Share of Heart, Share of Mind Flashcards

1
Q

Share of heart and mind metrics purpose

A

To diagnose market results (aka market share type metrics) by understanding consumer cognitions, emotions and behavioural intention.

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2
Q

Hierarchy of effects

A

Hierarchy of effects states that consumer cognitions, emotions & behaviour can be arranged in a linear sequence.
Each step needs to happen before the one before it (hence the term hierarchy)

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3
Q

Hierarchy of Effects expressed through

A
  • AIDA: attention à interest à desire à action (sales model from early 1900s)
  • DAGMAR (Defining Advertising Goals for Measured Advertising Results, 1960s): awareness à conviction à comprehension à action
  • Not all situations follow the same “Learn® Feel® Do” model (such as AIDA) - as a result objective setting becomes unreliable. A better strategic tool: the FCB-grid.
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4
Q

Tracking studies

A
  • The most typical source is “brand tracking study” – a survey that is collected among the target group over time (hence the name tracking).
  • Can be continuous, wave tracking, combination, online or in person, for a general purpose, to track effectiveness of advertising and general brand health
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5
Q

Purchase funnel

A
Pre awareness
Awareness
Research and familiarity
Opinion and short list
Consideration 
Purchase
Brand ambassador/ saboteur
Repurchase intent - purchase intent trigger or defection
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6
Q

Awareness

A

the percentage of potential customers or consumers who recognise or name – a given brand. Marketers may research brand recognition on an “aided” or “prompted” level. Alternatively, they may measure unaided or unprompted awareness.

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7
Q

Top of mind

A

the first brand that comes to mind when a customer is asked an unprompted question about a category. The percentage of customers for whom a given brand is top of mind can be measured.

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8
Q

Ad Awareness

A

the percentage of target consumers or accounts who demonstrate awareness (aided or unaided) of a brand’s advertising. This metric can be campaign – or media specific, or it can cover all advertising.

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9
Q

Brand/ Product knowledge

A

the percentage of surveyed customers who demonstrate specific knowledge or beliefs about a brand/product.

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10
Q

Brand awareness

A

measures to what extent the brand/company is present in consumers’ memory:

  • Unaided: only count the first mentions
  • Aided: count the number of mentions of each brand and divide by the total number of respondents.
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11
Q

Brand Attitudes

A
  • Purpose to assess deep-seated beliefs, thoughts, feelings about a brand
  • Built on the general psychological concept of attitudes
  • Family of metrics, not a single one!
  • Relatively stable, positive or negative assessments of an object (in our case, brand or company)
  • Can be cognitively (rational attitudes, beliefs, knowledge) or emotionally based (feelings, emotions)
  • Attitudinal loyalty (how much consumers are committed to a brand) is also measured
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12
Q

Key metrics for attitudes

A
  • Attitudes towards a brand/product: this brand is for people like me
  • Perceived value for money: this brand usually represents a good value for money
  • Perceived quality: compare with other similar products/ brands
  • Intentions: customers stated willingness to behave in a certain way
  • Purchase intentions: customers stated purchase intentions
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13
Q

Brand Attitudes Diagnostics

A
  • Detailed metrics about consumers’ beliefs about particular aspects of the brand/product
  • Usually a “battery” of questions respondents need to assess, not a single-item measure
  • Has to relate to strategic issues
  • Can be functional features (performance, quality, specific benefits).
  • Can be emotional characteristics (emotions associated with the brand, brand personality measures).
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14
Q

Purchase Intention

A
  • willingness to buy in the future.
  • purpose: to assess how much respondents are willing to buy
  • Theoretical support: purchase intentions are well correlated with actions. Theory of Reasoned Action, Theory of Planned Behaviour
  • Assesses behaviours on a self-report basis
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15
Q

Share of heart and mind metrics challenge

A
  • Cross check self-report tracking data with other sources (sales, distribution channel data, etc.)
  • Use benchmarks
  • Separate customer from non-customer segments
  • Cut data by users/nonusers, important segments
  • Be aware of methodological changes, external (non-marketing) events that can bias the results, “break” trends
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16
Q

Satisfaction

A

number or % of customers, whose reported experience with a firm/brand/ products/ services/ rating exceed specified satisfaction goals. Experience can be measured along various dimensions. Customer satisfaction is measured at the individual level, but it is reported at an aggregate level.

17
Q

Willingness to recommend

A

% of surveyed customers who indicate that they would recommend a brand/product to others. Brand loyal (satisfied) customers execute positive word of mouth (WOM) marketing.

18
Q

Satisfaction purpose

A

Assess among current users’ perceptions that can change market results in the future. Theoretical background: disconfirmation of expectations theory. Expectations are a key factor behind evaluating satisfaction.

19
Q

Satisfaction challenges

A
  • Small percent report back: the negatively biased
  • Survey most used means of collecting satisfaction data. Who responds to surveys. Reliability and validity of the survey. Sample selection bias and issues.
  • Deeply dissatisfied may have already left
  • You also need to consider expectations – what is the level of expectations, have those changed, etc.
20
Q

Recommendations/ Net Promoter

A

measure of customer satisfaction and/or loyalty. Report on the social context/ promotion of consumption.

21
Q

Net Promoter Score (NPS)

A

degree to which current customers will recommend a product, service or brand. Stable metric used to motivate employees and monitor progress.

22
Q

NPS purpose

A

to report on the social context of consumption

23
Q

Promoters

A

satisfied and willing to recommend (ratings of 9-10)

24
Q

Passives

A

satisfied by unenthusiastic customers (ratings 7-8)

25
Q

Detractors

A

customers unwilling to recommend (ratings of 0-6)

26
Q

NPS Challenges

A
  • Same NPS score can indicate different business circumstances
  • Measure across categories, regions, sectors
  • Self-report from survey data (survey issues)
  • Is it a symptom or a leading indicator?
27
Q

Benchmarks for NPS

A
  • Compare it within your industry
  • Compare scores within a region
  • Use your NPS as your own benchmark
28
Q

Willingness to search

A
  • measures the likelihood that loyal customers will delay purchase, change stores, or reduce purchase quantities to avoid switching brands.
  • Mind set of “accept no substitute”. One measure of brand loyalty.
  • Loyalty can be captured with a simple question: when faced with a situation in which a brand is not available, will its customers search further/ substitute the best available option?
29
Q

Customers with high willingness to search allows the brand?

A
  • Time to respond to competitive threat as customers will stay with them while they address the threat
  • Generate powerful leverage in trade negotiation
30
Q

Purchase based loyalty metrics is affected by?

A
  • Whether a product is broadly and conveniently available for purchase
  • Whether customers enjoy other options in product category.