BM Resonance and Value Chain Flashcards by joe juicer

4 Steps to building a strong brand

Ensure identification of the brand with customers and an association of the brand
Firmly establish the totality of brand meaning in the minds of customers
Elicit the proper customer responses to the brand.
Convert brand responses to create brand resonance and an intense, active loyalty relationship between customers and the brand.

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Brand Resonance pyramid

Top: Resonance (Loyalty, Attachment, Community, Engagement)

Tier 2:
Judgement (Quality, credibility, consideration)
Feeling (Warmth, fun, excitement)

Tier 3:
Performance (price, primary characteristics, durability)
Imagery (values, history, heritage, user profile)

Tier 4:
Salience
(Category Identification, Needs Satisfied)

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Sub-dimensions of Brand Resonance Pyramid (Stages of Brand Development)

Bottom to top:

Identity: Who are you?

Meaning: What are you

Response: What about you?

Relationship: What about you and me?

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Sub-dimensions of Brand Resonance Pyramid (Branding Objective at Each stage

bottom to top

Depp, broad, brand awareness

points of parity and difference

positive, accessible reaction

intense, active loyalty

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Brand Salience

How easily and often the brand is evoked under various situations or circumstances

Breadth and depth of awareness:
Gives a product identity by linking brand elements to:
 The product category
 The associated purchase
 The consumption or usage situations

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Strategic implications of brand salience

Brand needs to be top-of-mind and have sufficient mind share:

But also must do so at the right times and places

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Brand performance

Describes how well the product or service:
o Meets customers’ more functional needs
o Rate on objective assessments of quality
o Satisfies utilitarian, aesthetic, and economic customer needs and wants in the product or service category

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Attributes that often underlie brand performance?

o Primary ingredients and supplementary features
o Product liability, durability, and serviceability
o Service effectiveness, efficiency, and empathy
o Style and design
o Price

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Brand Imagery

Brand imagery depends on the extrinsic properties of a product or service

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4 main kinds of intangibles thatcan be linked to the brand?

User profiles
Purchase and usage situations
Personality and values
History, heritage, and user experiences

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User imagery

One set of brand imagery associations is about the type of person or organization who uses the brand
 Gender
 Age
 Race
 Income

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Purchase and usage imagery

Associations that tell consumers under what conditions or situations they can or should buy and use a brand

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Brand personality and values

Through consumer experience or marketing activities, brands may take on personality traits or human values

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5 Dimensions of brand personality

SECSR

Sincerity
 Down-to-earth, wholesome, cheerful, honest
 E.g., Patagonia

Excitement
 Daring, spirited, up to date
 E.g., tiktok

Competence
 Reliable, successful
 E.g., Amazon, Apple, BMO

Sophistication
 Upper-class and charming
 E.g., Nespresso, any luxury brand

Ruggedness
 Outdoorsy and tough
 E.g., Jeep, MEC, Nalgene

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Brand Judgment

Customers’ personal opinions about and evaluations of a brand

Consumers form judgments by putting together all the different brand performance and imagery associations

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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 relates 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

Perceived expertise
 Competence, ability to be a leader, innovative

Trustworthiness

Likability
 Fun and interesting brand

What makes up brand credibility?

Perceived expertise
 Competence, ability to be a leader, innovative

Trustworthiness

Likability
 Fun and interesting brand

Brand considerations

Unless a consumer gives serious consideration to purchasing, how highly they regard the brand is of little importance

Depends on the extent to which strong and favourable 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

6 Types of Brand-building feelings

WEFSSS

Warmth
Fun
Excitement
Security
Social approval
Self-respect

Brand Resonance

Ultimate relationship and level of identification that a customer has with a brand

4 categories of brand resonance

Behavioral loyalty
Attitudinal attachment
Sense of community
Active engagement

Behavioural Loyalty

Repeat purchases and the amount or share of category volume attributed to the brand

Attitudinal attachment

Resonance requires a strong personal attachment - Going beyond having a positive attitude: o 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 Building Implications

Marketers can assess their brand’s progress in their brand-building efforts through the brand resonance model:

Brand Value Chain

A structured approach to assessing the sources and outcomes of brand equity and the manner by which marketing activities create brand value 1. Marketing program investment Program quality multiple 2. customer mind-set marketplace conditions multiplier 3. Market performance investor sentiment multiplier 4. shareholder value

Marketing program investment

Any marketing program investment that can contribute to brand value development

Program quality multiplier

DRIVE o Distinctiveness o Relevance o Integrated o Value o Excellence `

Customer mind-set

Includes everything that exists in the minds of customers with respect to brand: - Brand awareness - Brand associations - Brand attitudes

Marketplace conditions multiplier

Extent to which value created depends on factors beyond the individual customer: o Competitive superiority o Channel and other intermediary support o Customer size and profile

Market performance

- Price premiums - Price elasticities - Market share - Brand expansion - Cost structure; reduced marketing program expenditures - Brand profitability

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

Shareholder value

Financial marketplace formulates opinions and assessments - Direct financial implications for brand value

The brand value chain 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