What sits between B and C – Part ii
View(s):- Brand Equity from Consumers’ Point of View
As elaborated in the article last week, how Brand Equity can be built from an organisational or brand’s perspective; it’s evident that it involves a scientific approach. Now let’s take a look at how it works from a consumer’s perspective.
Imagine it’s a new tea brand launched in the market. The category is already full of so many tea brands in the market. As a shopper, you already have a brand in your mind to purchase as you walk into the category (In the super market). Assume the same brand is not available or it’s out of stock. What would be your reaction?
You would immediately think of number two preference stuck in your mind. Now let’s assume number two is also not available for some reason. Now you think of the third preference. If a shopper or a consumer is questioned based on this experiment, there will be a point at which they run out of answers. Number of brands mentioned by the consumer is what is referred to as the “Consideration Set”. The shopper, consumer, or let’s say the lady who wants to buy tea, would consider certain number of brands and would go for one brand. If she tries a new brand due to the unavailability of all her preferred brands, it’s referred to as her “Trial”. If her experience with the Trial is positive, meaning, she finds all her expectations met, or if the brand has delivered all its promises or in simple words, it the brand fits the purpose, she would consider buying the brand again. If she continues to buy the same brand, over a period of time it will create Loyalty. Any new brand’s challenge is to take the consumer through this funnel and to make her a loyal consumer. It’s not an easy task as it may seem as each step is a hurdle for the brand.
Consumer Diffusion Funnel –
Therefore, it’s evident that no brand can make market leadership overnight. It takes ages to convert non-users to users and then get them to repeat and then to make them loyal. The bottleneck in the funnel is – the “Trial”. It’s hard to convert an existing user of a brand to a new brand. There has to be significant reasons given for a consumer to shift from one brand to another or an emotional appeal. In a practical world, it’s rare to have a situation where all the brands in the consideration set to be out of stock or unavailable. If it’s an FMCG brand, there is an opportunity to capture the attention of the consumer at the point-of-purchase to make a trial as FMCG sector has the advantage of impulse buying. Impulse buying is a significant portion of the total purchases and it’s driven with discounts, displays, or any other ways of delighting the shopper at the point of purchase.
However, in order for the consumer to remember the brand or to enhance memorability of the brand, the creative agency has a role to play in advertising. The media agency has a role to play in media placement. The digital agency has a role to play in digital or social media advertising. Outdoor agency has a role to play in outdoor branding. Therefore, it’s obvious that what creates memorability of the brand is none other than this combined effect of all media coming hand-in-hand in creating an impact in the minds of the consumer. The same is referred to as “Integrated Marketing” which will be discussed later in this series of articles.
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