To begin, Brand perception defines what consumers think your brand, your products and your services represent. It's how your brand makes them feel. Brand perception is much more than just an opinion. It's a feeling, often one that people subconsciously have, towards your brand.
Brand tracking provides you with vital business intelligence, proving the ROI of your brand-building efforts and helping to guide your strategy. It goes without saying that when you’re basing business decisions on data, you need to have confidence in it.
Here, we’ll look at the impact of things like audience reach, panel diversity, and survey design to help you decide whether your current brand tracker is up to scratch. And we’ll explore how you can get even more value out of your data.
Wondering why perception is so important in marketing? This quote sums it up nicely: “Facts matter not at all. Perception is everything. It’s certainty.” – Stephen Colbert.
You see, it doesn’t matter how good your product/service is, the value it offers, or the quality you provide. If consumers don’t perceive your brand the way you want them to, your business will struggle with loyalty and getting new customers.
Today, I’m covering brand perception in detail. What is it, and why does it matter? How do you measure it? Keep reading to find out more.
Brand Perception vs. Brand Equity
While both concepts are essential to businesses, they serve different purposes. As you know, brand perception helps you understand how customers see your company; in contrast, brand equity allows you to quantify the value of your business. It consists of multiple factors, like:
Brand loyalty
Name recognition
Visibility
Essentially, brand equity is the difference between what a customer would pay for a generic product and what they would pay for the same product from a specific brand.
There are several ways to build equity in a brand. One is by offering high-quality products or services that customers can rely on. Another is positive customer experiences that leave people feeling good about the brand.
Creating an emotional connection with consumers can also help build equity, as people with a positive association with a brand are more likely to be loyal.
Why Do You Need Strong Brand Perception?
A brand isn’t merely a name or logo. It’s also the perception that consumers have of a company or product, and that idea can make or break a business.
Think about it – would you buy a product from a company you don’t trust? Or one whose values don’t align with your own?
Probably not.
That’s why brand perception is so important. It’s the difference between customers choosing your company over your competitors.
Moreover, a strong brand perception consists of
Helps build trust with your audience. We mentioned earlier how important trust is, and how it makes people more likely to do business with you.
Lets you stand out from the competition. In a crowded marketplace, it’s important to have a unique and recognizable brand that people can easily identify and remember.
Can lead to higher profits. Customers pay more for products and services from brands they know and trust; when you have a loyal customer base, they keep coming back, leading to even higher long-term profits.
How Do You Measure Brand Perception?
Fortunately, measuring brand perception is not as complicated as you may think. Below are some of the easiest ways to understand how buyers and prospects view you.
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