Brand strength analysis
Encyclopedia
Brand strength analysis describes efforts to determine the strength a brand
has compared with its competitors.
can be used to compare companies over time. Crowley and Zajas have analyzed how to determine the benefits of strong brand names in the software sector. Quantitative marketing research
by sampling large customer bases using adaptive conjoint techniques and qualitative marketing research
by focus groups and observing customers in stores are examples of techniques they recommend.
Benefits to a company of good brand recognition include speeding up new product acceptance, enabling market share penetration by advertising
, and resisting price erosion. During the decision process for software buying, usually 95% of customers buy a brand that they were previously aware of, 90% buy a brand that they considered beforehand, and 80% buy the specific brand they expected to. According to Crowley and Zajas, branding power measurement is an important way that companies can keep track of their position in the software market.
Brand
The American Marketing Association defines a brand as a "Name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct from those of other sellers."...
has compared with its competitors.
Software companies
Software brand strength is hard to measure accurately. Techniques from competitor analysisCompetitor analysis
Competitor analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats...
can be used to compare companies over time. Crowley and Zajas have analyzed how to determine the benefits of strong brand names in the software sector. Quantitative marketing research
Quantitative marketing research
Quantitative marketing research is the application of quantitative research techniques to the field of marketing. It has roots in both the positivist view of the world, and the modern marketing viewpoint that marketing is an interactive process in which both the buyer and seller reach a satisfying...
by sampling large customer bases using adaptive conjoint techniques and qualitative marketing research
Qualitative marketing research
Qualitative marketing research is a set of research techniques, used in marketing and the social sciences, in which data is obtained from a relatively small group of respondents and not analyzed with inferential statistics...
by focus groups and observing customers in stores are examples of techniques they recommend.
Benefits to a company of good brand recognition include speeding up new product acceptance, enabling market share penetration by advertising
Advertising
Advertising is a form of communication used to persuade an audience to take some action with respect to products, ideas, or services. Most commonly, the desired result is to drive consumer behavior with respect to a commercial offering, although political and ideological advertising is also common...
, and resisting price erosion. During the decision process for software buying, usually 95% of customers buy a brand that they were previously aware of, 90% buy a brand that they considered beforehand, and 80% buy the specific brand they expected to. According to Crowley and Zajas, branding power measurement is an important way that companies can keep track of their position in the software market.