A brand is very valuable and an asset to any company. While this has long been accepted in consumer markets, brands often don’t command the same respect in business-to-business markets.
It is all too easy for product brands to multiply uncontrollably with little or no thought for the consequences. The truth is, in many companies, so-called ‘brands’ are actually just labels – basically a way of ordering products. We firmly believe good brand management is not just a ‘nice to have’; it is absolutely crucial to CCMR marketing. By recognizing the strength of your brand, and giving it good direction, your company can attain high return on investment for relatively low cost.
At Xenox Global, we always begin by establishing the facts. It’s important for all interested parties to understand what their brand stands for, and what its values are. Furthermore, it’s important to recognize how these compare with the values of your competitors.
We tackle Xenox branding research with a structured approach, assessing your brand’s value by measuring its performance at every stage of the brand funnel. This includes the vitally important component of awareness. Without awareness, the brand is effectively useless. Being able to measure interest is equally important since it enables us to determine whether your brand is in somebody’s ‘consideration set.’
It is important for us to measure both penetration – that is the percentage of your target market that actually uses your brand – as well as advocacy levels (those who are likely to recommend your brand). A very useful way of measuring brand efficiency is to calculate the proportion of those that are likely to recommend your brand compared to the total number who are aware of it.
Only when you understand your own strengths and weaknesses, and those of your competitors, is intelligent brand strategy possible. Recognizing those strengths and weaknesses at different stages in the brand funnel can, for example, enable your direct marketing resources to be directed where they will be most effective. Competing brands, meanwhile, can be attacked in the areas where you can see that they are weak.
Our brand research usually begins with focus groups or depth interviews, enabling us to get under the skin of decision makers and to understand exactly what your brands mean to them. The next stage would be to use quantitative research i.e. telephone interviews or panel respondents in order to establish measures along the length of the brand funnel. We would generally then measure brand performance, discovering how people rate your brand for all the attributes that our research has shown to be of importance.