Name: A METRICS DRIVEN APPROACH TO BRAND MANAGEMENT AND BRAND HEALTH CHECK - Periodic Series
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A METRICS DRIVEN APPROACH TO BRAND MANAGEMENT AND BRAND HEALTH CHECK

Authors: Priya Mehra, Dr. Karan Patel

Pages: 31-47

Abstract

Marketers require credible and trustworthy metrics to track the success of their brand-building initiatives in order to account for marketing performance. Although hard metrics (such as sales, transaction, and behavioral metrics) are still important indicators of a brand's present performance in the market, they are still far from being an accurate indicator of a brand's potential for future expansion. Price promotions and other short-term tactics have an impact on hard measures, but they don't significantly improve the brand's long-term performance. Sales of big, well-known brands are frequently unaffected by changes in advertising. To better understand how marketing activities affect consumers' memories and how that affects brand performance, marketers turn to memory metrics, often known as consumer-based brand equity measurements. "A set of consumer perceptions, attitudes, knowledge, and behaviors that result in increased utility and allow a brand to earn greater volume or greater margins than it could without a brand name" is what is known as consumer-based brand equity, or CBBE. As a result, some people also think that memory measures can be used to gauge "brand value." In order to make informed brand management decisions, many marketers of major companies invest a significant amount of time and money in measuring and tracking CBBE. This study combines a metrics-driven approach to brand management with a comprehensive brand health check framework to diagnose and enhance brand performance. This study employs a mixed-methods research methodology that combines qualitative insights with quantitative data analytics to produce a robust toolkit for brand evaluation. The proposed methodology, which assesses brand health along a number of crucial dimensions, including reputation, customer loyalty, and brand awareness, also incorporates market and financial performance measurements. The study's findings enable marketers and brand managers to make informed strategic decisions and foster long-term brand growth by contributing to the development of a data-driven brand management paradigm.

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