Exploring Brand Success and the Progress Towards Achieving This Success

Abstract

This research aims to investigate how Icelandic companies define brand success and measure their progress towards achieving it. The research explores the potential influence of Iceland’s unique economic, cultural, and social factors on Icelandic businesses’ branding strategies and practices. By examining Icelandic companies’ branding strategies and success evaluation methodologies, this research seeks to uncover broader implications for brand management and strategy. The research adopts a qualitative research approach, utilizing interviews with managers working in five Icelandic companies as the primary data collection method. These managers were interviewed to gain insights into their perspectives on brand success and progress measurement. The data obtained from the interviews was analyzed using the qualitative data analysis software MAXQDA. The findings of this research provide valuable insights into how Icelandic companies conceptualize and define brand success and the factors they consider in this definition. Additionally, the research explores how companies measure customer satisfaction and the role of satisfaction in assessing brand success. It also investigates how Icelandic companies differentiate themselves from competitors and the methods used to measure this differentiation. Findings from the research reveal diverse company characteristics, industry-specific dynamics, and success factors. Brand success is defined by brands that have effective marketing strategies, high quality, reliable, and trustworthy products, good brand perception and customer feedback, are trustworthy and provide unique selling propositions. Companies use various metrics and key performance indicators to measure brand success, including measuring brand awareness, reputation, customer loyalty, satisfaction, revenue growth, market share, and brand equity. They also employ methods such as NPS surveys (Net Promoter Score), loyalty programs, customer satisfaction services, and feedback collection to measure customer satisfaction and evaluate brand success. Brands achieved differentiation from competitors through brand perception, reputation, customer relationships, safety measures, compliance, social and environmental practices, pricing models, service quality, industry expertise, certifications, awards, and client feedback to differentiate themselves. By focusing on Icelandic companies, this research contributes to the understanding of branding strategies and success evaluation methodologies within a unique business context.