By basing your brand evaluation around people, and the reality of how they choose brands – which is still governed by “analogue” mental networks, even if those networks can be digitally disrupted these days – then you can find the best strategy for growth.
Put simply – I don’t feel close to that brand of brown sauce. But I do feel closer to that brand than to any other. This helps that brand to have a higher perceived value for me at the moment of choice – it ranks first.
In conclusion – brand equity measurement through BVC is not just an academic exercise. When properly analysed, and acted upon, it will help you identify and pursue the best path to profitable growth – to be bought by more people, more often, more easily.
Brands that grow are chosen by more people, more easily, more often
3 quick tips to drive success
- Be salient to be considered - Make sure your brand comes to mind at the moments that matter. No matter how many competitors you have, people only ever consider a few brands. Be one of the few.
- Be chosen first at the moments that matter - Make sure your brand has the highest perceived value. Do so by making sure your brand performs well. Then make sure your brand has created a stronger emotional connection than the next brand. But do not worry if people do not love your brand. Just strive for like more. Why, because brands with stronger brand desire see a greater Share of Wallet.
- Be easy to choose - Which means be available and visible and in the format people want. This is so much more important, and more profitable than focusing on price (regardless of sector or geography).