Customer based brand equity

customer based brand equity model example

For example, what can you do to encourage behavioral loyalty? Examples of brands with high resonance include such brands as Harley-Davidson, Apple, Ebay and others. What events could you plan and host to increase customer involvement with your brand or product?

Customer based brand equity model coca cola

The first dimension of brand resonance is behavioral loyalty in terms of repeat purchases and the amount or share of category volume attributed to the brand. Brand Performance The product itself is at the heart of brand equity, as it is the primary influence of what consumers experience with a brand, what they hear about a brand from others, and what the firm can tell customers about the brand in their communications. Brand awareness is more than just the fact that customers know the brand name and the fact that they have previously seen it, perhaps even many times. In other words, do customers believe that the brand offers advantages that other brands cannot? Customers also respond to your brand according to how it makes them feel. Consumers may feel sentimental, warmhearted, or affectionate about the brand. There are 2 important building blocks in this step: "performance" and "imagery": "Performance" reflects how well your product actually meets your customers' needs functionality.

It should be recognized, however, that the brand building blocks at the bottom two levels of the pyramid — brand salience, performance and imagery — are typically more idiosyncratic and unique to a product and service category.

Brand judgments involve how customers put together all the different performance and imagery associations for the brand to form different kinds of opinions. Often, the strongest brand positioning involves performance advantages of some kind, and it is rare that a brand can overcome severe deficiencies on these dimensions.

No matter how highly regarded or credible a brand may be, unless the brand also receives serious consideration and is deemed relevant too, customers will always keep a brand at a distance and never closely embrace it.

customer based brand equity ppt

Identify actions that you need to take as a result of asking these questions. This response, in turn, depends on the knowledge that has been created in their minds for those brands. The third step is to elicit the proper customer responses to this brand identity and brand meaning.

For most customers in most situations, other considerations, such as the meaning or image of the brand, also come into play. Level 3: Brand Response What are the feelings for the brand?

Feelings of security are when consumers do not experience worry or concerns that they might have otherwise felt as a result of the brand. The brand perceptions should also be "correct" in the various stages of the buying process.

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What is Customer