You work hard to earn your business a good reputation. Good will and a respected name take dedication and hard work. Are you fully reaping the rewards? Take the w2wlink.com Brand Assets Quiz and find out if you monetize the full value of your brand.
Circle Y or N for each question.
- Y N I negotiate with my vendors based on my brand’s earned credit.
- Y N I consider applying price premiums based on my brand’s following.
- Y N My business tracks the growth of our base of loyal customers.
- Y N Our business tracks the source and amount of referrals.
- Y N Our brand symbols save customers time in decision making, and time is money.
- Y N Our customers have a positive expectation when they buy and use our brand, which enhances their user experience.
- Y N We create new brand extensions that do not cost as much as completely new brands and products and bring in profitable revenue streams.
_____ Total Y
_____ Total N
Answer Key:
1-2 Y --- Your business is either quite new or needs to consider reviewing the value of its brand(s) by testing and monitoring various aspects of its brand(s) qualities. Pricing and placement are two areas to start from, however with analytical testing and review, opportunities to monetize further are likely to present themselves. Better lending rates for example may be requested and are a brand asset as much as a well remembered package that invokes customer referral. Both increase profitability of the brand and both are based on the brand value. For more information see How to Monetize Your Brand Assets.
3-5 Y --- Your business is comfortable with brand asset management, however there are still opportunities to yield profitability in your brand(s). Each industry is distinct however the factors listed in the quiz offer helpful information regarding your business’s focus on and evaluation of its brand asset values. The estimations of value lead to the ability to increase the value, and thereby increase the profitability. To learn more see How to Monetize Your Brand Assets.
6-7 Y --- Your business is well aware of its brand assets and continued monitoring and growth is key to continued brand profitability. Consistency is especially important at this point because the urge to get creative and change for the sake of change is often a temptation at this point. It is best to consider brand extension opportunities and ways to refresh the established brand at this stage of development. To learn more see How to Monetize Your Brand Assets.
Check out the following Web sites for more information on protecting intellectual property: http://www.allbusiness.com/legal/intellectual-property/11140-1.html and
http://intellectual-property.lawyers.com/Protecting-Intellectual-Property.html.
Jean Lewis,
has edited and written for consumer Web sites and publications reaching nearly 50 million people. Her credits include writing and editing online and print articles, sales and training materials, marketing collateral, and advertising and PR for conusmer companies including BeautiControl, a Tupperware subsidiary's publications to women ages 20s through 50s, the WHO Foundation, Women Helping Others, MCG Magazine, Los Angeles and Seasonal Living Guide for Sam’s Club, a retailing subsidiary of Wal-Mart. Her career also includes working and living in Canada and Japan. Jean is well regarded for her market-research based approach to managing story development enabling consistently original, relevant and timely content.
