Creating Brand Awareness
Strong brands create loyal customers who will often pay premium prices for products and services. Although critical, understanding how customers perceive a brand can be difficult to measure. BioInformatics has developed the Brand Share Index to analyze a supplier’s customers and prospects with respect to brand awareness. The Brand Share Index assesses five key areas of performance:
- Promotion—Percentage of respondents aware of brand’s products
- Product—Degree to which respondents are favorably inclined toward a brand’s products
- Price—Percentage of respondents who believe a brand’s products are fairly priced
- Placement—Percentage of respondents who can readily purchase a brand’s products
- Service—Respondents’ perception of a brand’s service
Using this technique, life science suppliers can identify brand strengths and weaknesses, thereby creating a roadmap for improving brand awareness.
Case Study: In which areas are my competitors weakest?
A recent BioInformatics-syndicated report provided readers with in-depth insight into the strengths and weaknesses of their competitors. After the report was published, we advised a leading life science supplier (and purchaser of the report) on how to acquire customers from their competitors based upon an analysis of their weaknesses. Based upon this information, our client has developed a marketing approach that highlights the areas in which their competitors are weak and has begun capitalizing on their own strengths as well. Using the Brand Evaluation for a number of competitors, our client is pursuing customers in a new strategic way.
Understanding Brand Share Index Used in Brand Evaluation
The Brand Share Index analyzes a supplier’s customer base. This analysis is based upon measurements of:
- Promotion— Percentage of respondents aware of a brand's products
- Product— Degree to which respondents are interested and favorably inclined to a brand's products
- Price— Percentage of respondents who believe a brand's products are priced appropriately
- Placement— Percentage of respondents who can readily purchase a brand's products
- Service— How supportive respondents perceive a brand's service to be
The methodology assumes that customers become more bonded or loyal to a brand as the number of attributes for which they are satisfied build upon one another. The point at which respondents are not satisfied is indicative of where the supplier has the weakest bond with the customer.
Looking at the Brand Share Index pathway below, Company X can determine that their two greatest areas of improvement are Promotion and Price. Company X could benefit from marketing campaigns aimed at increasing brand awareness because 43% of survey respondents are not familiar with the brand. Turning to Price, 29% of respondents aware of the brand and the products feel that Company X’s prices are unacceptable. Company X can work towards changing this perception by lowering its prices through a sales promotion, or perhaps by using BioInformatics’ Van Westendorp Analysis to determine a more acceptable pricing strategy.