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Transcript
Creating Brand Equity
•What is Brand Equity
•Building Brand Equity
•Measuring Brand Equity
•Managing Brand Equity
•Devising a Brand Strategy
•Customer Equity
A brand is a name, term, sign, symbol or
design, or a combination of them, intended to
identify the goods or services of one seller or
group of sellers and to differentiate them from
those of competitors.
-American Marketing Association
“A product is something made in a factory; a brand is
something that is bought by a customer. A product can be
copied by a competitor; a brand is unique. A product can
be quickly outdated; a successful brand is timeless.”
- Stephen King (WPP Group, London)
Roles of Brand
• Identify the source of the
product / Maker
• Signify the quality
• Offers legal protection
• Serve as a competitive
advantage
• Emphasizes the bases of
differentiation
• Reduces the primacy of
price upon the purchase
decision
Branding is endowing products and services
with the power of the brand. It is all about
creating differences between products.
BRAND EQUITY
• Brand equity is the added value endowed on products and
services, which may be reflected in the way consumers, think,
feel, and act with respect to the brand. –Philip Kotler
• “The value of a brand. From a consumer perspective, brand
equity is based on consumer attitudes about positive brand
attributes and favorable consequences of brand use.” –
American Marketing Association
• “A set of assets and liabilities linked to a brand, its name and
symbol, that adds to or subtracts from the value provided by a
product or service to a firm and/or to that firm’s
customers.” – David Aaker
Brand Equity
“The tangible and intangible value that a brand
provides positively or negatively to an organization,
its products, its services, and its bottom-line derived
from consumer knowledge, perceptions, and
experiences with the brand.” — Susan Gunelius
Brand Trial
Brand
Recognition
Brand
Awareness
Brand Preference
BRAND
EQUITY
Brand Loyalty
Brand Equity Models
Brand Asset Valuator
Aaker Model
BRANDZ
Brand Resonance
Brand Equity Models
• Brand Asset Valuator
- developed by Advertising agency Young and Rubicam (Y&R).
Four Pillars of Brand Equity:
 Energized Differentiation
 Relevance
 Esteem
 Knowledge
Brand Equity Model
• Aaker Model
- viewed by Professor David Aaker
• There are a set of five categories of brand assets and liabilities
which add value to the product.
 Brand Awareness
 Perceived Quality
 Brand Loyalty
 Brand Associations
 Other proprietary assets
Brand Equity Model
• BRANDZ
- developed by marketing research consultants Millward
Brown and WPP.
-it involves series of steps and each steps have their
objectives.
 Presence
 Relevance
 Performance
 Advantage
 Bonding
Brand Equity Model
• Brand Resonance
- views brand building as an ascending, sequential series of
steps
1. Ensuring identification of the brand with customers’ minds with a
specific product class or customer need.
2. Firmly establishing the brand into the mind of the consumer.
3. Eliciting proper customer response to in terms of brand related
judgment and feelings.
4. Converting brand response to create an intense, active loyalty
relationship between customers and the brand.
Brand Equity Model
• Brand Salience
- how often and how easily customers think of the
brand under various purchase or consumption situations
• Brand Performance
- how well the product or service meets customers’
financial needs
• Brand Imagery
- describes the extrinsic properties of the product or
service, including the ways in which the brand attempts to
meet the customers’ psychological or social needs.
Brand Equity Model
• Brand Judgment
- focus on customers’ own personal opinions and
evaluations.
• Brand Feelings
- customers’ emotional response and reactions with
respect to the brand
• Brand Resonance
- nature of the relationship customers have with the
brand and the extent to which they feel they’re “in sync”
with it.
Building Brand Equity
• Three Main Factors
1. The initial choices for the brand elements or identities
making up the brand (brand names, URLs, logos,
symbols, characters, spokespeople, slogans, jingles,
packages, and signage)
2. The product and service and all accompanying
marketing activities and supporting marketing
programs
3. Other associations indirectly transferred to the brand
by linking it to some other entity (a person, place, or
thing)
Measuring Brand Equity
Brand Audits
Brand Tracking
Brand Valuation
Measuring Brand Equity
• Brand Audits
- consumer-focused series of procedures to assess
the health of the brand, uncover its source of brand
equity, and suggest ways to improve and leverage its
equity
• Brand Tracking Audits
- collects quantitative data from consumers over
time to provide consistent, baseline information about
how brands and marketing programs are performing
• Brand Valuation
-the job of estimating the total financial value of the
brand.
Managing Brand Equity
• Brand Reinforcement
Marketers can reinforce brand equity by consistently conveying the
brand’s meaning in terms of
(1) what products it represents, what core benefits it supplies, and
what needs it satisfies; and
(2) how the brand makes products superior, and which strong,
favorable, and unique brand associations should exist in consumers’
minds.
Managing Brand Equity
• Brand Revitalization
These are products that have fallen on hard times but
managed to turn around and come back to the market.
Devising a Brand Strategy
Develop new brand elements
for the new product
Apply some of its existing
brand elements
Use a combination of new and
existing brand elements
Develop new brand elements
for the new product
Apply some of its existing
brand elements
Use a combination of new and
existing brand elements
Customer Equity
• Customer equity is the total of discounted lifetime
values of all of the firms customers.
Firms like McDonalds, Apple and Facebook have very
high customer equity and that is why they have an
amazing and sustainable competitive advantage.