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Building Brands. Brand Equity. Brand Equity is defined as: Financial “asset value” of a brand Derived from goodwill and loyalty it has built among customers Has high awareness and perceived quality Better imagery and personality associations. Brand Equity. High Brand Equity brands

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brand equity
Brand Equity
  • Brand Equity is defined as:
    • Financial “asset value” of a brand
    • Derived from goodwill and loyalty it has built among customers
    • Has high awareness and perceived quality
    • Better imagery and personality associations
brand equity1
Brand Equity
  • High Brand Equity brands
      • Can extract higher prices
      • Customers repurchase the brands more often than they should
      • Have loyal customer bases
  • Preference and loyalty higher
      • Not because the product is functionally superior
      • But consumer perceptions of the brand is better
brand equity2
Brand Equity
  • The associations of the brand in the consumers mind create
    • An intimacy and loyalty towards the brand.
  • The associations do not vary much across segments
  • The role of marketing is to
      • Build awareness to communicate high quality
      • Create or modify product associations
      • Build higher loyalty
  • Direct marketing useful for building brand equity when target segment is
      • Narrower, and
      • Difficult to reach
building quality reputation through direct marketing
Building Quality Reputation through Direct Marketing
  • Communicating Quality
    • Detailed claims about product features and benefits
    • Stronger communications about why a product is superior
    • Can provide customized messages to different customers
    • Maximize the perceived degree or value and quality communicated
building quality reputation through direct marketing1
Building Quality Reputation through Direct Marketing
  • Achieving Credibility
    • Understand and refute customer objections
    • Cite testimonials from satisfied customers
    • Offer guarantee for satisfaction
  • Frequency of post sale contact
    • Lower follow up costs to monitor and improve customer satisfaction
building associations
Building Associations
  • Communications should be designed to
    • Convey product information
    • Overcome consumer inertia to buy
    • Build the linkage between the brand, and its symbols that possess “cultural meaning”
  • Loyalty
    • Two types: behavioral and attitudinal
    • Attitudinal better for building brand loyalty
customer service department
Customer Service Department
  • Historically functioned as complaint center.
  • Today technology has allowed order processing and next day shipment.
  • Companies who do not meet baseline service standards cannot survive.
  • Service focus has shifted from product focused to customer focused.
customer service department1
Customer Service Department
  • Customer service is the primary channel of contact between both prospects and customers
  • Responses given by Customer Service Representatives are critical for maintaining and building relationships.
  • Proper service provides opportunities for cross-selling, affinity selling, and upselling.
  • Most overlooked aspect- easy data collection.
information needed by customer service
Information Needed by Customer Service
  • Basic Name, address information about the customer
  • Company to customer communications
      • Bills, shipments, and promotions
  • Customer to company transactions
      • Payments, returns, and complaints
  • Details about products, services, policies, and procedures.
  • The information needs to be timely, accurate and complete.
marketing information
Marketing Information
  • Two types of information collected:
      • Static and Dynamic
  • Static Information
    • Basically Name, address information
    • Primary use is for mass mailings
    • Customer service can be used to fill in any missing customer details
dynamic marketing information
Dynamic Marketing Information
  • Information regarding expected and unexpected event.
  • Expected event
    • Initiator could be company or customer.
    • Example: response from a customer regarding a promotion, or bill
    • Historical information regarding customer events needs to considered when contacting a customer
dynamic marketing information1
Dynamic Marketing Information
  • Unexpected events
    • Example: customer complaints, returns or inquiries.
  • Current systems provide only summary information as to whether the contact was an order or complaint.
  • Systems need to capture information at a better detail.
  • Information requirements:
      • initial mode of contact,
      • whether the problem was resolved or not, and
      • how it was resolved
  • Integration between all modes of communication required.
survey data
Survey Data
  • Survey data normally collected by market research firms.
  • Only summary data maintained.
  • The detailed data regarding specific responses is also useful for database marketing.
  • Customer service can:
      • Obtain survey data when customer initiates contact
      • Use historic survey data to initiate contact with customers in a timely fashion
issues with survey data
Issues with survey data
  • Surveys sent to only a sample of customers.
  • Only a percentage of the original sample respond.
  • Detailed information available only for a small percentage of the total customer base.
  • Initial database design required to integrate survey data with marketing data already existing.
information required for customer service
Information Required for Customer Service
  • Service representatives require information about individual customers when initiating dialogs.
  • Information provided by the marketing database includes
      • Whether the customer is a gold/platinum member.
      • Product/services customer should be made aware of.
      • Information the representative can collect from a particular customer.
  • The representative is in closest contact with the customer.
  • Canned or broadcast oriented messages do not work here
customer service on the internet
Customer Service on the Internet
  • Historically web sites gave out only 800 numbers.
  • Currently web sites are more dynamic and provide:
      • Product support and FAQs
      • Provisions for complaint e-mails
      • Separate corporate intranet access for dedicated customer service
customer service on the internet1
Customer Service on the Internet
  • Pros:
    • Cost effective
    • Better reach
    • Faster service
  • Cons:
    • Restricted currently to GenX
    • Internet has a Pull strategy Vs. Push strategy of traditional direct marketing
    • Capabilities restricted by customers’ computers
customer service on the internet2
Customer Service on the Internet
  • Future:
    • Common web sites serving both customers and service representatives
    • Access to information for customers restricted through intranets
    • Customer service representatives can have updated information in real time.