Brand Equation Notification For Free

Your customer retention rate measures what percentage of your existing customers are continuing to do business with you over a given period of time. It is one of the most important metrics to determine customer loyalty and should be a KPI of whether your loyalty marketing strategies are working.

Definition: Brand equity With the term brand equity, marketers describe the "value" of a brand. Brand equity doesn't refer to a brand's financial value. It is determined, instead, by consumer perception and is driven by positive (or negative) customer experience.

Brand = Culture + Customer Experience + Communication Instead, strong brands are built through an extraordinary culture, remarkable customer experiences and compelling communication.

Brand equity has four dimensionsbrand loyalty, brand awareness, brand associations, and perceived quality, each providing value to a firm in numerous ways. Once a brand identifies the value of brand equity, they can follow this roadmap to build and manage that potential value.

The best way to measure brand loyalty is through surveys. When you collect feedback from consumers in your target market (especially those who have purchased from your brand in the past), you can assess how good your brand is at inspiring loyaltyand retaining customers.

Top 6 Metrics to Measure Customer Loyalty1). Net Promoter Score.2) Repurchase Ratio. The repurchase ratio gives you the number of customers who come back to your business repeatedly, divided by one-time purchasers.3) Upsell Ratio.4) Customer Lifetime Value.5) Customer Loyalty Index.6) Customer Engagement Score.

The sources of brand equity typically are either financial, brand extensions or consumer-based perceptions. Identifying and measuring brand equity allows for better income and cash flows or converting the brand equity into goodwill.