The way most of your customers become aware of your company is through your brand. It is by no means a simple job to obtain such powerful brand equity and client loyalty. It requires consistent attempts and complete efforts, which can be facilitated with your CRM [https://www.zibtek.com/blog/9-ways-to-improve-your-companys-crm-system/] system. Utilizing it in the right way to collect data and analyze the customer's needs can improve your brand reputation. Social Media: Photo by NeONBRAND [ht
In an increasingly competitive marketplace, brands are now more than ever presented with the challenge of capturing and sustaining market share and keeping their customers loyal. This article will show that one significant way a brand can achieve this is through understanding what is meant by brand equity, and will…
This spring at the +Marketing Management Association Conference March 26-28 at the Palmer House Hilton, The conference featured several sessions on social media marketing. Researchers looked at a social media networks and social media marketing's influence on brand equity, compared usage of social media sites by large brands and explored how particular brands appeal to their female customers on social media. This post explores the highlights from each presentation. Attitude toward Social Networking Pages are Related to Brand Equity The first presentation at the Friday 9:30 am session was titled, “Exploring the Impact of Social Networking Sites on Brand Equity. The presentation was made by researchers +Tiffany Machado Blanchflower and Kittchai Watchravesringkan from the University of North Carolina-Greensboro. Not surprisingly, using the hierarchy of effects models and studying brand relationships across firms on Facebook, the researchers demonstrated that (just as attitude toward the brand influences brand equity) attitude toward the brand page in social media also influences brand equity. The aspects of brand equity affected in particular are brand awareness, perceptions of quality and brand loyalty. Customers on social media also like to be entertained which is also related to a positive attitude toward both the social networking site and the brand page. New forms of media can provide both information and entertainment. The positive consumer attitudes that result from this activity can have a long term effect on brand equity. As indicated from the research, brand pages really help reinforce brand relationships but may not be the best place to build a brand relationship. In addition, while new forms of media can influence attitudes toward a brand and long term value, once brand equity is lost it can be difficult to maintain. Social Media' Marketing's Relationship to Brand Equity Coke vs. Pepsi: Who Wins on Social Media? Another set of researchers, Ainswoth Bailey and Colleen Slattery from the University of Toledo, compared the usage of both Coke and Pepsi in terms of social media sites. These are both high involvement brands that have younger consumers in their target market. Baileyand Slattery found that Pepsi lags behind Coke in social media usage. A comparative analysis of Coke and Pepsi's social media usage as part of its communications strategy showed Coke is doing a better job of engaging and getting customers to their social media sites. Coca-Cola is brand people have rallied around. The brand is more communal. Pepsi might be another type of brand that is perhaps more disengaged. For example, Coca-Cola reached out to consumers who started a brand page on Facebook and incorporated that page into their social media strategy, in a clear signal that the consumer is in charge of brand conversations. Not only is Coca Cola known for its community of fans pushing messages, but Coke wants to have a strong content marketing strategy based on brand stories that are 'liquid and linked' together. I teach in my social media class that Coca-Cola wants to have stories that can be shared easily and that have a lasting impact. The stories are liquid because they are constantly changing and linked because they are related to brand strategy. This research showed that although Pepsi is supposed to be targeting the youth market, the firm is not using social media to its advantage in the beverage market. For other products, such as Doritos, social media has been quite effective for the company. Perhaps this result indicates just how strong the fan base must be to energize a social media campaign. You can't force 'buzz.' 'Instamarketing' Toward Women and the Impulse Buy Another researcher, Areej Hassan from Minnesota State University-Mankato, studied 'instamarketing', comparing the usage of Instagram in marketing in brands targeted toward women up to 49 years of age such as Zara, and Forever, 21. She analyzed persuasive messages in Instagram from brands targeted to younger women versus brand with a larger audience. Messages in brands that targeted these women tended to be more emotional and persuasive than other brands. The research found that companies that target women use a different social media approach than the general population. These messages to women tend to target specific purchases, encouraging impulse purchases and also use celebrities in the images. Women seem to want to engage more than men on social media and may be more prone to impulse buys. What we can Take-Away In summary, the key take-aways from these talks were: 1) Social media usage can enhance brand equity and build customer relationships but is not necessarily suited to building brand awareness. 2) Customers drive social media efforts, as evidenced by Coke vs. Pepsi. 3) In social media, women appear to respond to emotional appeals targeted at impulse purchases. We have a lot of research to conduct in social media but these three presentations made an excellent start in helping practitioners understand what can be effective on these platforms. By Debra Zahay-Blatz. You can find Debra on Google+ and Twitter as well as LinkedIn.
Brand equity and brand value sound similar, but they are very different. Learn more about these marketing and branding concepts from Design Squid!
There are several key things to note when it comes to the differences between Brand Image vs. Brand Equity, including customer perception.
Simply, brand equity is the value of a brand. Apple had a brand equity of $233.7B and we explain what that means. Apple's brand equity is 41% of its value.
What is brand equity? Learn the basics of this marketing tool, what components it is made of, and how we can help you build your brand.
Since we have great momentum on the debate on this subject, this is the perfect time to introduce next week's module - Managing Luxury Brand. The topic of "Brand Meaning" is particularly relevant in this industry and so we can carry on our debate and see these ideas through the lens of luxury brands. This has always been one of...
For marketers to successfully do their job, they need to understand the customer. We look at what is marketing psychology, commonly used principles and how to use them.
Silicon Flowers in the Gardner of Bloom.
Interbrand assesses brand value across the world, and the consultancy recently released its “2011 Ranking of the Top 100 Brands” with...
Diversity. Equity. Inclusion. You’re sure to find any combination of these words being used to describe the important work of leveraging differences and cultivating a sense of belonging within organizations. But, do you honestly know what they mean? And if I asked, would you be able to distinguish
Evolving competitive market places have placed enormous pressure on brand strategy. Competition changes perceptions of the existing options by default. Maintaining differentiation then is more than a matter of updating positioning. It requires layered and nuanced approaches rooted in the customer experience, shared community, and brand purpose.
Vicky Leavitt took a long and global road back to Cincinnati.
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Personality Personality is defined by Ryckman, R. (2004) as a person’s unique make-up, which consistently influences the way that person responds to his or her environment. Personality reflects individual differences and unique combination of inner characteristics; no two individuals are exactly alike. Personality allows marketers to divide people into different groups based on their traits. Marketers cannot change consumers’ personalities to meet their products, however, understanding which specific characteristics attract required responses, can help marketers to appeal to these traits in their target audience. Personality can change as it may be altered by major life events such as the birth of a child, death of a loved one, and personal tragedies, for example an accident, health problem, divorce or significant career promotion. Personality changes can also be part of the maturing process. It can be assumed that women’s personality in general changes faster as they grow older. Self-concept Self-concept is “the beliefs a person hold about his or her own attributes as well as how he or she evaluates those qualities” (Solomon, 1999). Self-concept can also be defined as the totality of individuals’ thoughts and feelings having reference to him/her as an object. It consist of self-assessments, features assessed include but are not limited to personality, skills and abilities to name a few. A person's self-concept may change with time as he/she reassesses oneself. Furthermore, the self-concept is not restricted to the present but it includes past selves as well as future selves. Self-concept theory Carl Rogers (1947), the most influential and eloquent voice in self-concept theory introduced an entire system of helping build around the importance of self. In Roger’s opinion, the self is the central ingredient in human personality and personal adjustment. The theory is based on the notion that individuals have a concept of themself based on who they think they are (the actual self) and who they think they would like to be (the ideal self). This is related to two key concepts of psycho- analytic theory, the ego and the super ego. The ego is similar to one’s objective reality; therefore it is similar to the actual self. Whilst the super-ego is defined by the way things should be and hence can be seen as a reflection of the mind (Gay 1989). Actual Self There is no one actual self. Consumers have various role identities for example a mother, who is a wife, working woman and volunteer. One of these roles becomes dominant in specific situations. This particular role affects the behaviour of the individual (dressing style, talking, way they conduct). The amalgam of individuals’ roles makes up the individual self. Studies have confirmed that consumers buy products related to their self-concept This has been depicted in a study carried out by Dolich. The researcher studied buying of beers, cigarettes, soaps and tooth-paste and found that respondents tend to prefer brands they rate similar to themselves. The same is thought to apply to automobiles too. Marketing takes away the concept of the ‘actual self’, the image consumers have of themselves influences their purchases. They attain ‘self-consistency’, by buying products they perceive as similar to their self-concept. Further reading: http://www.scribd.com/doc/19974746/Personality-Self-Concept Ideal Self The concept of the ideal self relates to one’s self esteem. The greater the difference between the actual-self and the ideal self, the lower an individual’s self-esteem. An individual’s dissatisfaction with the actual self will result in purchases of such products that he/she think will enhance his/her self-esteem.
...That's just good marketing.
Brand Equity Models PowerPoint PPT Template is a modern template that you can download and use for any type of business presentation, The template contains 21 unique slides designed by professionals that you can easily edit and fill out with your
Hello creatives! For the next few weeks, I’ll be breaking down some branding and marketing trends for different industries. This week, we’re tackling the content creation industry. First things first, what is a content creator? This umbrella term covers a wide variety of creative professionals,
In an increasingly competitive marketplace, brands are now more than ever presented with the challenge of capturing and sustaining market share and keeping their customers loyal. This article will show that one significant way a brand can achieve this is through understanding what is meant by brand equity, and will…
Making your employer branding inclusive means being real with current and prospective employees while not being afraid to sell a vision. As the Great Resignation becomes the Great Reshuffle, companies are increasingly leaning into employer branding as a strategy for attracting and retaining talent. While competition for top talent is fierce, promoting your organization as […]
