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Establishing a Brand Scorecard

Guest post by: Jesse Hopps

Article Overview: Brand management is the application of marketing techniques to a specific product, product line, or brand. It seeks to increase the product’s perceived value to the customer and thereby increase brand franchise and brand equity.

Establishing a Brand Scorecard

Establishing a Brand Scorecard

Brand management is the application of marketing techniques to a specific product, product line, or brand. It seeks to increase the product's perceived value to the customer and thereby increase brand franchise and brand equity.

Marketers see a brand as an implied promise that the level of quality people have come to expect from a brand will continue with present and future purchases of the same product. This may increase sales by making a comparison with competing products more favorable. It may also enable the manufacturer to charge more for the product.

The value of the brand is determined by the amount of profit it generates for the manufacturer. This results from a combination of increased sales and increased price.

- Source: Wikipedia

Principles of a Strong Brand

Proctor & Gamble PLC pioneered the concept of Brand Management as a result of a memo sent by Neil H. McElroy.

Following are principles of a strong brand:

• Distinguished - is your brand "premium" or "economy"? Does your brand express the brand type adequately?
• Enhance Image - does your brand accurately reflect and enhance the corporate/product image?
• Benefit/Usage - does your brand describe the benefits of your product, or how it is used? (i.e. Mr. Clean)
• Simple - is your brand recognizable and memorable?
• Protectable -can you legally protect your brand?

What is Brand Equity

Brand Equity can be defined as the value measurement associated with expected future revenues for the branded product. Many organizations use a Brand Scorecardin conjunction with a Marketing Dashboard to measure their return on marketing investments. The metric that can be used to measure overall Brand Equity is Customer-Base Value.

Principles of a Strong Brand

Proctor & Gamble PLC pioneered the concept of Brand Management as a result of a memo sent by Neil H. McElroy.

Following are principles of a strong brand:

• Distinguished - is your brand "premium" or "economy"? Does your brand express the brand type adequately?
• Enhance Image - does your brand accurately reflect and enhance the corporate/product image?
• Benefit/Usage - does your brand describe the benefits of your product, or how it is used? (i.e. Mr. Clean)
• Simple - is your brand recognizable and memorable?
• Protectable - can you legally protect your brand?

What is Brand Equity

Brand Equity can be defined as the value measurement associated with expected future revenues for the branded product. Many organizations use a Brand Scorecard in conjunction with a Marketing Dashboardto measure their return on marketing investments. The metric that can be used to measure overall Brand Equity is Customer-Base Value.

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Article Tags: brand equity, brand franchise, brand management, brand scorecard, marketing techniques



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