Customer Based Brand Equity
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Customer Based Brand Equity. Teacher – Shahed Rahman Chapter 2. What makes a brand strong ? How do you build a strong brand?. Customer Based Brand Equity CBBE Built Measured Managed. The power of a brand lies in what customers have Learned Felt Seen Heard - PowerPoint PPT Presentation
Transcript of Customer Based Brand Equity
Customer Based Brand Equity
Teacher Shahed Rahman Chapter 2 Customer Based Brand Equity
What makes a brand strong ? How do you build a strong brand?Customer Based Brand Equity CBBE
Built Measured Managed
The power of a brand lies in what customers have Learned Felt Seen Heard
The power of a brand lies in what resides in the minds of customers
Customer Based Brand EquityThe differential effect that brand knowledge has on consumer response to the marketing of that brand.Keller, 1993
Customer Based Brand EquityThe differential knowledge that brand knowledge has on the marketing of that brand. Differential Knowledge Response to marketing
Customer Based Brand EquityPositive Customer Based Brand Equity When customers react more favorably to a product.Customer might be more accepting of a new brand extensionLess sensitive to a price increases Withdrawal of advertising support More willing to see the product in a new distribution channel.
Customer Based Brand EquityNegative Customer Based Brand Equity If consumer react less favorably to marketing activityCompare to other unknown product in the market
Sources of Brand EquityCustomer based brand equity occurs When the customer has a high level of awareness and familiarity with the brand Holds some strong, favourable and unique associations in memory.
Making a Brand Strong: Brand KnowledgeBrand knowledge is the key to creating brand equity. Brand knowledge consists of a brand node in memory with a variety of associations linked to it.Brand knowledge has two components: Brand awareness and Brand image.
Brand EquityBrand AwarenessBrand RecognitionBrand RecallAdvantagesLearning advantagesConsideration advantagesChoice advantages
11Brand ImageStrength of brand associations Brand AttributesBrand BenefitsFavourability of brand associationsConvenient, Reliable, Effective, Efficient, Colourful Desirability Deliverability Uniqueness of brand associations USP is the reason why customer should buy itDirect comparison with competitors
2.13The Four Steps of Brand Building Ensure identification of the brand with customers and an association of the brand in customers mindsEstablish the totality of brand meaning in the minds of consumersElicit the proper customer responses to the brand identification and brand meaningConvert brand response to create an intense, active loyalty relationship between customers and the brand2.14Four Questions Customers ask of BrandsWho are you? (brand identity)What are you? (brand meaning)What about you? What do I think or feel about you? (brand responses)What about you and me? What kind of association and how much of a connection would I like to have with you? (brand relationships)
Sub-Dimensions of CBBE PyramidLOYALTYATTACHMENTCOMMUNITYENGAGEMENTQUALITY CREDIBILITYCONSIDERATIONSUPERIORITYWARMTHFUNEXCITEMENTSECURITYSOCIAL APPROVALSELF-RESPECTCATEGORY IDENTIFICATIONNEEDS SATISFIEDPRIMARY CHARACTERISTICS &SECONDARY FEATURESPRODUCT RELIABILITY, DURABILITY & SERVICEABILITYSERVICE EFFECTIVENESS, EFFICIENCY & EMPATHY STYLE AND DESIGN PRICEUSER PROFILESPURCHASE & USAGE SITUATIONSPERSONALITY & VALUESHISTORY, HERITAGE & EXPERIENCES
