Read Why do business professionals choose ready-to-use KPIs? to find out the answers to these questions:
A number of organizations rely on brand recognition for building customer loyalty. This makes 'brand evaluation' an important exercise that has to be carried out on regular basis. This is to judge the effectiveness of brand in contributing to the customer base expansion.
Brand evaluation is a significant component of brand management, with the latter revolving around sustaining the power of brand.
Ideally speaking, brand is any sign, symbol, name or design that can be tagged as 'ownership label'. People are able to distinguish a given product or service from the other similar options available in the market with the help of brand. This makes it important to go for brand analysis for maintaining the potential of brand.
This act of brand assessment enables the marketers know which kind of marketing campaigns have been paying and which of those have not come up to the expectations. Further, this information can be utilized in giving better shape to those. With the correct implementation of the steps, brand equity can be given a push.
Marketers often utilize brand evaluation scorecard for this purpose in which metrics are collected to mirror the growth being experienced in brand study. .
This is the actual scorecard with Branding Metrics and performance indicators. The performance indicators include: Credibility, Customer preference, Retention, Share of wallet, Lifetime value.
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