Building Customer-Based Brand Equity
Essay title: Building Customer-Based Brand Equity
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 the CBBE model is brand meaning. The brand must obtain a following. The brand must have something to do with the product so customers can associate the brand with the product. The product is in the center of the CBBE model. So it is important to have a product that has a great performance. A proven track record will make it easy for brand identity and give it meaning as well. Product reliability, durability, and serviceability give a product meaning. Knowing what the product features are also gives the brand meaning. Being efficient is also great to have so customers can know what to expect to get out of the product. Having a great design for the brand for your product also makes the product more appealing to the customer. Price is also a contributing factor for brand meaning. Costumers want to know if the product price is over priced or under price. Next in the CBBE model is brand response. Brand response is how the public reacts with a particular product. The quality, credibility, and how well other products match up to your own product is all associated with brand response. If customers have good experiences with the product seeing a certain brand makes them feel more comfortable to purchase that certain product. Finally in the CBBE model is brand relationships. It’s important to build permanent relationships with the public. It is much cheaper to keep the same customer instead investing money to find new customers. If a certain product never lets them down then customers will become loyal to that particular brand. You know that you have achieved the CBBE model when customers start