Brands are symbols that connect mind-set consumers’ metrics with their actions, including their buying behavior. Brands contain relevance to explain business performance measures. A practical outcome of this relevance is the need to measure branding actions in a simple, fast, recurrent way and based on primary data.
There are at least 39 different models developed by companies and researchers that measure brand value or equity and a common ground amongst those initiatives is that they are static, implemented in individual moments in order to produce punctual brand evaluation reports or dashboards. Brand activity, however, is dynamic and requires a system to delivery information that is aligned to the reality of the consumer interaction with the brand, which is daily, continuous and in real time.
Purple Metrics fulfill this need and delivers information originated by primary data on the brand manager working desk. Purple feeds with data a professional that interacts with several levels, both in and out of the company, from the product manager to the CEO, from the agency to the investor. The main feature about Purple Metrics is that it is complete enough to deliver data from holistic branding activities, which involve multiple decision chains within a company.
It is a data collection survey instrument built on five evaluation pillars aligned with the international literature, which focus on brand equity measurement. The dimensions are Brand Power, Preference, Relevance, Identification and Elasticity. The software has the necessary statistical validation because randomly collects data directly from consumers, in different touchpoints with clients, from email addresses to websites.
A relevant Purple Metrics differentiation element is that it registers evaluation brand data in real time and over time, assuming that branding is divided by permanent and transitory evaluations. By being simple and independent from heavy media investments, it is also capable of providing recurring information about the strength between the brand dimensions and business performance measures such as behavioral loyalty, attitudinal loyalty, customer acquisition cost and sales revenue.
Marcos Severo (LinkedIn) is a PhD in Applied Econometrics by the University of São Paulo, Research Professor at Federal University of Goiás, Visiting Professor at the Indian Institute of Technology Gandhinagar. His research is concentrated on Artificial Intelligence and Business Marketing Analytics.