Measuring the impact of brand studies

In a roundtable with senior executives responsible for their firm’s brand strategy, we explored best practices in brand studies. In our first blog, we looked at the practical levers attendees were using to improve their studies’ effectiveness. Here, we dig deeper into why brand studies are far more than just measurement tools.

The consensus among participants was that brand reputation now plays a more significant role than ever in driving business growth. The group discussed Momentum’s latest research, which points to the strength of a company's reputation now outweighing the quality of relationships with sales teams or executives when clients are making major purchasing decisions – a powerful statistic for those looking to build the business case for their own brand study.

This shift underscores the need for organizations to prioritize brand awareness and perception to remain competitive, a point reinforced by Investopedia, who confirm that: “Companies with strong brand equity are more likely to command higher price premiums and enjoy increased customer retention, leading to higher profitability”.

Budget and ROI considerations were discussed, with participants exploring how to justify brand study investments. Although it’s notoriously difficult to quantify the return from investment in brands, let alone the return from brand studies, one participant noted (and others agreed) that their organization treats brand studies quite simply as a cost of doing business. Justifying investment wasn’t needed in the same way that justifying investment in people or culture, or even IT wasn’t needed. Rather, brand data was considered a “must have” to remain competitive.

The roundtable highlighted the difficulty of linking brand perception data to financial performance to demonstrate ROI. Participants did, however, share examples of how brand studies have informed decisions that led to improved market positioning and long-term growth potential, decisions that transcend pure revenue returns. 

But you can minimize the investment needed to run a brand study. You don’t need to employ one of the huge brand agencies with their expensive offices and bloated overheads. Yes, your organization should have an independent party helping, but it doesn’t have to be a household name to make your brand study effective.

You do however need a partner with the resources to increase participation rates, the know-how to gather more objective data from your audience, and the expertise to drive greater understanding from the data generated. Perhaps most importantly, though, you need a partner that understands how to translate your brand study into growth.

Contact me at sarah.defreitas@momentumitsma.com to learn more about brand tracking and optimizing your brand for long-term success. 

I'll be exploring more of these themes in my session Insight to Influence: Crafting Brand Value and Thought Leadership at our flagship event in London on June 24. Secure your ticket for Rethink: The Future of Client-Centric GTM now.