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During the RetailDetail Night, on 24 November, we will again present the RetailDetail Awards. This year, the nominations and winners will be based on a cooperation with WPP’s ‘Brand Asset Valuator’. And the nominees have just been announced!
Empirical consumer research
The RetailDetail Award has had some notable winners in the past: Jef Colruyt, Kruidvat, ZEB and Rituals, among others, have all been able to take home the prestigious prize during the RetailDetail Night. This year, we are launching the awards in a new constellation: RetailDetail will partner with media group WPP Belgium’s Brand Asset Valuator (BAV). This is, after all, it is a particularly powerful brand diagnostic tool.
“We are the world’s longest-running and most comprehensive empirical consumer research project, with almost fourteen billion data points from as many as fifty different markets. Using that huge database, we determine consumers’ perceived value, frequency of use and preference for more than 57,000 brands”, WPP Belgium’s Johan Hellemans explains.
All about impact
The BAV gives companies answers to questions such as “How strong or weak is my brand?”, “With which target groups do we score?”, “How distinctive are we?”, “What associations does my brand evoke?”, “How innovative do consumers find my brand?” or “How do my main competitors fare within the industry?” From now on, we will use the in-depth conclusions of the BAV study as the basis for presenting the RetailDetail Awards.
“The winners are not decided based on what the retailer has effectively done or implemented, but rather on how the actions were perceived by the public”, Hellemans specifies. “The impact they generate on public opinion: that is ultimately what matters. What does the customer think of my actions I take in the market?”
Five awards
This year, we are presenting five awards: in the categories Food, Fashion & Beauty, Home & Garden, Innovation and Impact. Today we announce the nominees in each category, the actual winners will receive their award on 24 November.
Nominees BAV Food Brand 2022:
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Aldi
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Carrefour
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Colruyt
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Delhaize
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Lidl
Nominees BAV Fashion & Beauty Brand 2022:
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Bol.com
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C&A
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Kruidvat
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Zalando
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Zara
Nominees BAV Home & Garden Brand 2022:
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Action
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Bol.com
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IKEA
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MediaMarkt
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Vanden Borre
Nominees BAV Innovation Brand 2022:
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Action
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Decathlon
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IKEA
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MediaMarkt
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Zara
Nominees BAV Impact Brand 2022:
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Aldi
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Colruyt
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Decathlon
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IKEA
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Kruidvat
How does it work?
The BAV study uses validated key brand performance indicators to identify retailers’ strengths, weaknesses and opportunities. Each retailer is evaluated based on:
The extent to which the retailer has built strong brand equity in the Belgian market. The BAV Power Grid measures degree of differentiation, relevance, familiarity and likeability.
The extent to which the retailer’s image matches the core value of the category. The BAV image measures degree of association with 48 brand associations grouped into ten archetypes.
The extent to which the retailer has succeeded in building loyalty with its customers. The BAV measures degree of usage, preference, recommendation and brand love.
Within each category, the applicable elements are given different weights, as are the target groups. For the Food, Fashion & Beauty and Home & Garden categories, each retailer received a weighted score based on brand value and image values (more relevant to the specific category). For Food, we also looked at the level of use and evaluation by those responsible for daily purchases within the family.
For the Innovation award, each retailer received a weighted score based on the brand values differentiation and relevance and a specific score on the image values Bold (creative, dynamic, daring), Hip (Cool, trendy, popular) and Inventive (progressive, visionary, innovative). We also specifically took into account the evaluation by innovators & early adopters. All retailers are eligible.
For the Market impact award, each retailer was given a weighted score based on the brand values relevance, empathy and familiarity and a specific score on the image values Established (leader, traditional, authentic) Dependable (reliable, quality and performing), Spirited (fun, friendly, social) Purpose (trustworthy, socially responsible, helpful), Access (delivers value, simple, accessible). In addition, we looked at accumulated relationship strength based on visit, preference, recommendation and love as loyalty indicators.
See you on 24 november!
