare it against competing for products?
This brand equity survey will help you with this and more!
There are 6 key areas that are commonly used to calculate a brand’s equity. These are:
#1 Brand awareness: How familiar are people with your brand name or logo? Also, are they well aware of your social media activities or outdoor campaigns?
#2 Brand association: Do potential users know what your product does?
#3 Perceived quality: Do users feel they’re receiving a high-quality product or service for the price they pay?
#4 Brand experience: How strongly do users feel about your brand, in and out – from seeing your marketing campaigns, through interacting directly with your brand and/or products, to post-purchase experiences?
#5 Brand preference: Is your brand your customers’ first choice when it comes to buying a product or service from your niche?
#6 Brand loyalty: How easy would it be for your competitors to win over your clients? Can your customers imagine substituting your services or products with those of competitors, or would it be a measure of last resort?
By choosing this ready-to-use survey you can check all these areas not just for your own brand, but also for your competition!
While these 6 questions will certainly help you test your brand and other players on the market across various angles, you can also choose to add additional questions.
You can inquire, on a scale, about other brand-related aspects, or go with an open-ended question and collect off-the-script, descriptive answers from respondents.
Another perk? When you notice there’s a group that evaluates your brand strongly across all tested areas, you can assume that you’ve just identified your brand advocates! As a result, you can reach out to them personally and ask for endorsements or positive reviews online.
Once you’ve collected answers to your survey, you can onboard all relevant departments on the results. When you log into your free account in Survicate, you’ll be able to display your survey results graphically within seconds and present them to your team.
You can also export your results in a .csv or .xls format and use import them to your favorite tools, such as Excel or Google Data Studio.
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