It is critical to be able to assess and track your brand performance compared with the competition.
To do so, we map two dimensions of your brand drivers:
- The effect is the driver for your customers: While this can be assessed in many ways, we often find a gap in what people state as important and what really drives loyalty. We use statistical methods to assess the importance of each driver.
- Performance in relation to competition: Is each driver a strength or a weakness?
Prioritizing the brand drivers
In the following example we helped an industrial supplier assess the performance of their brand. They were operating in a market of high maturity, in which a wide range of suppliers were able to supply quality products at the right price. In our analysis we tried to answer the question:
How could we further improve our market position?
Figure 1: Find the most important areas of improvement
By mapping all the drivers, we were able to categorize each driver in one of four segments,
- Differentiators. The core of your business and the reason why your customers choose you. Going forward we must maintain the lead on these and make sure we capture the full potential of these drivers.
- Over-investing. While performance is high, importance is low. The question that arises is whether we are over-investing in these areas. Use these for differentiation and let them remain strong, but be aware that some areas are not as important as others.
- The customers who choose your competitors do so because of these. Close the gap in these critical areas of high importance and weak perception.
- Demand fulfilled. While these areas are not performing well, their demand might already be sufficiently fulfilled. Exercise the right not to focus on areas of low importance.
In the example above, we found a market with generally very high perceptions. Our client was chosen as Best in class and with the best Quality. However, the competition had the edge on Range and Innovation and On Time Delivery. We used this insight to increase the focus on the breadth and depth of the product range, as well as the delivery.
The analysis work used 234 interviews carried out in the entire market. The effect analysis was done with PLS, which is the most acknowledged method for calculating effects on small samples.