Brand Equity Survey Template 🚀 Survicate

Brand equity survey template FAQ

What exactly is brand equity?

Brand equity is the added value a company generates from being recognizable. It results from brand recognition and consumer perception of the brand.

No brand equity means nobody has heard of you. Negative brand equity means people have heard of you, but they either have misgivings or don't think highly of you. Positive brand equity means consumers know, trust, and admire you.

Why should I care about brand equity?

Positive brand equity is the ultimate indicator of market success. Establishing it is ultra important if your goal is a substantial revenue stream in the long run.

Since consumers tend to choose strong brands they have positive associations with, positive brand equity will directly impact your sales volumes.

How?

Having a strong brand consumers know, trust, and love allows you to add higher profit margins. As a result, at some point, you'll enjoy higher revenue growth without incurring extra costs.

An excellent example of positive brand equity is Apple. The company has managed to establish such a strong presence on the market that the controversies that arise from time to time cannot damage the brand. Apple still can afford price tags higher than those the competition has, without running the risk of substantial customer churn.

Strong brands pay off, so developing one - with positive brand equity - is definitely worth your time.

How to assess the equity of my brand?

Brand equity is made up of:

Consumer perception of a brand
The effect it has - in other words - how it affects consumer behaviors and sales
Value - how consumer attitudes and behaviors influence your bottom line

To assess the equity of your brand, on top of analyzing financial metrics, you need to collect feedback to uncover:

Brand awareness: How familiar are people with your brand name or logo? Also, are they well aware of your social media activities or outdoor campaigns?
Brand association: What pops to consumers’ minds when they hear your brand name? Are these positive or negative associations? Do they accurately reflect your offer and marketing strategy?
Perceived quality: Do users feel they're receiving a high-quality product or service for the price they pay?
Brand experience: How strongly do users feel about your brand, in and out – from seeing your marketing campaigns, through interacting directly with your brand and/or products, to post-purchase experiences?
Brand preference: Is your brand your customers' first choice when it comes to buying your product category?
Brand loyalty: How easy would it be for your competitors to win over your clients? Can your customers imagine substituting your services or products with those of competitors, or would it be a measure of last resort? Are they likely to refer you to the people they know? Can you count on repeat sales or your customers are quick to go?

To measure them, you can run separate surveys to discover these areas, using surveys like a Net Promoter Score (NPS), a customer satisfaction (CSAT), or a brand awareness survey.

Or, use the template above and do a single brand equity research.

How will running the brand equity survey help me assess the value of my brand?

The brand equity survey template Survicate offers includes questions about brand awareness, perception, and loyalty.

Run the survey with Survicate to gain a clear overview of the market attitudes, as the tool helps you analyze the survey results.

Pair the findings with financial metrics to estimate the current power of your brand.

By doing so, you'll be able to verify if your current pricing strategy is optimal. Or, maybe you should price higher. Such comprehensive analysis of the state of your brand will help you also develop a marketing strategy based on data and deepened understanding of the market.

Should I run the brand equity survey among my customers?

A good idea would be to send a modified version of the brand equity survey to consumers from each stage of the customer journey. Segment your target group into:

Non-customers that haven't necessarily heard of your brand
New customers to understand their first impressions of the brand
Current customers have a long experience of your brand
Long-term repeat customers
Customers who have churned.

Doing so will help you draw more meaningful conclusions from the survey results.

How to assess the results of my brand equity survey?

If you use Survicate to send out the brand equity survey, the feedback collection tool will generate a report with charts and a word cloud showing you the recurrent patterns in what the market says about your brand.

You'll also see how you stack up against your competitors.

To have a complete picture of your brand equity, pair the survey results with financial analysis. Analyze not only the ROI but also the lifetime value of your customers. And compare your premium offer to competitive ones.

Analyzing your brand's financial and emotional value will help you see if you're meeting your goals. It'll also let you develop and test strategies to bring your company closer to meeting those goals.

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