Understanding a brand’s value is crucial in today’s competitive marketplace. The brand asset model (BAV) is a great way to measure how strong and valuable your brand is. It’s one of the most popular brand valuation models out there, and companies of all sizes use it to track their brand’s performance and make smart marketing choices.
The BAV model collects information by asking people and looking at what’s being said about a brand. Then, it scores the company on how customers see the brand in terms of quality, credibility, and other factors.
In this blog post, we’ll be looking at how you can leverage the brand asset valuator model to gain insight into your brand’s performance and identify areas of improvement.
The Brand Asset Valuator (BAV) model was developed by Young & Rubicam (Y&R), a global advertising agency.
Y&R’s inspiration for creating the BAV was to develop a more holistic and nuanced approach to measuring brand value. At the time, brand valuation models focused mainly on financial metrics like market share, brand awareness, etc. But Y&R knew these metrics didn’t tell the full story.
Y&R and their clients have been using the BAV model for years to track and measure brand value, and it’s been adopted by many businesses and organizations, including some of the biggest companies in the world, universities, and nonprofits.
Your brand identity and perception play a vital role in influencing consumer behavior, and a strong brand can be a valuable asset for any company. Measuring and tracking your brand value, allows you to gain insights into how your brands are perceived by consumers and identify areas for development
The BAV model helps us understand how strong a brand is. It uses four important parts to check brand health. Let’s break them down:
The BAV model looks at four main things to understand a brand:
This means how unique and distinct a brand is. Think about it this way, if all the superheroes were the same, wouldn’t it be boring, and would they still qualify as superheroes?
But when each superhero has unique powers, that’s what makes them so great. Brand differentiation is like the unique superpower of every brand.
This is how well your brand meets the needs and expectations of your target market. It’s about being the right fit for the people you created your product or services for.
Esteem is like the popularity or reputation of a brand. You want people to think highly of your brand because when people like a brand, they trust it more and want to use it.
Also, when people hold high esteem for your brand they are willing to pay more for your products, and will easily recommend your product/services to their friends and family.
This is about what people know about a brand. Brands also want people to know them well. You want people to know a lot about your brand, from your product or services to your values, mission, and vision for the future.
When people know your brand well, they’re more likely to choose it because they feel comfortable with it.
We’ve discussed the pillars of the BAV model, but how do you leverage it to improve your branding efforts? Find out in this step-by-step guide:
Data collection is the first step in BAV model implementation. This is how you collect people’s opinions to know how different people perceive your brand.
Let’s take a look at the different ways you can collect data for the BAV model.
Start by collecting people’s opinions about you in a survey or do one-on-one interviews. This is where you ask people how they feel about your brand, the words they associate with your brand, and if they find your brand product/services relevant to them.
This process can be very rigorous but using an engaging survey tool like Formplus makes this process easier. With Formplus, you can create beautiful forms to host your surveys, you can even add images of your products or your brand ads to enable customers to visualize their opinions and give insightful responses.
After your survey, you also need to design and perform market research such as social listening to see what people are saying about your brand. This information helps you see your brand through the lens of your customers, and get an accurate assessment of your reputation.
Competitor research and analysis is the final part of the BAV model data collection phase.
You need to collect information about what your competitors are doing- is your branding very similar or different from other brands? Answering this question would help you understand if your brand is the special one amongst the competitors, or if you need to improve your brand strategy.
After collecting data about your brand, the next and final step in the BAV model is to establish a scoring system and use it to grade your brand. Here’s how it works:
The BAV model is not an abstract concept nobody uses. Here are the areas you can leverage it to build and grow your brand:
The BAV model can help you build and improve your brand strategy in several ways, including
BAV helps your brand see how you compare to your competitors. Here’s how:
Another area you can leverage the BAV model is in rebranding. Rebranding is the process of changing the brand identity of your company or product. This can involve changing the logo, tagline, messaging, or overall brand aesthetic.
Here’s how you can use the BAV model to change how people see your brand:
Here’s a compilation of popular brands benefiting from the BAV Model:
The BAV model has a lot of advantages, but it also has limitations that some branding and marketing experts are pretty vocal about. Here’s a list of some of the most common BAV model drawbacks:
Every brand is unique, like how every person is unique. The BAV model tries to understand and measure all the different parts of a brand, but it might not capture all the unique attributes that make a brand special. It’s a bit like trying to describe a rainbow with just a few colors; you miss out on some beautiful details.
Some branding/marketing experts often point out that the BAV model isn’t the best way to measure how well your brand is doing. Here’s why:
Using the BAV model you can figure out what people like about your brand and how to leverage these qualities to make your products and marketing even better.
Survey and market research is the most challenging part of the BAV model. It takes a lot of effort and a great survey tool that lets you measure how people perceive your brand and their expectations of you.
Using a user-friendly survey tool like Formplus allows you to effortlessly gather customer feedback and analyze it to build and enhance your brand value. Ready to see how your valuable people think your brand is? Sign up with Formplus to get started!
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