Building Customer-Based Brand Equity
Why is building Customer Brand equity so important to establish for a company that is just starting up. Kevin Keller offers many answers why it is so important to do so. First we must understand what customer based brand equity is. It is establishing a name for your product or service. It is quite easy to understand customer based brand equity. The hard part is actually building customer based equity. Before you can start to build a name for your product or service you must start asking yourself some questions. It's a good idea to look at other to answer these questions to build strong brand equity your company will reap huge benefits. You will have repeat customers, less likely to have competitors take your customers, great consumer feed back, easy to have price increases due to demands in the market, better marketing communication, and the opportunity to license your brand. To achieve this marketing miracle you will need to follow the four steps in the CBBE model.
The four steps in the CBBE model are brand identity, brand meaning, brand response, and brand relationships. You must follow these steps to establish brand equity but the CBBE model also depends on six brand building blocks and they are salience, performance, imagery, judgment, feelings, and resonance. These are what are in the brand pyramid. We must understand what the four steps mean. Brand identity is when customers are able to identity a particular product or service by simple looking at a logo or a popular slogan for the company. Brand salience is essential to brand identity so customers can be aware of the brand. A company must find a way for their brand to be easily recognized among the public. The easier it is for a customer to remember a brand the more likely a product or service will be used. Timing is also a huge contributing factor in deciding brand identity. It is important when and where do customers think about certain brands. The next step in...
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