Much more on this later but to start I’ll give a (very) brief outline.
- Consumer understanding. Basically generate insights, insights are the essence of marketing. Your brand, brand essence, usage is only what the consumer says it is, if they say it is something different to your strategy they are right. ’Brand essence’ or ‘equity’ should always be referred to as ‘target essence’ or ‘target equity’ because it is only a target until ratified by the consumer.
- Quality of awareness. How close to your target is the consumer impression of your equity/ essence, positioning, campaign idea, ad idea, key benefit.
- Trial. There are two ways to grow a business 1. sell to new people & 2. sell more to the same people (volume or value). Trial is the first one.
- Loyalty. The second one above. This refers to brand loyalty so in FMCG it loyalty most often means repeat purchase of the same product. In slower moving goods it means purchase from the same brand – if they buy your skis do they buy your skiboots?
- Marketing ROI. How marketing effects the bottom line & the it’s efficiency in doing that.