Evaluate and optimise your brand’s equity
What does brand equity mean to you? Depending whether you’re a CEO or a CFO, a marketer or a shareholder, you could see it as primarily financial in value, or you could consider it an indispensible marketing tool.
In reality, brand equity is both - and more. BEST will help you discover:
- the strength and prominence of your brand in the marketplace
- the qualities that distinguish it from the competition
- the added commercial value your brand gives your product
- positive customer perceptions and experience of your brand
- how to segment your target market by their true potential
Discover your BEST prospects
Roy Morgan Research’s BEST methodology allows you to segment your customers according to purchasing habits, identify the risks and/or opportunities each segment presents, and thereby assess each segment’s value to your business.
BEST divides your market into the following segments:
- Core Customers: loyal die-hards who believe in your brand’s unique value and won’t be swayed to buy your competitor’s product even if it cost less
- Core Competitors: your competitors’ loyal die-hard customers
- Core Changeables: behaviourally loyal until now but with low brand affinity – ripe for defection to a savvy competitor
- Repertoire Customers: consumers who shop around and purchase by price, for whom your brand is one of a 'repertoire' they will consider
- Repertoire Competitors: like the above, but their ‘repertoire’ does not include your brand
- Light Fair Prospects: customers who have not needed your product in the past but may in the future
- Light Poor Prospects: people who will never need your product
From there, we help you decide which segment/s to focus your marketing attentions on and which media channels will reach them most effectively.
For example, you may find that although your core customers account for the largest portion of your profit, investing heavily in a major marketing campaign directed at them is not the best way to ensure future growth.
Simply the BEST
Integrated with Roy Morgan Single Source for extra depth, and applicable to categories as diverse as Fashion, Retail, Automotive, Finance and FMCG, BEST is a powerful tool that can help you ensure that all your marketing efforts are precisely focused to maximise your ROI.
Contact us today to find out more about BEST