Your #1 business mistake is that you're running your business blind!
Building and properly managing brand equity has become a priority for companies of all sizes, in all types of industries, in all types of markets. After all, from strong brand equity flows customer loyalty and profits. The rewards of having a strong brand are clear. The problem is, few managers are able to step back and assess their brand’s particular strengths and weaknesses objectively. Most have a good sense of one or two areas in which their brand may excel or may need help. But if pressed, many (understandably) would find it difficult even to identify all of the factors they should be considering. When you’re immersed in the day-to-day management of a brand, it’s not easy to keep in perspective all the parts that affect the whole.
VScope identifies the key characteristics that the brands need and helps the marketer construct a brand report card in a systematic way for managers to think about how to grade their brand’s performance for each of those characteristics. The report card can help you identify areas that need improvement, recognize areas in which your brand is strong, and learn more about how your particular brand is configured. Constructing similar report cards for your competitors can give you a clearer picture of their strengths and weaknesses. One caveat: Identifying weak spots for your brand doesn’t necessarily mean identifying areas that need more attention. Decisions that might seem straightforward—“We haven’t paid much attention to innovation; let’s direct more resources toward R&D”—can sometimes prove to be serious mistakes if they undermine another characteristic that customers value more.