The figure below illustraes the four steps that you need to follow to build strong brand equity.
Brand Equity Pyramid
From Kevin Lane Keller's Brand Resonance Model
from Strategic Brand Management (1998 & 2002, Prentice Hall)
Step 1: Salience: Brand Identity “Who are you?”
The brand has to be known. The consumers have to be aware
of the existence and the availability of the product of service. Assure that
the target market can recall and recognize the brand or product.
Step 2: Performance and Imagery “What are you?”
Performance is measures by the reliability and durability
of the product, the service effectiveness and efficiency, and by the price. Performance
is what makes the consumers select a particular brand over others.
Imagery meets consumers’ needs on social and
psychological level by the consumers’ experience or by word to mouth.
Step 3: brand response “What about you?
Consumers respond to a brand by judgments of the actual
or perceived quality, satisfaction, credibility, consideration, and superiority.
Customers also respond to your brand according to how it makes
them feel. Your brand can evoke feelings directly, but they also respond
emotionally to how a brand makes them feel about themselves. According to the
model, there are six positive brand feelings: warmth, fun, excitement,
security, social approval, and self-respect.
Step 4: Resonance or Equity “What about you and me?”
You have achieved brand resonance when your customers
feel a deep, psychological bond with your brand. There are four components of
brand resonance.
- Behavioral loyalty: This includes regular, repeat
purchases.
- Attitudinal attachment: a customer’s sense that they
would miss a brand if it disappeared. The consumers love the brand and see it
as a special purchase.
- A sense of community, in which a customer’s attachment extends
to the company itself, or to other people associated with the brand.
- Active engagement: This is the strongest example of brand
loyalty. Customers are actively engaged with your brand, even when they are not
purchasing it or consuming it. This could include joining a club related to the
brand; participating in online chats, marketing rallies, or events; following
your brand on social media; or taking part in other, outside activities.
Professor Kevin Keller, of Dartmouth College, lists the
following seven benefits of brand equity:
- Be perceived differently and produce different
interpretations of product performance.
- Enjoy greater loyalty and be less vulnerable to
competitive marketing actions.
- Command larger margins and have more inelastic responses
to price increases and elastic responses to price decreases.
- Receive greater trade cooperation and support.
- Increase marketing communication effectiveness.
- Yield licensing opportunities.
- Support brand extension.
Citations:
http://www.marketingresearch.org/brand-equity-models
http://www.mindtools.com/pages/article/keller-brand-equity-model.htm
keller, kevin. Brand Equity Model. 1998. Image. google.comWeb. 22 Oct 2013.
Keller, Kevin. "Brand Resonance as a Strategic Measurement Tool." Journal of Marketing. (2010): n. page. Web. 22 Oct. 2013. <http://www.marketingpower.com/ResourceLibrary/Documents/Whitepapers/Brand Resonance as a Strategic Measurement Tool.pdf>.
from Strategic Brand Management (1998 & 2002, Prentice Hall)
http://www.marketingresearch.org/brand-equity-models
http://www.mindtools.com/pages/article/keller-brand-equity-model.htm
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