Brand equity management systems allow marketers to have timely, precise, and actionable information to make intelligent and inform decisions in favor of the wellbeing of their brand.
There are three areas to work to develop a brand equity management system: design a brand strategy plan, define brand equity responsibilities, and develop a brand equity scorecard.
Designing a brand strategy plan
A good brand strategy plan gives a 360-degree strategic view of the brand equity in a document, to provide relevant guidelines for all team members. It may include equity goals, tactical guidelines, trademark, and design guidelines, among others.
To stay relevant, marketers must periodically revisit this document, update it when needed, and share it with all appropriate team members.
The main benefit of documenting the brand strategy plan and keeping all the teams align is to ensure consistency.
Define brand equity responsibilities
Companies can consider naming a chief brand office; this position is responsible for monitoring and maintaining consistency and plan for the long-term growth of the brand. Some companies that have created a Chief Brand Officer are Uber, Taco Bell, Endeavor, Citi, AT&T, among others.
An executive that oversees the brand can go a long way into achieving compliance and execute branding, both internally and externally, as a brand properly.
Develop a brand equity scorecard
Finally, it’s crucial to conduct constant monitoring of brand health. A brand equity scorecard can be a dashboard to evaluate brand equity. Depending on your company, you may set up different goals and measurements.
A scorecard can include information from various departments such as finance, sales, market research, PR, among others. You could find information about the stock price, monthly sales, quantitative and qualitative market research of brand perception, and media mentions of your brand across time.
The brand’s leadership must regularly review this report to detect opportunities or threats and make informed decisions.
As in all marketing activities, results come from planning, accountability, and measurement of objectives to continue or adapt marketing strategies. Brand equity management systems are a powerful tool for a company that wants to build its brand equity.
I hope you enjoyed this week’s article. If you want to read more about brand development, please visit my last week’s post. If you have any questions, please leave a comment below.