Americans Rate TurboTax as Tax Preparation Brand of the Year

The Financial writes: With April 15 fast approaching, Americans who still need to complete their tax returns will be interested to learn that Intuit's TurboTax earns the Brand of the Year status among both online and location-based tax preparation brands, according to the 2014 Harris Poll EquiTrend (EQ) study.

The EQ Study measures Brand Equity from among more than 1,500 brands across 170 categories - from automotive to department stores - on the Harris Poll EquiTrend Brand Equity Index and is comprised of three key factors: Familiarity, Quality and Purchase Consideration. Also ranked above the category average among tax preparation brands is Parson Technology's TaxACT software package.
"The tax preparation category is new to EquiTrend this year and the strong Quality and Consideration scores that Americans give to TurboTax drive its Brand of the Year status," said Lisa Kerins, a Senior Vice President of Financial Services with Nielsen. "The brand is also one of the most 'Connected' brands in the category, meaning that Americans report strong positive emotion towards the brand and feel it is a good fit with who they are, two key elements in building and sustaining strong Brand Equity," she added.
EquiTrend also measures Brand Equity in several other financial service categories, including where Americans can invest, where they might bank and which payment cards they may use.
Like tax preparation, investing offers people the choice of taking a "do-it-yourself" approach or seeking professional advice and assistance. Last year, Fidelity was the top ranked brand among all investment brands and this year, the brand earns the Discount Brokerage Brand of the Year title, a new category this year, according to Harris Interactive Inc.

For full service investment firms, The Vanguard Group earns the Investment Brand of the Year award with strong Quality and Consideration scores for 2014. Other investment brands ranking above the category average include Franklin Templeton Investments, Principal Financial, ShareBuilder, T. Rowe Price Financial Services, Edward Jones and Raymond James.
As the economy continues its recovery, Americans rate national and super regional bank brands higher this year, driving up the Brand Equity category averages for 2014. More than half of the brands measured in these two categories see significant Brand Equity gains for 2014, while six in 13 brands earn all-time highs for their Brand Equity scores, according to Harris Interactive Inc.

"It's been six years since the financial crisis that impacted consumer perceptions of banks and other financial-related brands. As the recovery has progressed, some of the concern that consumers had about banks in particular has waned, and savvy banks have refocused on getting their brand messages across," said Kerins.
Five of the seven super regional banks measured enjoy significant Brand Equity gains, with four of those brands experiencing all-time high Brand Equity scores. PNC Bank holds the highest rank for 2014, earning its best score in the six years it has been measured in EquiTrend. This performance is driven by strong gains across all three elements of Brand Equity, including Familiarity, Quality and Consideration. "PNC has grown through several mergers and acquisitions over the past few years, gaining visibility in the market," said Kerins. M&T Bank also earns strong Equity gains for 2014, while Sun Trust's and Ally Bank's Brand Equity scores are the highest each has achieved since first being introduced into the study.
For the third year in a row, Chase Bank earns the National Bank Brand of the Year award. While Chase is near the category average on Familiarity among national banks, the brand shows continued strength in both the Quality and Consideration attributes, the other Brand Equity elements measured. Also, Capital One shows significant year over year Brand Equity gains while Wells Fargo rounds out the brands ranked above the category average, according to Harris Interactive Inc.

While investing and saving may be important, spending is a necessity. For the last 10 years, the Harris Poll EquiTrend study has measured the Brand Equity of four payment card brands and this year all four of these brands received their highest overall Brand Equity scores on record. For 2014, Visa and MasterCard continue to rank above the category average, and for the fourth year in a row, Visa is the Payment Card Brand of the Year. Its strong Familiarity, Quality and Consideration scores keep the brand ranked at the top.
For 2014, EquiTrend looks at the insurance category in two parts, property & casualty insurance and life insurance. Overall, three of the 21 insurance brands included in the study post Brand Equity declines, while five show strong year over year gains.
Among life insurance companies, USAA earns the Brand of the Year distinction; The Hartford Financial Services Group Inc., MetLife Insurance Company, Pacific Life Insurance and Northwestern Mutual also come in ahead of the category average, according to Harris Interactive Inc.

Four of the brands that are on the rise come from the property & casualty insurance category, with one of those Equity gainers being Property & Casualty Brand of the Year AAA Insurance. Other brands scoring above the category average include State Farm, Allstate Insurance and Nationwide Insurance, according to Harris Interactive Inc. 

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