Many forget that media goes beyond advertising. Even less understand the value of putting the consumer first. Rarely, if ever, do publishers address the consumer journey when designing their sales product.. This is incredibly alarming because these products are supposed to be constructed for the benefit of their brand. Instead, revenue opportunities trump marketing performance in the pursuit of the almighty dollar.
In order to be successful in a landscape that is consolidating at paramount speeds, we must understand that the consumer will always be the end client. If the consumer is happy, then the brand is happy which will result in more spend making the agencies and/or publishers happy. Below are a few tools that can help us think more like marketers and less like advertisers.
Brand Asset Valuator (BAV) was developed by an agency called “Young and Rubicam”. This index provides us with tools to evaluate brand assets so we can understand differentiation and relevance to promote brand growth as well as esteem and knowledge to determine the current power of a brand. This is done in two ways:
Brand vitality which refers to the current and future growth potential that a brand holds in it
Brand stature which refers to the power of a brand
The 2 key components of BAV can then be broken down into 4 main parts:
Differentiation: ability to stand apart from competitors
Relevance: actual and perceived importance to a consumer market segment – gauges the appropriateness of a brand to consumers and is strongly tied to household penetration
Esteem: consumer perceptions about growing or declining popularity of a brand
Knowledge: extent of the consumer’s awareness of the brand and understanding of its identity
The Brand Asset Valuator allows brands to take an analytical approach to vitality and stature. As you begin to understand more about your brand, and more importantly your consumer, it can help guide your growth strategy.
The American Customer Satisfaction Index uses customer interviews to develop an econometric model to understand cause-and-effect of customer expectations, perceived quality, and perceived value. In order to be unbiased, customer complaints and customer loyalty (including customer retention and price tolerance) are included prior to calculating the result.
The data for the calculations are based several questions that are weighted within the model. The questions assess customer evaluations in the following categories:
Satisfaction: weighted average of three survey questions that measure different facets of satisfaction with a product or service
Expectations: measure of customer's anticipation of the quality of a company's products or services
Perceived quality: measure of the customer's experience of the quality of a company's products or services
Perceived value: measure of quality relative to price paid
Customer complaints: percentage of respondents who indicate they have complained to a company
Customer loyalty: combination of the repurchase likelihood from the same supplier and the likelihood to purchase a products or services at various price points
Customer satisfaction plays an important role within your business. Not only is it the leading indicator to measure customer loyalty, identify unhappy customers, reduce churn and increase revenue; it is also a key point of differentiation that helps you to attract new customers in competitive business environments.
Things to remember:
The Brand Asset Valuator gives you tools to evaluate brand assets to promote brand growth and determine the current power of a brand
The Customer Satisfaction Index in an econometric model to understand cause-and-effect of customer expectations, perceived quality and perceived value
What you don’t measure you can’t manage
There aren’t loyal customers, there’re are loyal companies
Always put the consumer first