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Measuring your brand, or share of market is not a short term initiative. It takes years to build a strong brand and a long, concentrated effort to measure it. Ideally, you should develop a baseline by
defining the four critical success factors
of:
- Differentiation –
How does your brand differ from the competition in your service or value
proposition
- Awareness –
Defined as the number of consumers aware of your brand – whether they purchase or
not
- Relevance –
How consumers, suppliers, employees, and investors relate
personally to your product or service. This can often be measured by tracking market
share
- Sustainability –
The staying power of your brand that will allow it to continue to grow as a viable
brand
Kaleidoscope
can develop a brand that incorporates these
factors or test your existing brand to
determine its strengths and weaknesses. A strong brand addresses all 4 focuses – differentiation, sustainability, relevance and awareness to all stakeholders as indicated below:
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