Strong equity needs to be supported by solid brand execution to drive sales and obtain a more substantial market share. Ultimately, this leads to brand growth and success, and we have validated this relationship across fast-moving consumer goods (FMCG), telecommunications, banking, and automotive manufacturers.
That being said, certain marketing factors can impede the performance of all brands, including those with strong brand equity. To ensure that you maximize your brand equity, consider focusing your efforts on these 5 elements of brand experience.
To reinforce equity and ensure long-term share growth, it’s crucial that your brand offers superior, relevant products to consumers. This is important because consumers' priorities and purchase preferences have changed in recent years, with more emphasis on product quality, country of origin, and health.
Product offerings must resonate with the current and future landscape. This might sound straightforward, but the products should always meet or exceed expectations. Presentation is equally important.
If you’re in the FMCG market, packaging plays an important role in ensuring your product gets consumers’ attention and primes them to have a positive perception towards the product. In other words, if it looks good, they’ll assume it must taste good.
When it comes to placement, products should always be accessible, and particularly in the FMCG market, they should always be visible on shelves. With many manufacturers struggling with supply chain issues, this may not always be possible.
Leaders are combating these issues by ensuring they have a digital and autonomous omnichannel supply chain to provide additional avenues to purchase for shoppers.
Without a well-built omnichannel supply chain, brand equity will pull consumers to empty shelves with no alternative route to purchase their trusted brand.
In addition to building an omnichannel supply chain (which may be difficult in some countries), brands can improve their positioning on shelves and the impact of their shelf presence through stand-out packaging, displays, and in-store graphics.
Friction is the enemy when it comes to placement, so the products should be available from wherever your target consumer finds it easiest to shop. Manufacturers should optimize their product distribution to ensure that their products are accessible in the most-needed categories.
Where price is concerned, brands need to deliver their product promise at a price which is at par with consumers’ expectations. Transparency and consistency in pricing are crucial aspects of providing consumers with an exceptional brand experience.
Activate consumers through memorable ads and impactful promotions. By understanding the category rules and triggers, marketers can prioritize the touchpoints. This can be done either pre-store through advertising and buzz or in-store through packaging, pricing, promotions, and merchandising.
If your brand shoppers are shopping mainly on autopilot, price promotions should be minimized as it may be more effective to invest in advertising or other building brand efforts. Promotions should provide a noticeable change from the standard offering and provide a compelling choice to consumers.
Additionally, promotions are a good way to drive awareness for new brands or variants and thus, boost sales in the short term.
Your brand’s direct relationship with consumers shouldn’t be overlooked. Find unique ways to enhance your customer experience and fulfill your brand promise to cultivate positive word of mouth. At the end of the day, the consumer is your strongest advocate, and nurturing that relationship can be massively beneficial to brands looking to improve their brand resonance and brand equity.
Executing each of these solutions at scale can prove challenging, even for well-developed brands. That’s why Winning Brands® was designed as NielsenIQ’s Brand Health Measurement and Management solution, providing the relevant market insights to navigate your brand for sustainable growth. It encompasses a suite of modules that address all brand research needs, from simple tracking to in-depth brand reviews.
You can learn more about our Winning Brands® product here
Author: Jacqueline Lew, Executive Director and Global Consumer & Brand Health Practice Lead, Consumer Insights Product Leadership, NielsenIQ