Question

Both qualitative and quantitative research as well as performance tracking can be used to measure brand equity and performance. Financial metrics can identify anomalies and trends, so an organisation can identify initiatives that drive positive results. However, financial metrics result from ‘brand strength’. Identify ways an organisation can measure ‘brand strength’ on an ongoing basis.

Answer 1

The organization can measure brand

• Cost of acquisition of the new customer should be as less as possible i.e., without any huge marketing expenditure the customer is adopting and using the new product determines the brand strength.
• Low bounce rate of customers and high retention rate and increase in repeat customers also depicts brand strength.
• Formal models like brand assessment model can also be used for the same purpose but it depend on industry to industry.
• Also, technical infrastructure and updation of that infrastructure as per the latest trends also determine what exactly the strength of the brand at present and in the long run is.