In addition to strong loyalty from its existing customer base, a strong brand needs to perform better than the competition on:
Brand salience – the ease with which a brand comes to mind in relation to a specific need
Emotional attachment – the degree to which the brand meets people’s needs and is liked
Perceived differentiation – how well the brand stands out from the crowd or is seen to be setting the trends for its category
The Global Brand reviews how brand equity data can be used to measure a brand’s current strength, identify potential to grow and guide brand strategy. To grow, brands must improve their salience, but brands that create stronger emotional attachment and differentiation are likely to grow faster and command a price premium.
While the brand equity measurement framework referenced in The Global Brand has been updated and improved since the book was published the basic principles still apply. For more information on Millward Brown’s new Meaningfully Different Framework please click here