The Power of Brand Perception. Measure and Master It!
Ever wondered why you're drawn to certain products and not others? Chances are, it all comes down to brand perception—the magical blend of thoughts and emotions associated with a company. In fact, 62% of customers feel emotionally connected to the brands they buy from. Once consumers form an attitude about a brand, it becomes challenging to alter their perception. This is why brands tirelessly strive to create positive associations from the very beginning.
Understanding how people perceive your brand empowers you to shape those perceptions and build brand equity. To achieve this, it's crucial to grasp what drives brand perception and how it influences both company decisions and consumer choices.
Unlocking the Essence of Brand Perception
Brand perception is the sum total of a consumer's feelings, experiences, and thoughts about a product or service. It goes beyond what a brand claims to represent and delves into what people genuinely believe it represents. This mental association plays a vital role in forging emotional connections with customers. When faced with competing products, people take into account their attitude towards different brands, factoring in reviews, interactions with customer support, recommendations from friends, and even trial experiences. All these touchpoints significantly impact brand perception and directly influence a company's success.
When consumers hold a brand in high regard, they become more loyal. Think about Apple fans in meme wars against Android devotees or how someone who wears Nike shoes wouldn't be caught dead in Adidas kicks. Companies that truly grasp the power of brand perception can use this knowledge to build brand equity.
The Synergy of Brand Perception and Brand Equity
While brand perception can be distilled down to an individual customer's thoughts about your brand, brand equity is the collective fusion of perceptions, experiences, and opinions that crafts your brand's reputation. A company with high brand equity is like a magnet for loyal customers who will choose your product or service over any competitor. A staggering 88% of executives acknowledge that customer engagement significantly impacts a business's bottom line, however, 60% of executives feel that their companies aren't sending the right message to their customers. That's where brand perception takes center stage! Your ability to create a brand perception that resonates with your target market directly influences your company's growth.
Measuring Brand Perception
Brand Perception Surveys: Conduct surveys to learn what people really think of your business and how you stack up against competitors. Ask questions that delve into emotional, cognitive, and action-oriented factors.
Social Listening: Monitor online mentions using social listening tools or Google alerts to track mentions on social media, online reviews, hashtags, forums, and news coverage. Stay on top of brand discussions, products, and marketing campaigns.
Brand Audit: Evaluate how your brand perception compares to competitors. Research your target audiences, analyze competitors, thoroughly evaluate your communication strategies, and dive deep into your brand positioning.
Customer Data: Collect data at every stage of the buyer's journey. Track how buyers research information, evaluate products, compare competitors, interact with customer support, make purchase decisions, onboard, and engage with your brand post-purchase.
Harnessing the Power of Brand Perception
Knowing what people truly think of your brand is the key to shaping your brand identity, creating impactful marketing campaigns, and adapting when consumer perception takes a turn.
Make strategic brand decisions and propel your company toward a future filled with success!