The paper "Measuring and Interpreting Brand Performance" is a great example of a Marketing Case Study. Analysis of brand performance is an important yardstick used in the evaluation of a company in the market relative to its competitors. Successful brands improve their performance by ensuring that there is trust between their customers and the brand. Having this trust will result in a brand retaining its consumer base especially in markets where there are many competitors and whose products have little difference from one another. Therefore, it is crucial for marketers to come up with strategies that seek to reinforce the trust built and also appeal to new customers.
In evaluating the success of a brand, analysts look at the brand’ s awareness and salience. These two factors are often assumed to be the same. However, research has shown that indeed each has its own role to play in the success of a brand. Salience is the ability to recall a brand from top of mind memory. Brand salience is a good indicator of how successful the marketing of a brand is as well as it indicates the perception of a brand by consumers.
Brand awareness is made possible by aggressive marketing and advertising strategies. Another aspect of marketing and brand performance is how a brand deals with a wide market. Successful brands choose a strategy that segments the market into smaller groups with the same characteristics in order to be able to deliver efficiently. Market segmentation is, therefore, an important aspect to consider in terms of improving a brand’ s performance. MEASURING AND INTERPRETING BRAND PERFORMANCE Introduction In order for a company to be successful in the market, its brand needs to be well recognized and illicit a positive attitude from the market.
The success of a business organization depends heavily on its branding and advertising, which, in turn, results in increased sales and higher revenue generated. Therefore, it is pertinent for any business to invest heavily in promoting its brand whilst ensuring that their products are the best in the market. Achieving this will guarantee business success. Successful brands are those that trigger something positive in the memory of the customer. For example, phrases such as ‘ Just do it’ and ‘ So much more’ by Nike and South Africa’ s DSTV Multichoice respectively immediately identify their respective customers with the brand.
These two companies have remained hugely successful due to the excelling performance of their brands. Another company that has remained a success since its inception is Weet-Bix, the Australian cereals company that remains the leading brand globally. This research paper looks at the Weet-bix brand, measuring its performance and looking at how it impacts the various age groups in the market. Brand Performance Brand performance is an important yardstick used in measuring the performance of a company.
Whereas marketers will focus on sales to improve the revenue of the company, forging trust between a brand and its customers guarantees continued success. More than ever before, customers are now buying from those brands that they trust. Hence, customers build an emotional connection with a brand they trust. By so doing, they remain loyal to a particular brand for a long time. Trusted brands are known for their competence, efficacy, and effectiveness in delivering their promise (Dawson, 2012).
Trusted brands are also consistent in their delivery even when it is not going to deliver profits to the brand owners. Trust is also built on transparency on the part of the brand owners. Honesty, integrity and sincerity drives trust between the brand and its customers, especially when information shared is accurate. The fact that Weet-bix was voted the most trusted brand by Australia’ s Reader’ s Digest survey in 2013 goes to show how the company is viewed by the market. This level of trust improves the brand’ s image, spreads the brand’ s reach, and consolidates its position relative to its competitors.
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