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Brands Resonance and the Brand Value Chain - Coggle Diagram
Brands Resonance and the Brand Value Chain
Brand Value Chain
Structured approach to:
Assessing the sources and outcomes of brand equity and the manner by which marketing activities create brand value
STAGES
Shareholder value
Financial marketplace formulates opinions and
assessments
Direct financial implications for brand value
The brand value chain has numerous implications:
Value creation begins with the marketing program investment
Value creation requires more than an initial marketing investment
Band value chain provides a detailed road map for tracking value creation
Market Performance
Price premiums
Price elasticities
Market share
Brand expansion
Cost structure; reduced marketing program
expenditures
Brand profitability
MULTIPLIERS
: Investor sentiment multiplier
Financial analysts and investors arrive at their brand valuations and investment decisions through the following:
Market dynamics
Growth potential
Risk profile
Brand contribution
Customer Mind-Set
Includes everything that exists in the minds of customers with respect to brand:
Brand Awareness
Brand Associations
Brand Attitude
Brand Attachment
Brand Activity
MULTIPLIERS
: Marketplace Condition Multiplier
Extent to which value created depends on factors beyond the individual customer:
Competitive superiority
Channel and other intermediary support
Customer size and profile
Marketing program investment
Any marketing program investment that can contribute to brand value development: Intentional or not.
Product
Communications
Trade
Employee
Others
MULTIPLIERS
: Program Quality Multiplier
DRIVE
Distinctiveness
Relevance
Integrated
Value
Excellence
Building A Strong Brand: The Four Steps of Brand Building
Brand Performance
Describes how well the product or service:
Meets customers’ more functional needs
Rate on objective assessments of quality
Satisfies utilitarian, aesthetic, and economic customer needs and wants in the product or 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 Salience
Achieving the right brand identity means creating brand
salience with customers
Measures various aspects of the awareness of the brand
How easily and often the brand is evoked under various situations or circumstances
Breadth and depth of awareness:
Gives a product an identity by linking brand elements to:
The product category
The associated purchase
The consumption or usage situations
Product category structure:
How product categories are organised in memory
Marketers assume that products are grouped
Strategic implications:
Brand needs to be top-of-mind and have sufficient mind share:
But also must do so at the right times and places
Brand Imagery
A main type of brand meaning is brand imagery
Brand imagery depends on the extrinsic properties of a product or service
Many kinds of intangibles can be linked to a brand; the four main ones are:
User profiles
Purchase and usage situations
Personality and values
History, heritage, and user experiences
User imagery:
One set of brand imagery associations is about the type of person or organization who uses the brand
Demographic factors include:
Gender
Age
Race
Income
Purchase and usage imagery: Associations that tells consumers under what conditions or
situations they can or should buy and use a brand
Brand personality and values: Through consumer experience or marketing activities, brands may take on personality traits or human values:
A person
Appear to be modern or old-fashioned
Five 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 the brand’s history
Brand Judgments
Customers’ personal opinions about and evaluations of a
brand: Consumers form judgments by putting together all the different brand performance and imagery associations
Brand quality: Defined by specific attributes and benefits of a brand,
Consumers can hold a host of attitudes toward a brand:
But the most important relate to its perceived quality
Perceived quality measures are inherent in many
approaches to brand equity
Brand credibility:
Judgments about the company or organization behind the brand:
Often defined by:
Perceived expertise
Trustworthiness
Likability
Brand considerations:
Unless a consumer gives serious consideration to purchase, how highly they regard the brand is of little importance
Depends on the extent to which strong and favorable brand associations can be created
Brand superiority:
Measures extent to which customers view the brand as
unique:
And better than other brands
Brand Feelings
Customers’ emotional responses and reactions to a brand
Brand feelings relate to the social currency evoked by the brand
Feelings can be:
Experiential and immediate, increasing in level of
intensity
Private and enduring, increasing in level of gravity
Six important types of brand-building feelings:
Warmth
Fun
Excitement
Security
Social approval
Self-respect
Behavioral loyalty:
Repeat purchases and the amount or share of category volume attributed to the brand:
Share of category requirements
Attitudinal attachment:
Resonance requires a strong personal attachment
Going beyond having a positive attitude:
Viewing the brand as something special
Sense of community:
Brand may take on a broader meaning by conveying a sense of community
Social phenomenon in which customers feel a kinship or affiliation with others associated with the brand
Active engagement:
Perhaps the strongest affirmation of brand loyalty
Willing to invest time, energy, money, or other resources beyond those expended during purchase or consumption
Brand Resonance
Ultimate relationship and level of identification that a customer
has with a brand:
Describes the nature of the relationship
Extent to which customers feel in sync with the brand
Characterized in terms of intensity:
Depth of the psychological bond that customers have with a brand
Four categories of brand resonance:
Behavioral loyalty
Attitudinal attachment
Sense of community
Active engagement
Brand-Building Implications
Marketers can assess their brand’s progress in their brand-building efforts through the brand resonance model:
– Customers own the brand
– Don’t take shortcuts with brands
– Brands should have a duality
– Brands should have richness
– Brand resonance provides important focus
– Customer networks strengthen brand resonance