(CBBE)
The customer-based brand equity (CBBE) concept provides guidance about how we can measure brand equity.
Conducting brand audits
Helps marketers understand how consumers think , feel and act tpowards a brand
A brand audit is a comprehensive examination of a brand to discover its sources of brand equity
A marketing audit is a “comprehensive, systematic, independent, and periodic examination of a company’s—or business unit’s—marketing environment, objectives, strategies, and activities with a view of determining problem areas and opportunities and recommending a plan of action to improve the company’s marketing performance→ internal exercise
Brand audit is more external, focused on customers
Brand audit requires understanding the sources of brand equity from the firm and the customers perspective
Conduct brand audits on a regular basis
Ex: dominos conducting a brand audit to see how people felt about the brand and saw that people didnt likke the flavour and were connected to the company anymore . they created new ads and created better pizza , reinforced its brand identity through social media
Brand inventory
The purpose of the brand inventory is to provide a current, comprehensive profile of how all the products and services sold by a company are marketed and branded
Firms set up war rooms
With the advent of digital marketing and social media, conducting an inventory of digital brand assets has become an important task in the context of conducting a brand inventory.
Brand inventory is a valuable step bc it shws what consumers current perceptions are based on, can be helpful for useful analysis and how brand equity could be better managed
A digital inventory of brand assets may provide four types of useful insights:
(1) Outdated brand accounts that have fallen into disuse, and perhaps need to be closed or updated; (2) Overlapping brand assets which can be merged or deleted, to ensure a more streamlined set of assets; (3) Existing brand accounts with information that is either inaccurate or not up-to-date. For example, brand logos may feature outdated colors or design, which may need to be updated; (4) Particular digital and social media channels where the brand does not have a presence—this could be a starting point for reworking the strategy going forward.
Brand exploratory
Actual consumer perceptions may not reflect those the marketers intended
Thus, the second step of the brand audit is to provide detailed information about what consumers actually think of the brand by means of the brand exploratory.
The brand exploratory is research directed to understanding what consumers think and feel about the brand and act toward it in order to better understand sources of brand equity, as well as any possible barriers
steps to brand exploratory
Dig through the company archives to uncover reports that may have been hruied but may contain insights
Interview internal personal to understand their heleifs about consumer pereptiosn and other brands
Additional research to understand how consumers shop different brands
mental maps
Mental amps: A mental map accurately portrays in detail all salient brand associations and responses for a particular target market. Ask consumers their top of mind brand associations . maybe group brand associations into related categories
brand concept maps
elicits brand association networks (brand maps) from consumers and aggregates individual maps into a consensus map.12 This approach structures the brand elicitation stage of identifying brand associations by providing survey respondents with a set of brand associations used in the mapping stage. The mapping stage is also structured and has respondents use the provided set of brand associations to build an individual brand map that shows how brand associations are linked to each other and to the brand, as well as how strong these linkages are. Finally, the aggregation stage is also structured and analyzes individual brand maps step by step, uncovering the common thinking involved.
Conducting quantitative research
Gives a more definitive assessment of the depth and breadth of brand awareness and how strong, favourable and unique the brand associations are
Marketers should attempt to assess all potentially salient associations identified by the qualitative research phase according to their strength, favorability, and uniqueness. They should examine both specific brand beliefs and overall attitudes and behaviors to reveal potential sources and outcomes of brand equity. And they should assess the depth and breadth of brand awareness by employing various cues. Typically, marketers will also need to conduct similar types of research for competitors to better understand their sources of brand equity and how they compare with the target brand.
Marketers should study other brand elements in the brand exploratory as well, because they may trigger other meanings and facets of the brand.
why are digital marketing reviews helpful
it can show whether a brands digital efforts are received in online channels compared to competition, can unlock iumoortant customer level insights and industry trends which can help develop a better brand image and personalkity, can be useful input to brand strategy development and providing rich suytemr insights, can act as a health check of a brands digital marketing and social media strategy and allow brand managers to intrfouce right measures
Designing rband tracking studies
Brand audits are a means to provide in-depth information and insights essential for setting long-term strategic direction for the brand. But to gather information for short-term tactical decisions, marketers will typically collect less detailed brand-related information through ongoing tracking studies.
Brand tracking studies collect information from consumers on a routine basis over time, usually through quantitative measures of brand performance on a number of key dimensions that marketers can identify in the brand audit or other means. They apply components from the brand value chain to better understand where, how much, and in what ways brand value is being created, offering invaluable information about how well the brand has achieved its positioning.
Tracking studies thus play an important role by providing consistent baseline information to facilitate day-to-day decision-making. A good tracking system can help marketers better understand a host of important considerations such as category dynamics, consumer behavior, competitive vulnerabilities and opportunities, and marketing effectiveness and efficiency.
Product brand tracking
Tracking an individual branded product requires measuring brand awareness and image, using both recall and recognition measures and moving from more general to more specific questions.
Thus, it may make sense to first ask consumers what brands come to mind in certain situations, to next ask for recall of brands on the basis of various product category cues, and to then finish with tests of brand recognition (if necessary)
Moving from general to more specific measures is also a good idea in brand tracking surveys to measure brand image, especially specific perceptions like what consumers think characterizes the brand, and evaluations such as what the brand means to consumers.
Given that brands often compete at the augmented product level (see –>Chapter 1), it is important to measure all associations that may distinguish competing brands. Thus, measures of specific, lower-level brand associations should include all potential sources of brand equity such as performance and imagery attributes and functional and emotional benefits.
Marketers should assess those key brand associations that make up the potential sources of brand equity on the basis of strength, favorability, and uniqueness in that order
Unless associations are strong enough for consumers to recall them, their favorability does not matter, and unless they are favorable enough to influence consumers’ decisions, their uniqueness does not matter.
Big Data and Marketing Analytics Dashboards
Due to the Growth of mobile payments and rise of networks of data-gathering sensors there is a lot of ways to track customers
Ex: millercoors can track a customer going from bar to restaurant to convenience store
Marketing Analytics Dashboard
Significant benefits to investing in data analytics and process within an organization, as well as marketing analytic dashboards→ can communicate important metrics and make them available throughout the organization
Marketing analytic dashboards can help answer four types of questions: What happened? Why did it happen? What will happen if? What should happen?
Can answers questions related to likely effects of social media expenditures, ROIs of different campaigns and influencer marketing programs, the impact of online vs offline marketing expenditures on sales expenditures and more
Answers tot hese questions help improve company metrics and financial returns
One challenge of using marketing analytics is communication- many survey respondents did not believe they were communicating and activating insights
Branding brief Taco bell example: launch mobile app first relied on customer feedback, then used analytics to identify brand audience, used location based targeting, they used innovative partnerships as well with lyft fpt example and in general applied data analytics internally to reduce employee turnover by combining insights with staff feedback
Establishing a Brand Equity Management System
Brand tracking studies and brand audits have a lot of info about hwo to best build and measure brand equity
Brand equity measurement system helps managers make good decisions or at least decrease likelihood of bad ones
One of the biggest threats to brand equity comes from inside the organization and that marketing managers are given short term assignments and therefore have short term perspectives → leads to quick fix sales generating tactics such as line and category extensions, sales promotions, etc
A brand equity management system is a set of organizational processes designed to improve the understanding and use of the brand equity concept within a firm
Three major steps help to implement a brand equity management system: creating brand charters or bibles, assembling brand equity reports, and defining brand equity responsibilities
Branding bried understanding and amanging the maya clinic brand
To build their brand, Mayo Clinic keeps the focus on their patients, even if it does not make sense from a financial standpoint
They partnered with Optum which created an open innovation center to support data driver esearch to health isssues, A data-driven approach to technology allows Mayo Clinic to keep track of health care outcomes and costs
Maya clinic is successful because they can integrate practice, education and research
Brand Charter or Bible
the frist step to establishing brand equity management system is to create a formalized company brand equity view in a document- the brand charter- it provides relevant guidelines to marketing managers within the company as well as to key marketing partners outside the company
The document should: Define the firm’s view of branding and brand equity and explain why it is important, Describe the scope of key brands in terms of associated products and the manner by which they have been branded and marketed, Specify what the actual and desired equity is for brands at all relevant levels of the brand hierarchy- it should define points of parity, points of different and brand mantra
Explain how brand equity is measured in terms of the tracking study
Suggest how marketers should manage brands with sgneeral guidelines, stress clairty, consistency, innovaiton
Outline how to devise marketing programs along specific tactical guidlines, satisfying differentiation, relevance, integration, value and excellence criteria, guidelines for advertising campaign as well
Specify the proper treatment of the brand in terms of trademark usage, design, etc
Should be updated ib abbuak basis to identify new opportunities and risks for the brand
skype’s “brand bible” states how they want to be viewed by customers, jpw the firm uses branding to achieve that, why they chpse that logo and the dos and donts of their marketing
Brand equity report
Second step in establishing successful brand equity management system is to assemble the results of the tracking survey into an brand equity report to be distributed to maangement regularly
The brand equity report attempts to summarize the contents of analytic dashboard information, with a view to aid decision-making
Contents: It should include all relevant internal measures of operational efficiency and effectiveness and external measures of brand performance and sources and outcomes of brand equity
One sections should summarize consumers perceptions of key attribute or benefit associations, preferences and reported behavior
Another section of the report should include more descriptive market level info such as: Product shipments and movement through channels of distribution, Retail category trends, Relevant cost breakdowns, Price and discount schedules where appropriate, Sales and market share information broken down by relevant factors (such as geographic region, type of retail account, or customer), Profit assessments
Brand equity responsibilities
Weak brands often suffer from a lack of discipline, commitment, and investment in brand building
To maximize brand equity in ling term managers must clearly define org responsibilities and pressesses with respect to the brand
Overseeing Brand Equity
The firm should establish a position responsible for overseeing the implementation of the brand charter and brand equity reports to ensure central coordination
Scott Bedbury advocates for a chief brand officer (CBO) whos job is to: champion and protec the brand both inside and outside the company→ all employees should understand the brand values, is an architext and not only helps build the brand but also plans, anticipates, etc, and determines and protects the voice of the brand over time by taking a long term perspective
Bedbury also suggests for periodic brand development reviews following these activities: review brand-senstiive material, review the status of key brand initiatives, review brand sensitive projects, review new product and distribution strategies with respect to brand values and resolve brand positioning conflicts
One of senior management’s important roles is to determine marketing budgets and decide where and how to allocate company resources within the organization
Organizational design and structures
The firm should organize is marketing function to optimize brand equity
Brand managers are being introduced into many different organizations
Procter & Gamble’s marketing directors became brand directors, with four functions including brand management, consumer and marketing knowledge, communications and design
Many firms are thus attempting to redesign their marketing organizations to better reflect the challenges faced by their brands
Firms are trying mto ge their marketing departments to be more data driven, with its emphasis on data analytics and hypertargeting→ Clorox made the following changes to adapt to the digital revolution in marketing: (1) it increased its investment in digital media and analytics; (2) it partnered with digital advertising agencies; and (3) it changed its marketing organization to allow for faster reaction to marketplace changes
The goal in these new organizational structures and new marketing skills is to improve internal coordination and efficiencies as well as external focus on retailers and consumers in the changing digital world
Managing Marketing Partners
Factors like cost efficiencies, organizational leverage, and creative diversification affect the number of outside suppliers the firm will hire in any one area, a challenge is to ensure brand equity is preserved
When dealing with a multiple market, multiple product org the product and palace have tobe in balance
Many firms are consolidating their advertising to a single digital firm
When dealing with a single firm the advantage is that there is greater consistency in understanding and treatment of the brand
One important function of having a brand charter or bible is to inform and educate marketing partners so that they can provide more brand-consistent support
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chapter `145
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sept 2nd- class notes (chapter 1)26
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chapter 2 textbook68
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September 4th- session 3 chapter 232
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chapter 3 - textbook74
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session 4- September 9th36
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hbr article17
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session 5- September 11th5
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chapter 922
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chapter 10 textbook59
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chapter 4 textbook44
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September 18th brand elememts24
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sept 3027
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October 2nd19
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chapter 5 textbook49
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chapter 6 textbook75
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chapter 8 textbook42
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October 721
