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What are some innovative ways to measure brand equity in the digital age?

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Brand equity is the value and reputation that your brand has in the minds of your customers, stakeholders, and competitors. It reflects how well your brand is recognized, trusted, and preferred in the market. Measuring brand equity is crucial for understanding your brand's performance, strengths, weaknesses, and opportunities. However, in the digital age, brand equity measurement is not as straightforward as it used to be. Traditional methods such as surveys, focus groups, and sales data may not capture the full picture of your brand's online presence, influence, and engagement. In this article, you will learn about some innovative ways to measure brand equity in the digital age, using data-driven and customer-centric approaches.

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Tracy Roque

Marketing @ Cybernet | xAdamjeeLife | xHBL
Amisha Pathak

Strategic Marketing Leader | Driving ROI Through Data-Driven Campaigns | Brand Builder | Digital Marketing Expert
Dhananjai Madaan

LinkedIn Top Voice: Advertising & E-commerce??Cross-Border | Growth Management | Marketing | Business Operations |…

1 Social media metrics

One of the most obvious ways to measure brand equity in the digital age is to use social media metrics. Social media platforms offer a wealth of data on how your brand is perceived, discussed, and interacted with by your target audience and beyond. You can use social media metrics to measure aspects such as brand awareness, sentiment, loyalty, advocacy, and differentiation. For example, you can track how many people follow, mention, or tag your brand, how positive or negative their comments and reviews are, how often they share or recommend your brand, and how unique or distinctive your brand's voice and personality are.

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Tracy Roque

Marketing @ Cybernet | xAdamjeeLife | xHBL
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It’s imperative for marketers to adapt their brand equity strategies in order to thrive in an online world, where digital innovation defines every interaction. You can consider the following by leveraging the power of data and technology: - Search Engine Visibility: Analyze your brand’s search engine performance, monitor the visibility of branded content in search result pages. - User-Generated Content Analysis: Analyze reviews, social media posts and testimonials. - Social Media Listening and Sentiment Analysis: Track brand mentions, sentiment and conversations. - Customer Journey Mapping: Map the digital customer journey to identify touchpoints and brand interactions. Measure the effectiveness of brand messaging at each stage.

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Dhananjai Madaan

LinkedIn Top Voice: Advertising & E-commerce??Cross-Border | Growth Management | Marketing | Business Operations | Merchandising | P&L | Brand Development | Account Management
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-Brand Awareness Metrics: Social media provides quantifiable data on brand awareness, including the number of followers and mentions. -Sentiment Analysis: Analyzing comments and reviews allows for sentiment measurement, gauging the positivity or negativity associated with your brand. -Loyalty Indicators: Metrics such as shares, recommendations, and repeat interactions showcase brand loyalty. -Advocacy Measurement: Tracking how often users share or recommend your brand indicates advocacy and the brand's impact on its audience. -Differentiation Assessment: Social media metrics can reveal the uniqueness and distinctiveness of your brand's voice and personality.

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Ifedolapo Ojuade, ABMP, MBA

West African Commercial Leader | Strategic Marketing Management | Data-driven Brand Builder | Global Collaborator | Faculty at BMA | I help companies deliver ROI-positive Commercial Programs
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Measuring brand equity in the digital age: 1. Social Media Sentiment Analysis: Dive into the social chatter. Analyze mentions, comments, and sentiment to gauge brand perception. 2. Online Community Engagement: Measure the health of your online communities. Active participation and positive interactions are indicators of strong brand equity. 3. Brand Advocacy Metrics: Track metrics like referral rates, user-generated content, and brand mentions by influencers. A tribe of brand advocates is a testament to brand strength. 4. Online Customer Reviews: Dive into the reviews ocean. Analyze trends, sentiments, and ratings across platforms to understand how customers perceive your brand.

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Dr. Sanchit Misra??

Strategy & Transformation at CEO & MD's Office ?? Featured 34 Times for FMCG Insights ?? MBA, IIM Ranchi ?? Aspiring CFA L1 ?? Ex-Doctor, IMS BHU ?? KUINEP, Kyoto University ???? Freie Universit?t Berlin ????
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In the digital age, measuring brand equity has evolved to incorporate various innovative methods that capture the complexities of online presence, customer perceptions, and engagement. Here are some innovative ways: Social Media Analytics: Analyze social media engagement metrics such as likes, shares, comments, and brand mentions across platforms. Sentiment analysis tools can gauge the overall sentiment around your brand. Brand Health Surveys: Deploy online surveys to gauge brand perception, customer loyalty, and awareness. Use specialized survey tools that offer insightful data analytics. Online Reputation Monitoring: Monitor online reviews, forums, and feedback on platforms like Yelp, Google Reviews, or industry-specific forums.

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Claudine A.

Global Brand Manager | 14+ Years Marketing Experience
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Earned Share of Voice as proxy to brand awareness. Sentiment tracking as proxy for brand perception. Both requires effort before data becomes reliable --- eSOV requires building a robust exclusion and inclusion keyword lists , sentiment tracking requires continuous effort to train Ai. Only downside is being able to zoom to a specific market only by using language as filter which could work for some (e.g Thailand, Korea, Japan) but not for others.

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2 Search engine metrics

Another way to measure brand equity in the digital age is to use search engine metrics. Search engines are where most people start their online journey, and they reflect how well your brand is visible, relevant, and authoritative in your niche. You can use search engine metrics to measure aspects such as brand recall, preference, and dominance. For example, you can track how many people search for your brand name or related keywords, how high your brand ranks for those queries, and how much traffic and conversions your brand generates from organic and paid search.

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Amisha Pathak

Strategic Marketing Leader | Driving ROI Through Data-Driven Campaigns | Brand Builder | Digital Marketing Expert
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Metrics to get started: - Monitor branded keyword’s search volume and organic search traffic to analyze brand awareness, visibility and consumer interest in the brand. - Analyze search volume trends of non-branded keywords, and your brand’s as well as competitor rankings for those keywords to benchmark your brand's performance (can use tools like ahrefs and Semrush). - You can utilize heat map (using tools like Microsoft clarity and Hotjar) to visualize user interaction to gain key insights into user behavior, preferences, and areas of interest on your website. Tap into Google Search Console to gain insights into how your brand appears in Google search results, including impressions, clicks, average position, search queries and so on.

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3 Customer lifetime value

A third way to measure brand equity in the digital age is to use customer lifetime value (CLV). CLV is the total amount of revenue that a customer generates for your brand over their entire relationship with you. It reflects how loyal, satisfied, and profitable your customers are, and how well your brand retains and grows them. You can use CLV to measure aspects such as brand attachment, quality, and equity. For example, you can track how long your customers stay with your brand, how much they spend on your products or services, and how much they contribute to your brand's growth and profitability.

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4 Net promoter score

A fourth way to measure brand equity in the digital age is to use net promoter score (NPS). NPS is a simple but powerful metric that measures how likely your customers are to recommend your brand to others. It reflects how loyal, enthusiastic, and influential your customers are, and how well your brand creates word-of-mouth and referrals. You can use NPS to measure aspects such as brand advocacy, reputation, and value. For example, you can track how many of your customers are promoters, passives, or detractors, how their NPS compares to your competitors or industry average, and how their NPS affects your brand's growth and profitability.

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5 Brand equity index

A fifth way to measure brand equity in the digital age is to use a brand equity index. A brand equity index is a comprehensive and holistic metric that combines multiple dimensions of brand equity into a single score. It reflects how strong, valuable, and sustainable your brand is, and how well it performs against your goals and benchmarks. You can use a brand equity index to measure aspects such as brand strength, value, and sustainability. For example, you can track how your brand equity index changes over time, how it compares to your competitors or industry average, and how it correlates with your brand's market share and profitability.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are some innovative ways to measure brand equity in the digital age?

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1 Social media metrics

2 Search engine metrics

3 Customer lifetime value

4 Net promoter score

5 Brand equity index

6 Here’s what else to consider

Brand Management

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What are some innovative ways to measure brand equity in the digital age?

1

2

3

4

5

6

1 Social media metrics

2 Search engine metrics

3 Customer lifetime value

4 Net promoter score

5 Brand equity index

6 Here’s what else to consider

Brand Management

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