A Brand Asset valuator is a metric that is used to analyze how a brand is perceived by its consumers in terms of different attributes. This realistic approach has been created and thoroughly managed by the Brand Asset Consulting, a division of Young & Rubicam Brands to provide information about the brands and how a firm can improve its marketing decision process. The world’s largest study on brands and their relationship to its consumers has been carried out with the help of Y & R Brand Asset Valuator. The BAV database includes more than 38000 brands for across 40 countries and measured on over 75 metrics.
One of the most important key factors to consider in analyzing any brand value is about its consumer awareness. When you examine a product, you go through all aspects of how it’s made in the factory whereas the brand is how it’s bought by the customer; a product is something which can be easily copied by its competitor, a brand holds a unique position into the heart and minds of its consumers. A product can easily get faded however, a brand is everlasting.
The BAV also helps Y & R to evaluate where a brand stands and how to cope up with other competitors in order to formulate different strategies accordingly. The BAV is considered to be a helpful tool to determine the brand’s relationship with its company, the consumer group and the demographic segments that reverberates at its best with the brand and the celebrity who’s ideal for endorsing the brand.The BAV metric measures the brand value by following four dimensions i.e.: Differentiation, Relevance, Esteem and Knowledge.
Differentiation determines a distinctive position from its competitors, the key constituents of Differentiations are: – Different which represents how a brand differs from its rivals through its product offerings, Uniqueness of the brand, which is about the credibility and authenticity of the brand and in the last, distinctive which shows the product’s worthiness of the brand.
Relevance is about how a brand relates to its target market. The differentiation and relevance of a particular brand are its Brand Strength which plays as a yardstick for successful and dynamic growth of a brand. For instance, Unilever, Disney, Hallmark etc.
[large]The third dimension of BAV metric is the Esteem, which determines as how a brand is perceived by the consumers, its popularity amongst the target market and whether the brand fulfills all the stated promises, all this sums up to buildup the Esteem of a brand. The fourth dimension is Knowledge which refers to the consumer awareness of the brand; it’s a very important aspect about building up the brand image and how well the consumer understand of what the brand actually stands for .The Esteem and Knowledge makes a Brand Stature which indicates the involvement with a brand. For instance: Pepsi, Coca Cola etc. By properly managing these relationships help to succeed the brand and to retain its brand value.
The BAV then construct a Power Grid that’s plotted as Emerging Brands, Power/Unrealized Potential of a Brand, New/fading brands and Eroding brands. On the vertical axis, the Brand strength is plotted i.e. Differentiation and relevance. On the horizontal axis, Brand stature is plotted i.e. Esteem and knowledge. The Power Grid helps out in differentiating a brand’s strength and weaknesses, it predicts the growth prospects of a brand as whether it’s able to establish itself successfully in the market or erosion may cause the brand to lose its mark.