Purchase power is driven by two criteria – familiarity and equity. High awareness means that the brand is out there and consumers know it, but that does not always mean a positive reputation. A healthy brand is only as valuable as the number of people who know it. Companies rely on both to drive sales and create long-term relationships with customers. Provoke Insights launched the first-ever market research study linking brand equity to top-of-mind awareness. The findings show that in many categories, there is a disconnect between the leader of awareness and the leader of brand equity.
To develop the report, Provoke Insights conducted an online survey among a representative sample of 3,000 Americans between 21 and 70. We analyzed shopping behaviors, trends, and the impact of the COVID-19 pandemic. Provoke Insights is a full-service market research firm specializing in branding, advertising, and content marketing initiatives. What makes Provoke Insights unique from other market research firms is that you work with a research expert who is also a seasoned brand strategist; this ensures that you do not just receive data but precise recommendations to help inform and optimize your strategic vision.
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Top of Mind Brand Equity Scores
Nike leads in familiarity in two categories: shoes and apparel.
There are two scores. The first score is unaided brand awareness. The categories are ranked from highest to lowest top of mind awareness.
The brand equity scores are calculated by averaging the ratings for leadership, innovation, fit needs, pay more, and likelihood to purchase in the next year. The attributes are rated on a ten-point agree scale, where 1 is strongly disagrees and 10 is strongly agrees.
Importance of Attributes When Selecting a Brand
Quality is more important than price when selecting a brand. Trust also plays a critical role in the decision-making process.
As the COVID-19 pandemic has spread further across the country since June 2020, the concern about the economy has remained high.
Over half of the U.S. population is still concerned about going in-store to shop.
Online Shopping vs. Shopping in Store
When fears of Covid-19 subside, in-person shopping will have somewhat of a comeback. Forty-four percent of Americans prefer only purchasing online. Slightly over half prefer in-store or a combination of online and in-store.
2021 Trends Quick-to-Read Reports (Click Below to Download)
Provoke Insights has developed 20 quick-to-read industry reports. To download the report, click on the report you are interested in.