OPEN Forum: How Small Businesses Measure and Build Brand Equity

?In a general sense, brand equity means the value of your brand,? Tom Brown, senior consultant at Power Decisions Group, a San Francisco-based marketing and branding company. ?It answers the question of how you are doing over your competitors.?

How does a small business measure its brand equity?

Look at referrals.

?Pay attention to how much of your business is being sourced from your reputation, from your referrals,? said Susan Betts, senior strategy director at FutureBrand North America, a New York-based brand consulting company. ?Think about how long your key customers have been with you.?

Survey customers.

?Small businesses can do a lot of customer research to measure their brand?s equity,? said Daniel Rosentreter, chief strategy officer with FutureBrand. ?Doing a survey of your customer base will give you a very hard-core measure. Talk to your customers and ask them how they feel about working with you.

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