Willingness to Pay
It’s easier to take actions based on one clear metric, than on the findings of many. At Nepa we use Willingness to Pay (WTP) which captures the incremental value created by a strong brand in one simple, transparent metric.
True brand equity
Brand Equity is often measured through complex indexes of multiple KPIs that are difficult to understand and act upon.
We believe true brand equity is how much consumers are willing to pay for your product or service. The WTP price choice-based modelling approach measures the relative value that shoppers would pay for your products or services compared to competitor brands.
Measurements over time
By measuring Willingness to Pay over-time you can determine whether your brand or a specific category’s WTP has increased or decreased and compare it to your competitors’ performance.
The WTP score can be combined with other measurement systems linked to sales volume to measure the short-term impact of marketing and communications. Using alternative measurements will help you to understand how to build your brand equity and why your brand equity is changing.
Building value
Brands need to keep track of what people would or would not pay for their own and competitor brands, but they also need to understand how to build WTP. What benefits are you offering? Focusing on the specific benefits will ensure your distinctiveness and influence your ability to charge more.
Follow your monetary brand value, prove the importance of marketing internally, and get continuous strategic pricing input.
Outsmart your competitors by understanding their Willingness to Pay. By tracking it on a continual basis, you can go from reactive to proactive, and stay one step ahead.
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Our 360-degree, continuous approach shows how consumers think, helps realise growth potential, and demonstrates return on investment.
Effective communication is a fine balance between differentiation and distinctiveness. By identifying how strong your potential brand assets are linked to your brand you can understand which should be used, when, and in what ways.
Understanding your consumer’s needs, values, and behaviours is key to creating effective, engaging content and building your brand. Segmentations based on people’s needs and values offer you unique insights to create long-term growth.
All good brands have distinctive personalities in order to stand out from the crowd. See where you and your competition lie, so you can build a uniquely powerful brand experience.
THINKING
As insights storytellers, we constantly work to provide resources to stay on the pulse of marketing and insights. Discover inspiration, explore our in-depth ‘Originals’ reports, and find out more about how we support brave marketeers.
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Maria Skolgata 83,
118 53 Stockholm, Sweden
Phone: +46 8 400 268 00
Email: hello@nepa.com
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