How does your brand measure up in your industry? What is driving brand equity? And how can your brand stand out in a saturated marketplace? Does your advertising work better than your competition? Brands should look to benchmarks and norms to answer these questions.
Provoke Insights has released multiple benchmarks that can be used to understand where an industry stacks up against others. Marketers can also use the data to determine where their brand is compared to others in its category.
Brand Equity Benchmarks
How strong is the power of the brand? How does your brand fit compared to the industry? Provoke Insights evaluated hundreds of brands toå come up with the industry average.
The chart below assesses different characteristics that influence brand equity. The data below represents the general population according to the US Census. Each question was asked about the brands in the category below via a 7-point agree scale. The data shows an aggregate of the top three of the agreed scale.
|Fits Needs||Leader||Innovative||Purchase in the Next Year||Pay More for Brand|
|Banking & Investing||82%||77%||78%||82%||64%|
Brand Loyalty Benchmarks
Consumers are more loyal to some industries than others. So, what does that mean? Some shoppers tend to stick with their favorite brand over and over again. This is particularly true in the automotive industry. However, in the hotel industry, travelers are less loyal as they want to try new brands.
The Brand Loyalty Benchmarks are based on a five-point scale from “only purchasing the brand” to “only purchasing other brands.” The loyalty score is calculated by the mean overall industry score minus the individual category score. For more information, visit out Spring 2022 Trends Page.
Proprietary Advertising Norms
Provoke Insights also has several proprietary industry norms to help with advertising testing. These benchmarks are based on an aggregate of several ad tests. This information helps determine if the assessment of the marketing material is below or above the competitive advertisements.