Brand Building - Equity
66 views | +0 today
Follow
Brand Building - Equity
Brand Building
Curated by Eden
Your new post is loading...
Your new post is loading...
Scooped by Eden
Scoop.it!

Keller's Brand Equity Model - Strategy Tools From MindTools.com

Keller's Brand Equity Model - Strategy Tools From MindTools.com | Brand Building - Equity | Scoop.it
Learn how to strengthen your customers' perception of your brand.
Eden's insight:

Brand equity is about shaping how customers think and feel about your product. You want your customer to create positive  perceptions thoughts and beliefs towards your brand. When you have created strong equity for your brand your customers will become loyal and will recommend you to other people.

 

There are four steps in Keller's Brand Equity Model

 

1) Salience

2) Performance/Imagery

3) Judgements/Feelings

4) Reasonace

 

As part of the application to create brand equity first you need to identify your brand, make sure it stands out and that brand perceptions are correct. You need to have an understanding of your customers, what decision processes they go through and their needs, and you want to communicate to your customers that your brand can fulfill these needs.

 

Brand resonance is the most difficult level to reach. This is what a brand should be achieving for. You will know when you have achieved brand resonance when your consumer has a feel deep, psychological bond with your brand.

 

This means there are repeat purchases (loyalty), customers think of their purchase as being 'special', customers feel a sense of community with others who associate with the brand, and lastly customers are engaged with your brand even though they aren't currently purchasing it.

more...
Renee Spicer's comment, April 9, 2013 5:45 PM
Brillent article Eden!! (This will be useful for your IMC group assignment also you need the CBBE model in it). I also just forwarded this article to a friend who is thinking about starting up his own brand of clothing. I said if you do all these four steps you will have a successful brand. I love how Keller puts it. To get that reasonance will be a high success if every company could!
Ashleigh Mincher's curator insight, September 17, 2014 5:56 PM

Keller’s CBBE pyramid highlights how brands can build stronger brand equity through following a set of sequential steps. When a brand has strong brand equity, customers are more likely to buy from the company, will spread positive word of mouth, be more loyal and less likely to switch to competitors offers.

 

The pyramid has four steps with six building blocks. The four steps represent certain questions customers are likely to ask related to your brand. The first step is to build salience. This first step concerns the brands identity, specifically “who are you?” The second step containing two building blocks is performance and imagery-the meaning of the brand, “what are you?” The third step again contains two building blocks, judgements and feelings-the response the brand generates, “what about you?” The last step is brand resonance, specifically the relationships between the brand and customers, “what about you and me?”.

 

Therefore to build strong brand equity, a brand needs to achieve each of the four steps. For instance, a customer will not understand the meaning (performance and imagery) of the brand if brand salience, specifically brand awareness is not developed. Furthermore, the pyramid can also give brands an indication of where their weakness lies. For example, if a brand is recognising that their customers do not even recognise the brand if presented with its name, the company should put more time/ energy/ money into ensuring there is higher brand recognition in order to progress up the pyramid.

Scooped by Eden
Scoop.it!

HR firm puts brand building on fast track - Business Standard

HR firm puts brand building on fast track - Business Standard | Brand Building - Equity | Scoop.it
HR firm puts brand building on fast track
Business Standard
"Since we are only one-year old in India, people don't know much about us. To address this challenge, we need an effective brand building exercise.
Eden's insight:

A very inspiring article about how a Human Resource service provider seeks out to build their brand by doing a big advertising spend. Very uncommon for an HR service provider to be spending large sums on advertising but their reasoning was "people don't know much about us". 

 

Randstad the HR service provider was introduced in India and has been running for only one year. In order to create brand awareness of their service they needed to think of an effective brand building exercise. 

 

Fortunate enough they associated with Formula One (F1) in India which is well known televised sports all about engineering, perfection and excellence.

 

In order to build their brand Randstad uses F1 to improve its interaction with their clients. Their pay-up club customers are invited to the races, members can watch how the cars are assembled, and it holds a contest for candidates in which the winners can view the race. All to raise the profile of the company and create a relationship with their premium customers, candidates and employees.

 

Their idea worked miraculously as figures went up, and the brand ranked at 181 up from 185 in 2011. When they reach 150 they will have become the number one HR firm globally.

more...
Renee Spicer's comment, March 21, 2013 4:25 AM
I totally agree. Isn't it also amazing by going on fb and doing activities like running competition how many more people find out about the company.
Renee Spicer's comment, March 21, 2013 4:26 AM
The number of people (candidates) who visit the company's Facebook page has gone up dramatically - from 450 per month in April 2012 to 26,000 after it started the F1 activities.
Thats a dramatic increase. It wil be through seeing other people liking the page you too will find about about the page through your news feed
Trang Tran's comment, March 21, 2013 10:38 AM
It was a smart move on Randstad's part as they chose to partner up with a very famous company. F1 not only boosts Randstad's status and brand awareness to customers but it also helps to create a relationship with customers with the on-going interactions such as the racing events. There is a good affiliation between the HR firm and the sports company which portrays to existing customers and potential customers that Randstads brand is competitive.