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Creating Brand Equity

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intended to identify the goods. or services of one seller or group ... Consumers live in an emotional world; their emotions influence their decisions. ... – PowerPoint PPT presentation

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Title: Creating Brand Equity


1
Creating Brand Equity
2
Brand
A name, term, sign, symbol or design, or a
combination of them, intended to identify the
goods or services of one seller or group of
sellers and to differentiate them from those of
competitors.
3
The Role of Brands
Identify the maker
Simplify product handling or tracing
Organize accounting and inventory records
Offer legal protection for unique features or
aspects of product
4
The Role of Brands
Signify quality
Create barriers to entry
Serve as a competitive advantage
Secure price premium
5
Branding
Endowing products and services with the power of
a brand.
6
Brand Equity
The differential effect that brand knowledge has
on consumer response to the marketing of that
brand.
7
Brand Knowledge
Thoughts
Feelings
Knowledge
Images
Beliefs
Experiences
8
Marketing Advantages of Strong Brands
  • Improved perceptions of product performance
  • Greater loyalty
  • Less vulnerable to competition
  • Less vulnerable to crises
  • Larger margins
  • Inelastic consumer response to price increases
  • Elastic consumer response to price decreases
  • Greater trade cooperation
  • Increase in effectiveness of IMC
  • Licensing opportunities
  • Brand extension opportunities

9
Branding a Place
10
Brand Promise
The marketers vision of what the brand must be
and do for Consumers.
11
The Virgin Brand
12
Brand Equity Models
  • Brand Asset Valuator
  • Aaker Model
  • BRANDZ
  • Brand Resonance

13
Brand Asset Valuator (BAV)
Brand Equity
Differentiation
Knowledge
Relevance
Esteem
14
Aaker Model Brand Identity
Brand-as-organization (Organizational Attributes,
local vs. global)
Brand-as-product (Scope, attributes,
quality/value, uses, users, Country of origin)
Brand-as-person (Brand Personality, customer
relationships)
Brand-as-symbol (visual imagery/metaphors, Brand
heritage)
15
Aaker Model Brand Assets
Brand loyalty
Brand associations
Brand awareness
Proprietary Assets (patents, trademarks, channel
relationships)
Perceived quality
16
The BRANDZ Model (sequential steps)
Bonding (best)
Advantage (better)
Performance (deliver)
Relevance (value)
Presence (awareness)
17
Brand Resonance Pyramid (sequential series of
steps)
18
Drivers of Brand Equity
Brand Elements
Marketing Activities
Meaning Transference
19
Brand Elements
Brand names
URLs
Slogans
Elements
Logos
Characters
Symbols
20
Brand Elements
21
Brand Element Choice Criteria
  • Memorable
  • recall
  • Meaningful
  • credible
  • Likeability
  • appealing
  • Transferable
  • other products or locations
  • Adaptable
  • updatable is brand elements
  • Protectible
  • legally

22
The cupped hands are an element of Allstates
brand
23
Slogans
  • Like a good neighbor, State Farm is there
  • Just do it
  • Nothing runs like a Deere
  • Help is just around the corner
  • Save 15 or more in 15 minutes or less
  • We try harder
  • Well pick you up
  • Nextel Done
  • Zoom Zoom
  • Im lovin it
  • Innovation at work
  • This Buds for you
  • Always low prices

24
Designing Holistic Marketing Activities
Personalization (Internet, experiential,
one-to-one, permission)
Integration (mixing/matching marketing
activities to maximize individual/collective
effects)
Internalization (activities/processes to
inform/inspire employees)
25
Measuring Brand Equity
Brand Audits (health of brand)
Brand Tracking (over time)
Brand Valuation (financial worth)
26
The 10 Most Valuable Brands
Brand 2004 Brand Value (Billions)
Coca-Cola 67.39
Microsoft 61.37
IBM 53.79
GE 44.11
Intel 33.50
Disney 27.11
McDonalds 25.00
Nokia 24.04
Toyota 22.67
Marlboro 22.13
27
Managing Brand Equity
Brand Reinforcement (consistently convey the
meaning of the brand)
Brand Revitalization
Brand Crises
28
Devising a Branding Strategy
Develop new brand elements
Apply existing brand elements
Use a combination of old and new
29
Brand Naming
Individual names (not tied to company reputation)
Blanket family names (create brand-name
recognition)
Separate family names (very different products)
Corporate name-individual name combo (sub-branding
Kelloggs Rice Krispies, Raisin Bran, Corn
Flakes)
30
Brand Roles in a Brand Portfolio
Flankers (attack competitor brands so flagship
brands retain desired positioning)
Cash Cows (milk reservoir of existing brand
equity)
Low-end Entry-level (attract customers)
High-end Prestige (adds value credibility to
entire portfolio)
31
Branding A Service Organization
  • A strong service brand is essentially a promise
    of future satisfaction
  • Blend (customers point of view) of what the
    organization
  • states it is,
  • what others say, and
  • how the organization performs the service
  • Principal components of a service brand
  • Presented Brandcontrolled communications
  • Brand Awarenessability to recognize recall
    brand
  • External Branduncontrolled communications
  • Brand Meaningdominant perceptions of brand
  • Brand Equity--differential effect that brand
    knowledge has on consumer response to the
    marketing of that brand.

32
A Service-Branding Model
Presented Brand
Brand Awareness
  • External Brand
  • Communications

Brand Equity
Customer Experiences with Company
Brand Meaning
33
Cultivating Brand Equity
Internalize the Brand
Dare to be Different
Brand Equity
Determine your own Fame
Emotional Connection
34
Dare to be Different
  • The strongest brands reveal a conscious effort to
    be different
  • Branding strategy goal is to reinforce a
    demonstrably different service experience with a
    demonstrably different brand presentation
  • Starbucks could squeeze more tables and chairs
    into their stores, but doing so would undermine
    what they are really selling a respite and a
    social experience
  • Because of its two-by-two configuration of
    leather seats (instead of the more common
    three-by-three seating), Midwest Express
    Airlines all coach service seems like first
    class.
  • Enterprise Rent-A-Car customer-contact employees
    dress for differentiation. Men wear suits and
    women dresses or shirts and hose.

35
Determine Your Own Fame
  • Service companies strengthen brand equity by
    focusing on underserved marketing needs.
  • Service companies with strong brand equity
    provide a service that customers truly value
    perform it better than competitors and
    effectively tell their story through
    communications that create awareness, stimulate
    trial, and reinforce customers experiences
  • Charles Schwab Corporation gave investors who
    knew what stocks they wanted to buy or sell the
    opportunity to do so without paying full
    commissions for advice they did not use.
  • In Zagats (1997) survey of 60 of the worlds
    largest airlines on comfort, service, timeliness,
    and food, Midwest Express ranked 1st in the
    United States and was the only U.S. airline to
    place in the worlds Top 10

36
Make An Emotional Connection
  • Great Brands reach beyond the purely rational and
    purely economic level to spark feelings of
    closeness, affection, and trust.
  • Consumers live in an emotional world their
    emotions influence their decisions.
  • Great Brands transcend specific product features
    and benefits and penetrate peoples emotions.
  • Charlotte Beers (1998), chairman of J. Walter
    Thompson, stated The truth is, what makes a
    brand powerful is the emotional involvement of
    customers
  • The Globetrotters is a magical branda brand that
    evokes images of fun and laugher, respect and
    decency, hard work, and good values.
  • Midwest Express could portray chocolate chip
    cookies in its advertising, but far more powerful
    is actually baking them onboard for passengers
    and serving them with a warm smile

37
Internalize the Brand
  • Internalizing the brand involves explaining and
    selling the brand to employees. Most of all,
    internalizing the brand involves involving
    employees in the care and nurturing of the brand
  • Enterprise Rent-A-Car
  • Well pick you up
  • Midwest Express noted that its employees are the
    most important audience for its marketing
    efforts.
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