At BrandTrends, we specialize in evaluating brands and tracking their appeal for licensing opportunities. To do this effectively, we measure brand performance using a set of key performance indicators (KPIs). This article details how to leverage four critical indicators—awareness, favoritism, popularity, and recommendation—to build robust licensing strategies. The insights are drawn from our US April 2024 results among 10 to 14-year-olds.
Awareness: The First Step to Brand Success
The journey to a successful brand begins with awareness. Awareness is the extent to which a brand is present in consumers’ minds. If a brand is unknown, it has no chance of being attractive for mass-market products. At this stage, creating a relationship with the consumer isn’t necessary; what matters is salience—the brand’s visibility. Superheroes, blockbusters (not just Disney’s productions), and video games, especially among boys, excel in this area due to their pervasive presence in media and entertainment.
Favorite: Cultivating Brand Affinity
The second step involves developing a closer relationship with the brand, which we call “Favorite” brands. This indicator is based on spontaneous mentions, allowing us to identify granular differences between brands. For boys, this often highlights the dominance of Marvel and their everyday interactions with video games. For girls, the focus shifts to TV content, reflecting their viewing preferences and habits. By understanding these nuances, brands can tailor their strategies to resonate more deeply with their target audiences.
Popularity: The Composite Powerhouse
To capture a more comprehensive picture, BrandTrends created a unique composite index known as Popularity. This indicator combines awareness and favoritism to predict purchase intent by considering both spontaneous appeal and liking. It’s not just about being known or liked; it’s about being both. This combination enhances the likelihood of purchase consideration. Among the top 10 favorite brands for boys, seven also rank as the most popular, whereas this figure drops to four for girls. This disparity highlights that simply loving a brand isn’t enough to drive purchasing decisions, particularly for girls.
Recommendation: Extending Brand Influence
To further extend brand appeal, we added the recommendation indicator to our measurement toolkit. This metric gauges the ability of a brand to be endorsed by its audience. It’s not just about personal preference; it’s about how willing consumers are to advocate for the brand to others. Here, we see “fashionable” brands emerge, which might not feature prominently in other rankings. This is especially noticeable among girls, who might favor brands that align with their desired self-image and social interactions. Understanding this dynamic provides brands with an opportunity to refine their strategies to better meet the expectations and aspirations of their target audiences.
Strategic Insights for Licensing Success
By leveraging these four key indicators—awareness, favoritism, popularity, and recommendation—brands can gain a deeper understanding of their target audiences and build stronger, more effective licensing strategies. Awareness ensures visibility, favoritism fosters affinity, popularity predicts purchase intent, and recommendation amplifies influence. Together, these metrics provide a holistic view of brand performance and potential.
For marketers specializing in licensing, these insights are invaluable. They enable you to anticipate market trends, tailor your approach to different demographics, and ultimately drive success in a competitive landscape. At BrandTrends, we believe that understanding these indicators is the key to unlocking your brand’s full potential. Are you ready to take your brand to the next level? Let’s make your brand a household name.
