Smart Stuff

Brands are valuable assets. So if brands are to be managed, then there's gotta be ways to measure them.

There are over 100 different ways to measure a brand. Some measures take on the measure from consumer level . These include some pretty sexy measures like tallying brand awareness and brand image. Another one at the consumer level involves conjoint analysis.

Another set of measures play at the product level. These are measures usually work for packaged goods companies and usually look at "how much more can we sell our brand over a private label". Others product level measures can involve market share elasticities and involve math that would made Lagrange, Euclid or Carl Gauss blush.

Then there are the firm level measures. These are often "Best of" measures. Consulting firms like Interbrand and Brand Z, which crank out the Top 100 Global Brands of the year are examples here. Yet, there are a bunch of other firm level measures that try to calculate the brand worth by tallying how much it would cost to rebuild the brand from scratch- or extracting the brand from a hypothetical sale.

All the above are well-thought out brand measures and have roles to play for the brand guardians who are entrusted to manage (and measure!) their brands. The trouble is that they lack what most brand guardians want. That's this: an intuitive, up-to-the-minute, trackable-over-time measure that ranks the brand against the most direct competitors as well as benchmarks the against "rockstar" brands. Most brands measures out there are pretty complicated, expensive, and don't lend themselves well to cross industry comparisons.

The Brand Mojo lovers versus haters brand measure is simple: consumers rate a randomly drawn brand on a single item scale from 1 (hate) to 5 (love). 3 is neutral. If the consumer is not familiar with the brand, he/she can skip the rating . If you are a brand buff, you'll know that the skip captures brand awareness. But the heart of the measure is this. The higher the ratio of lovers to haters of the brand, the more "brand mojo".

It's pretty obvious stuff. A high ratio means that the brand is in great shape. The lovers of the brands are the folks who are most likely to try the brand's new extension, blog favorably about it, refer it to a friend, be loyal to the brand and buy it at higher prices. Another way of looking at it, the lovers are the "free" marketing department. Haters are exactly the opposite. These guys will open sites like "walmartsucks.com" and will campaign against the brand. There's a lot of thinking behind the lovers versus haters concept too. Brand academic theory has well established that brand love, brand-like, brand-ambivalence, brand-dislike and brand-hate are very real.

So, by design, the Brand Mojo lovers versus haters metric gives a real time reality check on the brand's health. It enables all brands (corporate brands, non-profit brands, political brands, and celebrity brands) to be measured and ranked against each other. In this way, the Brand Mojo approach is the most universal brand measure. The Brand Mojo site has a unique capability to rank the different types of brands using a standardized measure so that comparisons among all brands are possible. These are exactly the things the brand guardian wants. And its all founded on the smart stuff in academics.

If you want to read what some really smart people wrote about brand love and hate...these will get you started:

Brand Love

Batra, Rajeev, Aaron C. Ahuvia, and Richard P. Bagozzi (2012), "Brand Love," Journal of Marketing, 76 (March), 1-16.

Brand Relationships and Brand Love

Fournier, Susan (1998), "Consumers and Their Brands: Developing Relationship Theory in Consumer Research," Journal of Consumer Research, 24, 343-373.

Brand Favorability

Keller, Kevin Lane (1993), "Conceptualizing, Measuring, and Managing Customer-Based Brand Equity," Journal of Marketing, 57 (January), 1-22.

Single Item Scale

Reichheld, Frederick F. (2003), "The One Number You Need to Grow," Harvard Business Review (December), 1-12.