Customer based brand equity
The unique and distinctive effect that the customers has towards the brand is the result of effective marketing of the brand which creates a valuable space in the minds of the customers.
Customer based brand equity acts as a bridge between the marketing programmes offered by the firm and the response of the customers towards it. It mainly denotes the reflection of the investments made in the past for creating effective marketing techniques and the also gives the direction to carry out the future marketing actions to achieve more and more response from the customers. This mainly requires knowing every side of the customer’s need.
Customer based brand equity can be created effectively only by focussing on three key concepts which are:
Brand awareness which includes brand recall and recognition. Brand recall is when at the time of purchase the customer remembers that brand and purchase it and Brand recognition is when from different alternatives customer identifies a particular brand.
Brand Image – It is very important that for creating customer based brand equity the brand should develop a positive image that has to be strong and valuable.
Brand Association- The secondary associations of the brand should also be strong and unique so that it adds some value to the brand, therefore marketer should also focus upon it.
The customer based brand equity pyramid is divided into certain dimensions that should be looked upon while creating a brand. Each of the dimension is discussed below:
- Depth of brand awareness
- Ease of recognition and recall
- Strength and clarity of category membership
- Breadth of brand awareness
- Purchase consideration
- Consumption consideration
These dimensions include:
- The main features of the product
- Reliability and uniqueness in the product
- Efficiency of the product
- Appearance of the product
- Price of product
Imagery Dimensions – These dimensions would include:
- Demographical characteristics of the customers
- Time and context of the usage
- Personality of the product in terms of commitment
- History or past experiences for the product
Judgement Dimensions- These dimension includes the judgement that the customer gives about the product or service based on certain dimensions like
- Quality of the brand in terms of value delivered by it
- Credibility of the brand in terms of trust and likeliness towards it
- Relevance of the brand to the customers
- Difference in the brand
- Feeling of Warmth with the brand
- Fun in purchasing the brand
- Security in terms of need fulfillment
- Self-respect gained from the brand
- Customer loyalty
- Attachment with the brand
- Loving the brand
- Proud of the brand
- Active involvement with the brand