blueocean takes a holistic approach to brand equity as seen from the consumer point of view. Our brand equity measurement system, which results in a Brand Potential 360 Index, covers a set of key dimensions that can affect the equity of any brand. Following the approaches proposed by David Aaker (Measuring Brand Equity Across Products and Markets, 1996), we have developed a proprietary model that utilizes key "global" measures of a brand’s performance, accounting for both perceptual and behavioral constructs.
On the perceptual side, our Brand Potential 360 incorporates consumers’ assessment of a brand across the following
In addition, two key behavioral metrics are folded into the development of our index, namely:
However, our measurement of brand equity doesn't stop there. blueocean's Brand Potential 360 Index combines consumer feedback on the above perceptual and behavioral metrics, with current market conditions. We utilize information on brand penetration and loyalty among owners and information on awareness, familiarity, consideration, and purchase likelihood, to create a robust composite index that reflects a brand's potential in the market compared to its key competitors.
In addition to measuring a brand's equity, which can be tracked over time, our system is also engineered to provide a robust decision support system through the identification of key factors that drive the index; a brand's equity is then derived out of a set of emotional and experiential assessments of the brand.
Brands, at the most fundamental level, are the link between organizations, their consumers, and the environment. Rapid changes among consumers and within the environment make it essential for brand management to keep pace and a more sophisticated approach is required to help marketers to be more effective.
Traditional brand tracking approaches, based solely on primary research, cannot provide the texture, context, and deeper insights that are needed today to clearly understand the interplay between brand health metrics and technological changes, competitor moves and socio-cultural trends.
blueocean's approach to brand tracking keeps the quantitative primary research using our Brand Potential 360 measurement system at the core of research methodology, and augments it with other sources of data, bringing a true 360 degree view of the market. It is based on answering core business questions and providing actionable business insights, rather than just data and metrics in isolation. Our 360 brand tracking system includes, but is not limited to:
Our clients have benefited immensely from the 360 Brand Tracking System. This approach elevates brand tracking from being a “study providing brand health metrics” to a “strategic information asset that provides critical insights that help in improving brand management.”