Millward Brown unveils new brand equity model
Dubai, April 17, 2013
Millward Brown, one of the world’s leading brands and insight agencies, has launched a new breakthrough model, 'Meaningfully Different Framework,' that leverages brand equity for financial growth.
The new model will serve as the backbone for all Millward Brown solutions and brand advisory services, said a statement from Millward Brown.
The first offer using this framework, a significant advancement of the company’s signature BrandDynamics solution is scheduled for launch this month, whereas additional solutions will be launched throughout 2013, said a senior official.
Following the re-launch of BrandDynamics, Millward Brown will integrate the Meaningfully Different Framework into all aspects of its offer, including a dramatic reinvention of brand tracking.
“Millward Brown has developed the next generation of brand metrics – Power, Premium and Potential – to provide brand owners with guidance on investment and brand strategy to deliver financial growth. The framework is based on new key learning about how successful brands develop meaning, differentiate themselves and create salience,” said Prashant Kolleri, Millward Brown, Mena head.
To develop the Meaningfully Different Framework, Millward Brown used new research and analytic techniques to explore brand performance across three unique dimensions:
•Beliefs: Extensive multi-country, multi-category evaluation of its brand equity database covering survey-based attitudes on more than 50,000 brands, and a culmination of 40 years of brand equity research.
•Brains: New neuroscience research into how ideas and emotions shape consumer predisposition to brands.
•Behavior: Ground breaking validation of the new brand equity model direct to sales using behavioral data.
Millward Brown findings revealed that meaningfully different brands capture five times more volume, command a 13 per cent price premium and are four times more likely to grow value share during the next 12 months, compared to brands lacking meaningful difference.
In fact, meaningfully different brands are expected to grow value share an average of 6.9 per cent per year.
Eileen Campbell, Millward Brown’s global CEO said, "The company has a long heritage of innovation and reinvention, but I have never seen our clients more excited than they are by the sneak preview we’ve given them into our new brand performance tools. We’re really fired up about ushering in a new way of thinking about brand building!”
Commenting on the future of tracking, Sue Elms, the executive VP of Global Brands at Millward Brown said, “We genuinely understand what makes a brand strong and have research-backed evidence to show this – and we’re proud to be leading the industry in this transformation."
"By building on our latest thinking, we will introduce a series of new and enhanced solutions during the first half of 2013 that will help our clients manage their budgets more effectively and make better brand and communications decisions, faster," she added.-TradeArabia News Service