Synovate has launched the Brand Value Creator (BVC) in the Middle East by presenting the BVC on Wednesday 25 April at the Fairmont Hotel in Dubai. This revolutionary new market research system allows brand owners to consistently predict the sales impact of their marketing investments.
Synovate’s Brand Value Creator is an equity measurement tool that looks at the current strengths of your brand and identifies the factors inhabiting its growth.
Developed by the international brand research specialist, Jan Hofmeyer, the BVC helps brands understand what factors drive purchase decisions. This means businesses can carefully allocate their resources to the components of the marketing mix that provide the biggest return on investment.
Hofmeyr, Director of Innovation at Synovate’s Brand and Communications Practice, says that for years, market research has been unable to provide an accurate method for measuring the direct sales impact of a company's brand investments: “Brands have been using bad metrics because of the lack of better alternatives. Most of their research money is spent measuring loosely connected attributes such as ‘brand awareness’ and ‘purchase intent’ which do not predict sales results.“ incomplete frameworks were being used
By contrast, Synovate’s Brand Value Creator looks at all the factors that influence a consumer's purchase behaviour beyond just advertising exposure. These include the way physical obstacles, such as product availability and distribution, act as barriers to intended purchases, and the way non-marketing information influences a brand's desirability and image. It combines attitudinal equity with barrier effects to create a more holistic brand measurement system.
The Brand Value Creator includes a suite of software simulation tools that assess the impact of various marketing scenarios, ultimately helping make marketing more effective and brands more valuable. This piece of new software was demonstrated last Wednesday at the Brand Value Creator event.
Synovate has validated the Brand Value Creator on more than 400,000 brand observations, across close to 20 product categories ranging from media, to financial services through packaged goods and FMCG, on four continents.
More information about the Brand Value Creator, including a working simulator, is available at www.synovate.com/bvc.
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