Exploring Brand Success and Progress Measurement Strategies in Icelandic Companies

Abstract

This research aims to investigate how Icelandic companies define brand success and measure their progress towards achieving it. With Iceland's unique economic, cultural, and social characteristics, this research explores the potential influence of these factors on branding strategies and practices within Icelandic businesses. By examining the branding strategies and success evaluation methodologies employed by Icelandic companies, this research seeks to uncover broader implications for brand management and strategy. The research adopts a qualitative research approach, utilizing interviews as the primary data collection method. Judgemental sampling was used to select a sample of five Icelandic companies, whose 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, as well as the factors considered in this definition. Additionally, the research explores how customer satisfaction is measured and its role 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 revealed diverse company characteristics, industry-specific dynamics, and success factors. Brand success was defined by effective marketing strategies, brand perception, quality, reliability, trustworthiness, customer feedback, reputation, sales promotion, and unique selling propositions. Various metrics and Key Performance Indicators (KPIs) were used to measure brand success, including brand awareness, reputation, customer loyalty, satisfaction, revenue growth, market share, and brand equity. Methods such as NPS surveys, loyalty programs, customer satisfaction services, and feedback collection were employed to measure customer satisfaction and evaluate brand success. Differentiation from competitors was achieved through brand perception, reputation, customer relationships, safety measures, compliance, social and environmental practices, pricing models, service quality, industry expertise, certifications, awards, and client feedback. By focusing on Icelandic companies, this research contributes to the understanding of branding strategies and success evaluation methodologies within a unique business context.