Development of a brand value measurement model with a corporate social responsibility perspective. A comparative analysis of consumer perception of energy providers in Spain and Colombia

Abstract

Sustainable development of companies and their products involves the integration of multiple dimensions, including economic, ethical, social, and environmental considerations, all of which are increasingly important to consumers. The present study identified key variables that define brand value in the context of Corporate Social-Environmental Responsibility (CSR), comparing two companies in the energy sector in Spain and Colombia (Naturgy and Ecopetrol S.A.). Among the factors that contribute to brand success, this study evaluated three variables: Visibility, Loyalty and Experience as perceived by consumers. Data measuring brand value were collected through an online survey of 640 respondents in Spain and Colombia, assessing their response to company logos and corporate messaging regarding environmental sustainability of their operations. Structural equation models (SEM) were then used to measure brand value based on latent variables and compared to survey data. Our results show that company visibility had a positive impact on brand loyalty and consumer experience, which ultimately increases brand value. Conversely, an improved consumer experience can also enhance brand loyalty and visibility. Our findings represent a framework to quantify brand value within the energy sector that is based on integrating multiple indicators of brand equity (BE) using the analysis of company logos, while simultaneously considering CSR, greenwashing and other forms of company messaging. This integration is a significant departure from traditional approaches and offers a new and novel perspective when developing a comprehensive corporate model. Our study suggests that implicit and explicit allusion to corporate environmental-social responsibility has a profound influence on brand recognition and brand acceptance by customers, due to the positive responses it elicits. The current study's findings support incorporating references to CSR in sustainable branding in its broadest spectrum and definition and offer a procedure to quantify and measure brand value, which can help company managers make effective branding decisions.