I agree with the fact that if a brand cannot be measured it cannot be managed, partly because metrics are a means by which progress can be assessed. As such, these measurements provide invaluable insights and points that act as guiding principles for the brand’s strategic approach.
Evidently, for effective management of the brand, there is a necessity to measure to ascertain its value and to make informed decisions towards either improving it or enhancing ways of it reaching the customer the way they want it to be. Brand measurement is necessary since it helps the company to evaluate and account for the expenses used in the popularizing of the product such as in print media, social media, radio and television broadcasts, shows, and offers (Rogoll, 2015). Evidently, such a cost saving approach helps the company design appropriate strategies to counter competitors, increase consumer preference, and maintain the brand equity.
Most importable tracking such metrics and, ensures, will positively influence the leadership’s satisfaction with marketing and their abilities to secure funds. According to Blackfriar, a study among US executives highlights that 85% of the companies measure the results of their marketing efforts (Langston, Schipper, and Lisa, 2015).
Brand Scorecard for “YAMYAM” Bread Company in April 2016
CUSTOMER POINT OF VIEW
BUSSINESS PROCESS POINT OF VIEW
TIMELY PRODUCT DELIVERY
FINANCIAL POINT OF VIEW
LEARNING POINT OF VIEW AND GROWTH
NET COMPANY PROFIT
CONTENTED HUMAN RESOURCE PROVIDERS
The selected measure for the above scorecard was necessary because the aspects are imperative measures that determine the company’s development and its brand. They provide a holistic view of the company’s performance in various aspects including but not limited to, customer satisfaction, financial growth of the company, innovative development of the company and effectiveness of past strategies employed. Such an analysis is pivotal during decision making and improvements to sustain market demands and satisfaction (Kaplan, 2012). The measures are interrelated, such that, customer contentment leads to increase of sales, company investment, and workers’ satisfaction.
However, there are factors that present potential challenges during the scorecard’s implantation. Lack of sufficient information regarding patient satisfaction and human resource have a negative impact; given that insufficient data/information may create a wrong impression of the company (Gupta, 2014). An increased consideration of one measure during its implementation may result in an imbalance of other measures. In order to counter this challenge, the company can invest more in data collection and lay down strategies to ensure balanced implementation of all measures without too much focus on few aspects.
Gupta, P. (2014). Sigma Bussiness Scorecard. New York: McGraw-Hill.
Kaplan, R., and Norton, D. (2007). Using The balanced scorecard as a strategic Management System. Harvard Business review
Rogoll, C. (2015). Star brands. New York: Allworth Press.
Lisa, E., Schipper, F., & Langston, L. (2015). A comparative overview of resilience measurement
Framework (422)London: Overseas Development Institute