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Chapter 3 - Brand Resonance & Brand Value Chain - Coggle Diagram
Chapter 3 - Brand Resonance & Brand Value Chain
Brand Resonance Definition
It is how someone perceives a brand and their values or goals
Brand resonance models are used to help build relationships with customers
Brand resonance is how well a customer relates to a branded element
Contrast Brand Equity and Customer Equity
Brand equity is what decides the brand’s worth. We can define it as a bundle of value and strength. In contrast, customer equity relates to the lifetime values that are important to consumers
Brand equity focuses on the strategic issues that may occur while managing a brand. Meanwhile, customer equity’s main concern is the financial value that the brand gets from the customers
Customer equity is a much broader alternative than brand equity, as it can often ignore a brand’s optional value. Moreover, it affects revenue and costs, and not just within the marketing environment
Steps in Building Brand Resonance
Steps in Building Brand Resonance
Meaning
Brand Performance
It is a measurement of efficiency, involving the products or services and how well they are helping customers overcome problems
Create points of parity & points of difference
Gives a reference point between a brand and its competitors
Brand Imagery
Imagery refers to how the customer perceives a brand
Response
Brand Judgements
Judgments refer to how customers feel about a product’s quality and ability to outperform other brand’s products
Elicit positive, accessible reactions
Offering strong brand experiences builds relationships, memories and positive emotions
Brand Feelings
Feelings means the amount of attachment customers have towards a brand
Identity
Brand Salience
Brand salience refers to how knowledgeable a customer is about a branded product or service
Establish deep, broad brand awareness
Gives a product an identity by linking brand elements to the product category, associated purchase & consumption or usage situations
Relationship
Brand Resonance
A solid relationship between brand and customer where they are in sync
Forge intense, active loyalty
Focus on things that sustain it to maintain brand loyalty
Brand Value Chain Definition
Structured approach to assessing the sources and outcomes of brand equity and the manner by which marketing activities create brand value
The set of actions a company takes to build and deliver a valuable product or service
Stages in the Brand Value Chain
Value Stages
Marketing Program Investment
Customer Mindset
Market Performance
4.Shareholder Value
Multiplier
Program Quality
Marketplace Conditions
Investor Sentiment
It is a linear process so each value stage influences the next
Its multiplier defines the effect on each following step