Brand strength analysis
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Brand strength analysis describes efforts to determine the strength a brand has compared with its those of its competitors.
[edit] Software companies
The brand strength as compared with its competitors is intangible, which makes it hard to accurately measure. Combinations of techniques from competitor analysis can be used to form a relative comparison of companies over time. Crowley and Zajas have analyzed results of a questionnaire to discover how to determine the benefits of having a strong brand name in the software sector. Quantitative marketing research by sampling large customer bases using adaptive conjoint techniques and qualitative marketing research by focus groups and observing customers in stores are examples of this. Benefits are varied for having good brand recognition. Strength in branding can help speed up new product acceptance; enable market share penetration with efficiency in advertising; and serve as resistance to price erosion. During the decision process for software buying, usually 95% of customers buy a brand that they were previously aware of, 90% buy a brand that they considered beforehand, and 80% actually buy the specific brand they expected to. These authors recommend that software firms maintain their brand image with actions that are consistent with the all encompassing brand strategy. Branding power measurement is an important way that companies can keep track of their position in the specific software market.
[edit] Reference
- Crowley, Ed and Jay Zajas. “Evidence supporting the importance of brands in marketing computer products” Journal of Professional Services MarketingVolume: 14 Issue: 2 (1996) pp: 121-137
