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Measuring and Interpreting Brands

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Nathaniel Powers

on 11 April 2013

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Transcript of Measuring and Interpreting Brands

Salience Imagery Performance Judgements Feelings Brand
Resonance Brand Performance -
how well the product or service delivers solutions to customer needs. Brand Imagery -
how well the product or service meets social or psychological needs Brand Salience -
consumers' awareness of the brand and the degree to which they see it meeting their needs Brand Feelings -
customers' emotional reactions
to the brand
Brand Judgements -
customers' personal opinions
about the brand based
on brand
performance Developing Brands & Brand Equity Contents Click Subjects Below
to Explore Measuring and Interpreting Brand Impacts Nathaniel Powers
Brand Project
11 April 2013 Developing Strategy A brand is intangible. It is only valuable when people give the brand value Customer-Based Brand Equity:
(CBBE) Positive CBBE = consumers react favorably
to a product and the way it is
marketed

Negative CBBE = consumer react less
favorably to marketing
activity compared with an
pseudo unnamed or
fictitiously named version
of the product 1) Brand Equity is the different ways customers respond to unique brands 2) Differences in Brand Equity are caused by consumers' brand knowledge and differing individual preferences Associative Network
Memory Model
Nodes represent stored information in the form of verbal, visual, or contextual memories

Links represent the strength of association between nodes Brand Awareness - the strength of the brand memory Brand Image - consumers' perceptions about a brand, made up of the sum of the brand nodes and links within a consumers' mind Sources of Brand Equity Brand Awareness
Brand Recognition - consumers' ability to confirm prior exposure to the brand when given the brand as a cue

Brand Recall - consumers' ability to retrieve the brand from memory when given the product categories or a usage situation

Consumer Purchase Ability - consumers without the necessary knowledge or experience to judge product quality will use heuristics (shortcuts) to arrive at a decision the differential effect that brand knowledge has on consumer response to the brand views memory as a network of nodes and connecting links between sources of brand knowledge Strongest Customer-Based Brand Equity occurs when consumers have a high level of brand awareness and strong, favorable brand associations in their memory. Brand Image
Brand Attributes - descriptive features that characterize a product or service

Brand Benefits - personal value and meaning that consumers attach to the product or service Brand Positioning: how a company offers a product to the customer Target Market
Market - set of all actual and potential buyers who have sufficient interest and ability to purchase a product

Market Segmentation - divides the market into distinct groups of homogeneous consumers who have similar needs and consumer behavior Designing Programs Measuring and Interpreting Brands Brand Elements trademark devices that identify and differentiate brands Brand Elements Criteria
Memorable - easily recognized and recalled
Meaningful - descriptive
Likable - interesting visual and verbal imagery
Transferable - move outside product categories and across cultural and geographic boundaries
Adaptable - flexible and updatable
Protectable - legally and competitively Companies must design strategies to add value to their brands Companies must understand who they are marketing their product for their marketing efforts to be effective Customer Segmentation Bases BEHAVIORIAL User Status
Usage Rate
Usage Occasion
Brand Loyalty
Benefits Sought DEMOGRAPHIC Income
Age
Sex
Ethnicity
Family PSYCHOGRAPHIC Values
Opinions
Attitudes
Activities
Lifestyle GEOGRAPHIC International
Regional
Local Business-to-Business Segmentation Bases NATURE OF GOOD Kind of Good
Where Used
Type of Purchase BUYING CONDITION Purchase Location
Who Purchases
Type of Purchase DEMOGRAPHIC SIC Code
Number of Employees
Number of Production Workers
Annual Sales Volume
Number of Establishments Points of Parity & Points of Difference Points of Parity (POP) - product attributes that
are not unique to brand Most cars have four wheels, doors, and a spare tire Points of Difference (POD) - product attributes
that are unique to brand Example: This car has SurroundSight cameras, a joystick, and a long battery life Points of Parity (POP)s can be used to attract customers to the product. Customers who drive are familiar with elementary car features.

Companies use Points of Difference (POD)s to showcase their products with additional features, to say "We can do this, and more."

Points of Difference can also include customization options, color choice, and price tiers. Establish
Brand Awareness Elicit Positive
Brand Responses Brand Equity Model Create
Points of Parity and
Points of Difference Forge Active
Brand
Relationships Salience Imagery Performance Judgements Feelings Brand
Resonance Brand Mantra: short, three to five word phrase that captures the spirit of the brand's positing Examples of Brand Mantras:
Nike: "Authentic Athletic Performance"
McDonald's: "Food, Folks, Fun"
Disney: "Fun Family Entertainment" Brand Resonance
Model builds equity in brand by:
1) Establishing a Brand Identity
2) Creating Brand Meaning
3) Eliciting Appropriate Responses
4) Building Brand Relationships
with Customers Marketers achieve Brand Resonance with customers using Brand Building Blocks.

There are two Brand Resonance Pathways:

1) Salience, Performance, Judgements, Brand Resonance

2) Salience, Imagery, Feelings, Brand Resonance The Brand Resonance Pyramid Brand
Performance Primary Ingredients
and Features Product
Reliability, Durability,
and Serviceability Service
Effectiveness,
Efficiency, and
Service
Trust Product Style
and Functional
Design Price of Product
or Service Brand
Imagery Type of People
who use Product
or Service Purchase and Usage
Situations Customer Personality
and Values Brand History
and Heritage How customers
experience the
brand Brand
Judgements Quality: does product performance meet expectations? Credibility:
Brand expertise, trustworthiness, and likability Consideration:
does brand offer
enough value for
people to purchase
it? Brand Superiority:
extent to which
customers view
brand as better
than competitors Brand Feelings Warmth:
the brand evokes sentimental
affinity Fun and Excitement:
customers feel energized and elated Security:
brand produces feelings of safety
and assurance Social Approval:
belief brand use
will enhance peer
approval Self - Respect:
brand makes
customers feel
better about
themselves Brand
Resonance Behavioral Loyalty:
customers make repeat purchases
of brand Attitudinal
Attachment:
customers have
positive
attitude or love for brand Sense of Community:
customers feel
kinship through
brand purchases Active Engagement:
Brand engaged customers invest time and money beyond purchase Brand Salience Depth:
How easily brand comes to mind Breadth:
range of usage situations with
which brand is associated Product Category Structure: how
product categories
are organized
in memory Salience Imagery Performance Judgements Feelings Brand
Resonance Brand Performance -
how well the product or service delivers solutions to customer needs. Brand Imagery -
how well the product or service meets social or psychological needs Brand Salience -
consumers' awareness of the brand and the degree to which they see it meeting their needs Brand Feelings -
customers' emotional reactions
to the brand
Brand Judgements -
customers' personal opinions
about the brand based
on brand
performance Brand Resonance

Judgement

Performance

Salience Emotive Approach Brand Resonance

Feelings

Imagery

Salience Product Approach Salience Imagery Performance Judgements Feelings Brand
Resonance Brand Performance -
how well the product or service delivers solutions to customer needs. Brand Imagery -
how well the product or service meets social or psychological needs Brand Salience -
consumers' awareness of the brand and the degree to which they see it meeting their needs Brand Feelings -
customers' emotional reactions
to the brand
Brand Judgements -
customers' personal opinions
about the brand based
on brand
performance Brands can achieve initial success by appealing to consumer emotions. However a successful product requires that the product satisfy customers' expectations for performance Brand Pyramid Example
Southwest Airlines Salience Imagery Performance Judgements Feelings Low Prices
Dependable Service Short-haul Trips
Spunky Attitude Southwest is an airline Fun
Satisfaction Good Value
Competent
Fair Loyality
Attachment
Engagement Salience Imagery Performance Judgements Feelings Brand
Resonance Brand Performance -
how well the product or service delivers solutions to customer needs. Brand Imagery -
how well the product or service meets social or psychological needs Brand Salience -
consumers' awareness of the brand and the degree to which they see it meeting their needs Brand Feelings -
customers' emotional reactions
to the brand
Brand Judgements -
customers' personal opinions
about the brand based
on brand
performance Stages of
Brand Development 4. Relationships 3. Response 2. Meaning 1. Identity What about you and me? What about you? What are you? Who are you? Branding Objective at Each Stage Intense, Active Loyalty Positive, Accessible Reactions Points-of-Parity & Points-of-Difference Deep, broad brand awareness 1. Memorable
Easily Recognized
Easily Remembered
2. Meaningful
Descriptive
Persuasive
3. Likable
Fun
Rich Verbal and Visual Imagery
Aesthetically Pleasing
4. Transferable
Within and across product categories
Across cultures and geographic boundaries
5. Adaptable
Flexible
Updatable
Not Restricted to one product or service
6. Protectable
Legally
Competitively Good Brand Elements are: Developing Brand Strategy Memory Memory Memory Memory Memory Link Link Link Designing With
Brand Elements Brand Names:
memorable brand
identity Logos & Symbols:
Visual recognition
evokes identity
and trust Slogans:
short phrases that
communicate persuasive
information about brand Packaging:
producing distinctive,
recognizable,
and safe
container for
product Characters:
personified brand
identities that communicate value or quality of brand Brand Elements provide marketers with a toolbox of methods to communicate brand value and quality. Good Brand Elements should be simple, memorable, and not easily confused with other brands. Firms use these brand elements as communication vehicles for marketing activities and programs that build brand equity. Integrated Marketing
- All marketing activities are orchestrated in concert
= Channel, Communication, Pricing, and other Strategies create synergy Personalized Marketing
Experiential Marketing
Connects with unique and interesting consumer experiences
Uses a Brand Experience Scale Sensory - This brand makes strong connections with visual or other senses

Affective - This brand creates emotions of warmth and meaning

Behavioral - This brand encourages user to be physically active or follow role

Intellectual - This brand stimulates thinking and problem-solving Relationship Marketing
Builds long-term associations with consumers emphasizing genuine communication
Uses databases to provide more personalized brand experiences such as a sale on items on an online favorites list Mass Customization
Employs technology to create unique product variations that most exactly fit consumers needs and desires
Reduces company inventory and builds on the strengths of Just-In-Time manufacturing
Example: NikeID Shoe Studio One-to-One Marketing
Marketing technique that devotes personal attention to individual needs of most frequent customers
Builds customer loyalty and raises switching costs
Example: After purchasing flowers for an event, customer is annually reminded about the event Permission Marketing
Asks consumers permission to market to them
Incentivizes relationships through club memberships, e-mailed and texted coupons, and product fliers
Leverages permissive advertising to change consumer behavior Pricing Strategy Consumers like to feel they are getting a good deal. Firms must also make a profit on what they sell. Therefore, marketers use Price Tiers to evaluate consumer value for the price paid. Price Band - average acceptable prices Channel Strategy Marketing Channels are sets of interdependent organizations involved in distributing a product Direct Channel - selling through personal contacts

Company - Owned Stores
Pro: Most Control over brand portrayal
Con: Company make lack competitive advantage selling its merchandise; Potential conflict with existing retailers







Store - Within - A Store
Pro: Creates company store within another store; provides better image control; mutual benefits to firm and host
Con: may create sales conflict with retailers unable to host





Online Distribution
Pro: Less expensive storefront than brick-and-mortar; enables collecting of customer information and relationship marketing
Con: Retailers may feel direct online sales are cutting out the retailers; consumers may use retailers stores as a showcase to examine product before buying directly from the manufacturer online. Integrated Marketing Communications Firms have 4 major options to communicate to consumers

1) Advertising and Promotion

Television
Radio
Newspapers
Magazines
Coupons Direct Response
Billboards and Posters
Place
Product Placement
Trade Promotions 2) Interactive Marketing

Web Sites
Online Ads Online Videos
Social Media 3) Events and Experiences

Events Event Sponsorship 4) Mobile Marketing

Mobile Apps
Mobile Search Geotargeting
Price Checkers Return of Marketing Investment (ROMI) Used to justify every dollar spent on marketing initiatives. Enables marketers to track efficiency and success of marketing efforts. Brand Equity Management System Marketing efficiency is valuable to firms. The firm is wasting money if its ads are not effective in the target market. It is important for firms to develop a system to measure brand equity and its growth Conducting Brand Audits

Brand Audit
comprehensibly examines the brand to discover sources of brand equity




Brand Inventory
Provides a current and universal profile of how all products and services are being branded and marketed





Brand Exploratory
Collection of detailed metrics of what consumers actually think about the brand
Uses Qualitative Research, including mental maps and brand associations Designing Brand Tracking Studies Brand tracking studies regularly collect actionable information on brand performance from consumers through quantitative metrics Designing Brand Tracking Studies

What to Track
Product - Brand Tracking
Measuring brand awareness and image
Targeting specific brand meaning
Look at brand
1) Strength
2) Favorably
3) Uniqueness




Who and What to Track
Track current customers' experiences
Track non-users to suggest market segmentation
Product Category





Interpretation
Examine progress against benchmarks and prior research
Try to isolate variables that contribute to brand equity Marketing Dashboards are used to display real-time summaries of brand information 3 Steps to Brand Equity Management

Create a brand "bible" charter document formalizing the company's brand position

Explains company philosophy
updated frequently




Brand Equity Reports
Summarizes information from brand tracking studies
Distributed to marketers and managers monthly, quarterly, or per annum
Contains actionable recommendations





Oversee Implementation of Brand Equity in Firm
Set company goals and track progress
Share brand equity information with other company locations and divisions
Frequently evaluate long-term brand equity Brand Equity
Management System a set or organizational methods designed to improve understanding of brand equity within a firm and provide timely and actionable information to marketers Brand Elements and Marketing Communications should always enhance the Product and Emotion Pathways in the Brand Resonance Pyramid Salience Imagery Performance Judgements Feelings Brand
Resonance Brand Performance -
how well the product or service delivers solutions to customer needs. Brand Imagery -
how well the product or service meets social or psychological needs Brand Salience -
consumers' awareness of the brand and the degree to which they see it meeting their needs Brand Feelings -
customers' emotional reactions
to the brand
Brand Judgements -
customers' personal opinions
about the brand based
on brand
performance The Brand Resonance Pyramid Brand
Performance Primary Ingredients
and Features Product
Reliability, Durability,
and Serviceability Service
Effectiveness,
Efficiency, and
Service
Trust Product Style
and Functional
Design Price of Product
or Service Brand
Imagery Type of People
who use Product
or Service Purchase and Usage
Situations Customer Personality
and Values Brand History
and Heritage How customers
experience the
brand Brand
Judgements Quality: does product performance meet expectations? Credibility:
Brand expertise, trustworthiness, and likability Consideration:
does brand offer
enough value for
people to purchase
it? Brand Superiority:
extent to which
customers view
brand as better
than competitors Brand Feelings Warmth:
the brand evokes sentimental
affinity Fun and Excitement:
customers feel energized and elated Security:
brand produces feelings of safety
and assurance Social Approval:
belief brand use
will enhance peer
approval Self - Respect:
brand makes
customers feel
better about
themselves Brand
Resonance Behavioral Loyalty:
customers make repeat purchases
of brand Attitudinal
Attachment:
customers have
positive
attitude or love for brand Sense of Community:
customers feel
kinship through
brand purchases Active Engagement:
Brand engaged customers invest time and money beyond purchase Brand Salience Depth:
How easily brand comes to mind Breadth:
range of usage situations with
which brand is associated Product Category Structure: how
product categories
are organized
in memory http://prezi.com/zafqp6piuhr5/developing-brand-strategy/?auth_key=bdc45589d3e048ccd1417e341059854cfc09c274&kw=view-zafqp6piuhr5&rc=ref-27481401 Designing Brand Programs http://prezi.com/ek-f6385drxc/designing-brand-program/?auth_key=45b5b950dca2309037d9ab6c853bfcddffd13525&kw=view-ek-f6385drxc&rc=ref-27481401
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