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Measuring Sources of Brand Equity refers to designing a measurement system that will help an organization in measuring customer mindset and response regarding specific product features and their overall brand experience.
Measuring Sources of Brand Equity is possible through qualitative and quantitative techniques.
Technique #1 - Free Association
Free Association refers to asking the customers what they think about the brand without any external cue. This helps to assemble a distinct brand profile.
Example - Tesla
Technique #2 - Projective Techniques
Projective Techniques refer to the diagnostic tools that can identify consumer feelings and opinions even when they are unable to express themselves fully.
Types of Projective Techniques
Completion and Interpretation Tasks
Completion and Interpretation Tasks helps in assessing the usage of imagery for a brand.
Comparison Tasks
Comparison Tasks is a technique where consumers are asked to make comparisons as this provides a glimpse into a customer’s psyche regarding a brand.
Technique #3 - Neural Research Methods
Neural Research Methods helps to understand how the mind responds to marketing stimuli by looking at the customer’s reaction to specific products.
Technique #3 - Neural Research Methods (Frito Lay)
Frito lay used EEG to identify the reaction of a person towards the cheese puffs “Cheetos”
Technique #4 - Brand Personality and Values
Brand Personality and Values refer to the customer experience and point-of-view of marketing activities.
Dimensions of Brand Personality
Sincerity
Example - Dairy Milk, Johnson & Johnson
Excitement
Example - Tinder, Durex
Competence
Example - JP Morgan Chase, Google
Sophistication
Example - Apple, Mercedes
Ruggedness
Example - Jeep
Technique #5 - Ethnographic and Experiential Methods
Ethnographic and Experiential Methods help to obtain meaningful responses by tapping a consumer’s workspace, residence, and shopping behavior.
Example - P&G acquiring Gillette and later launching Gillette Guard.
This video is on Measuring Sources of Brand Equity and it has the following sub-topics.
Time Stamps
0:00 Introduction to Sources of Brand Equity
00:45 Technique #1 - Free Association
01:02 Example - Tesla
01:33 Technique #2 - Projective Techniques
01:58 Types of Projective Techniques
02:31 Completion and Interpretation Tasks
02:36 Comparison Tasks.
03:35 Technique #3 - Neural Research Methods
04:07 Technique #3 - Neural Research Methods (Frito Lay)
04:43 Technique #4 - Brand Personality and Values
05:12 Sincerity
05:18 Excitement
05:21 Competence
05:24 Sophistication
05:27 Ruggedness
05:30 Technique #5 - Ethnographic and Experiential Methods