Retail Brand Equity Metrics
The What and How of Customer Measurement!
Why is it important for Nike to have a dedicated Twitter page (@NikeService) to respond to consumers needs 24 hours a day in seven languages. One answer is ENGAGEMENT.
Why do retailer invest in technology innovations like visual search, augmented reality and omni-channel commerce. The primary goal is to improve on the customer EXPERIENCE.
In Strategic Brand Management Keller’s Customer-Based Brand Equity (CBBE) model is based on a simple concept, in order to build a strong brand, you must shape how customers think and feel about your product.
Brand Identity: Being relevant and purposeful.
Brand Meaning: Educate customers on what you stand for.
Brand Response: Surpass customer expectations.
Brand Resonance: Championing the cause.
A higher factor today is to bridge the gap between the digital and the physical. Social commerce is beginning to change from a ‘one-click’ purchase model to ‘zero-click’ model for highly engaging subscription based brands. The future is for those who know their customers better than the competition.
RBEM (Retail Brand Equity Metrics) is a simple tool for understanding brand performance with the key metrics.
Seven key metrics in four areas (Awareness, Market-Share, Loyalty and Sales) for the retail store of the future (Omni-Channel)
Traffic
Inventory Turnover
Gross Margin
Average Order Value
Conversion Rate
Retention Rate
Year-Over-Year Growth
With clear metrics on engagement and experience, brands can expect to not only improve market share but also make a difference to its customers.
“Applied metrics is the key to not getting lost in the data.” — Ramesh Periasamy
