Measuring Brand Equity
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Measuring Brand Equity

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A short presentation on how 1st Advantage measures brand equity and the impact it has had on the member experience and relationships per household.

A short presentation on how 1st Advantage measures brand equity and the impact it has had on the member experience and relationships per household.

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Measuring Brand Equity Presentation Transcript

  • 1. Brand Equity Score How It’s Measured and How You Can Impact It.
  • 2. What Is Brand Equity? • A measure of a brand’s value to its customers expressed as a willingness to recommend the brand and to buy from the brand again.
  • 3. How Is Brand Equity Measured? • Two surveys are conducted – one monthly, another quarterly • Monthly survey is sent by e-mail to any member who has opened a new loan or deposit account the previous month. • Quarterly survey is sent by e-mail to randomly selected area residents to track awareness (only respondents who identify 1A as their primary financial institution are included in the score).
  • 4. How Is Brand Equity Measured? • Monthly survey – member is asked two key questions based on their recent experience. • Quarterly survey – member is asked two key questions based on their overall experience.
  • 5. How Is Brand Equity Measured? • The answers to those questions are tabulated to provide a “score” which can be used to measure how well we are doing delivering a memorable, loyalty-building experience.
  • 6. The Questions On a scale of 0-10 (0=Not at all Likely, 10=Extremely Likely): • Question 1: How likely would you be to recommend 1st Advantage? • Question 2: How likely would you be to open your next account with 1st Advantage?
  • 7. How We Get The Score • The number of those who answered 9 & 10 minus those who answered 0 – 6 give a “net” score for each question. • Those two scores are divided by 2 and added together to give us our “Brand Equity Score” – the higher the number the better.
  • 8. Example • Of 250 surveyed, on Question #1, 210 answered 9 or 10 and 15 answered 0-6: 210 – 15 = 195 • That is divided by 250 for the “net promoter” score: 195 / 250 = 78%
  • 9. Example • On Question #2, 200 answered 9 or 10 and 25 answered 0-6: 200 – 25 = 175 • That is divided by 250 for the “net loyalty” score: 175 / 250 = 70%
  • 10. Example • The two scores are divided by 2 and added together for the final Brand Equity Score: (78 / 2) + (70 / 2) = 74%
  • 11. How Can We Affect The Score? • Any interaction we have with a member has the potential to add or subtract from the score. • At the department/branch level just one or two members could have a big impact on the branch/dept quarterly brand equity score.
  • 12. How Can We Affect The Score? • Make sure every member we serve has a current e-mail address on file. • Let them know they may receive a survey request from 1st Advantage by e-mail. • Provide friendly, professional member service.
  • 13. The Results • Consistently Improving Scores • 23% Increase in Brand Equity score from end of 1Q2008 to end of 1Q2009. • Slight increase (5%) in 90-day Products per Household for new households.
  • 14. Thank You! • Contact info: Jim Craig VP-Marketing 1st Advantage FCU jcraig@1stadvantage.org http://www.linkedin.com/jimncraig http://www.twitter.com/jimncraig