Millward Brown's breakthrough model leverages brand equity for financial growth
13 February, 2013
Caps year-long investigation of more than 50,000 brands and “cracks the code” for how brands drive financial success
NEW YORK — Marketers have long struggled with how to manage brand equity to drive financial growth for their organizations. Millward Brown, one of the world’s leading brand and insight agencies, announced today the results of a year-long research and development program that “cracks the code” for driving financial success through meaningfully different brands.
The new model, the Meaningfully Different Framework, will serve as the backbone for all Millward Brown solutions and brand advisory services. The first offer using this framework, a significant advancement of the company’s signature BrandDynamics™ solution, will launch in April.
To develop the Meaningfully Different Framework, Millward Brown used new research and analytic techniques to explore brand performance across three unique dimensions:
Beliefs: extensive multi-country, multi-category evaluation of its brand equity database covering survey-based attitudes on more than 50,000 brands, and a culmination of 40 years of brand equity research.
Brains: new neuroscience research into how ideas and emotions shape consumer predisposition to brands.
Behavior: ground breaking validation of the new brand equity model direct to sales using behavioral data at respondent level.
The framework is based on key new learning about how successful brands develop meaning, differentiate themselves and create salience. Millward Brown findings revealed that meaningfully different brands capture five times more volume, command a 13% price premium and are four times more likely to grow value share during the next 12 months, compared to brands lacking meaningful difference. In fact, meaningfully different brands are expected to grow value share an average of 6.9% per year.
Using this learning, Millward Brown has developed the next generation of brand metrics –Power, Premium and Potential –to provide brand owners with guidance on investment and brand strategy to deliver financial growth.
Eileen Campbell, Millward Brown’s Global Chief Executive Officer, commented “Millward Brown has a long heritage of innovation and reinvention, but I have never seen our clients more excited than they are by the sneak preview we’ve given them into our new brand performance tools. We’re really fired up about ushering in a new way of thinking about brand building!”
Following the re-launch of BrandDynamics, Millward Brown will integrate the Meaningfully Different Framework into all aspects of its offer, including a dramatic reinvention of brand tracking.
Commenting on the future of tracking, Sue Elms, Executive Vice President of Global Brands at Millward Brown said; “We genuinely understand what makes a brand strong and have research-backed evidence to show this – and we’re proud to be leading the industry in this transformation. By building on our latest thinking, we will introduce a series of new and enhanced solutions during the first half of 2013 that will help our clients manage their budgets more effectively and make better brand and communications decisions, faster”.
About Millward Brown
Millward Brown is a leading global research agency specializing in effective advertising, strategic communication, media and brand equity research. Millward Brown has helped its clients build strong brands and services through a set of comprehensive research-based –qualitative and quantitative solutions. We have 88 offices in 58 countries. Our additional specialist practices include Dynamic Logic (global leader in measuring digital marketing effectiveness), a network of media experts (measuring media effectiveness), Firefly Millward Brown (our global qualitative network), The Neuroscience Practice (using neuroscience to optimize the value of traditional research techniques) and Millward Brown Optimor (focused on supporting clients to maximize their return on brand and marketing investments). Millward Brown is part of Kantar, the insights, information and consultancy division of WPP.
For further information please contact:
Delyth Hughes, Global Brand Communications
+44 (0) 1926 826 247