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Brand resonance and brand value chain - Coggle Diagram
Brand resonance and brand value chain
Building strong brand: 4 steps of brand building
Brand salience: Achieving right brand identity means creating brand salience with customers
Measures various aspects of awareness of brand
How easily and often brand is evoked under various situations
Breadth and depth of awareness: Gives a product identity by linking brand elements
Product category
Associated purchase
Consumption situations
Product category structure:
How product categories are organized in memory
Marketers assume that products are grouped
Strategic implications: Brand need to be top-of-mind and have sufficient mind share:
But also must do so at right times and places
Brand performance: Descibes how well product/service:
Meets customers’ more functional needs
Rate on objective assessments of quality
Satisfies utilitarian, aesthetic and economic customer needs and wants in product/service category
Attributes and benefits often underlie brand performance:
Primary ingredients and supplementary features
Product liability, durability and serviceability
Service effectiveness, efficiency and empathy
Style and design
Price
Brand imagery: Main type of brand meaning
Depends on extrinsic properties of product/service
4 main kinds of intangibles that can be linked to brand
User profiles: One set of brand imagery associations is about type of person/organization who uses brand
Demographic factors include: Gender, age, etc
Purchase and usage situations: Associations that tell consumers under what conditions they can/should buy and use a brand
Personality and values: Through consumer experience/marketing activities
Brands may take on personality traits/human values: Person, appear to be modern/old-fashioned
5 dimensions of brand personality: Sincerity, excitement, competence, sophistication, ruggedness
Brand history, heritage and experiences: Brands may take on associations to their past
Certain noteworthy events in brand’s history
Brand judgements: Customers’ personal opinions about and evaluations of a brand:
Consumers form judgements by putting together all different brand performance and imagery associations
Brand quality: Specific attributes and benefits of brand
Consumers can hold host of attitudes toward a brand but most important relate to its perceived quality (measures that are inherent in many approaches to brand equity)
Brand credibility: Judgements about company/organization behind the brand
Often defined by: Perceived expertise,trustworthiness, likability
Brand considerations: Unless consumer gives serious consideration to purchase, how highly they regard brand is of little importance
Brand superiority: Measures extent to which customers view brand as unique and better than other brands
Brand feelings: Customers’ emotional responses and reactions to brand
Relate to social currency evoked by brand
Feelings can be: Experiential and immediate (increasing in level of intensity), private and enduring (increasing in level of gravity)
6 important types of brand-building feelings:
Warmth
Fun
Excitement
Security
Social approval
Self-respect
Brand resonance: Ultimate relationship and level of identification that customer has with brand:
Descrbes nature of relationship
Extent to which customers feel in sync with brand
Characterized in terms of intensity: Depth of psychological bond that customers have with brand
Brand resonance pyramid
Stages of brand development
Identity: Who are you
Meaning: What are you
Response: What about you
Relationships: What about you and me
Branding objective at each stage
Salience: Deep, broad brand awareness
Performance and imagery: POP and POD
Judgements and feelings: Positive, accessible reactions
Resonance: Intense, active loyalty
Brand-building implications
Sub dimensions of brand-building blocks
Salience: Category identification, needs satisfied
Performance: Primary characteristics and secondary features, product reliability
Imagery: User profiles, purchase and usage
Judgements: Quality, credibility
Feelings: Warmth, fun
Resonance: Loyalty, attachment
Marketers can asses their brand’s progress in their brand-building efforts through brand resonance model
Customers own brand
Don’t take shortcuts with brands
4 categories of brand resonance:
Behavioral loyalty: Repeat purchases and amount/share of category volume attributed to brand (share of category requirements)
Attitudinal attachment: Resonance requires strong personal attachment and going beyond having positive attitude (viewing brand as something special)
Sense of community: Brand may take on broader meaning by conveying sense of community
Acive engagement: Perhaps the strongest affirmation of brand loyalty
Brand value chain: Structured approach to:
Assessing sources and outcomes of brand equity and manner by which marketing activities create brand value
Value stages
Marketing program investment: Any program investment that can contribute to brand value development (intentional or not)
Product, communication, etc
Customer mind set: Includes everything that exists in minds of customers with respect to brand
Brand awareness
Brand associations
Brand attitudes
Brand attachment
Brand activity
Market performance:
Price premiums
Price elastiticities
Shareholder value: Financial marketplace formulates opinions and assessments
Direct financial implications for brand value
Multipliers
Program quality multiplier: DRIVE:
Distinctiveness
Relevance
Integrated
Value
Excellence Marketplace conditions multiplier: Competitive reactions, channel support, etc - Invester sentiment multiplier: Market dynamics, growth potential, etc
Marketplace conditions multiplier: Extent to which value created depends on factors beyond individual customer:
Competitive superiority
Channel and other intermediary support
Customer size and profile
Investor sentiment multiplier: Financial analysts and investors arrive at their brand valuations an investment decisions through following:
Market dynamics
Growth potential
Implications:
Value creation begins with marketing program investment
Value creation requires more than an initial marketing investment
Band value chain provides a detailed road map for tracking value creation