Today lets talk about brand equity! So what exactly is brand equity and what does it do? if you're reading this, you might prolly go "huh? what? what the ding dang dong is brand equity?". Theoretically, brand equity can be divided into 2 main categories: Customer-Based Brand Equity (CBBE) and Financial -Based Brand Equity (FBBE). Put simply, CBBE refers to the value of brands to customers, while FBBE refers to the financial value of brands to firms; The former measures the impact of marketing activity on consumers while the latter is a measure of business performance. Today I shall focus on CBBE because this is actually more interesting and engaging than FBBE (Trust me).
By definition, CBBE is the differential effect that brand knowledge has on consumer response to the marketing of a particular brand. A brand experiences positive CBBE when consumers react more favourably to a product and the way it is marketed when the brand is identified rather than when it is not. In other words, a brand is successful when consumers have a positive brand evaluation on the brand, when consumers have a strong and positive attitude towards the brand, as well as value created by providing a consistent brand image to consumers. So the next question is : What makes a strong brand?
Brand knowledge is the driver to making a strong brand, and also the key to creating brand equity. Brand knowledge, as the name suggests, is the knowledge of a brand that exists in a consumer's memory. Brand knowledge has 3 components, which are also sources of building a strong brand equity: Brand awareness, Brand image, as well as Uniqueness.
The story of Cadbury Dairy Milk and its brand equity
Ok enough of the boring theories of brand equity. Lets take a look at a real life example of a brand with a very successful CBBE: Cadbury Dairy Milk. So here's the distinctive logo of Cadbury:
and here are some of the many products they sell:
Drooling much? :D
Cadbury's Brand Awareness:
Brand awareness consists of both brand recognition and brand recall.
Brand recognition is consumers' ability to confirm their prior exposure to the brand when prompted the brand as a cue. For instance, when you visit the supermarket and came across Cadbury, will you be able to recognize the brand as one you have already been exposed?
Brand recall is the consumers' ability to retrieve the brand from their memory when given the product category, the needs fulfilled by the category, or a purchase or usage situation as a cue. For instance, when you think purchasing a milk chocolate, does the brand Cadbury comes into your mind?
So how did Cadbury successfully established its brand awareness? Personally, I feel that they created the ultimate customer's brand experience in 3 ways: Making customers see it, hear it, and think about it. This is how they did it:
Seeing it
They make sure customers can visibly see their chocolates bars in every supermarkets, especially displaying them at the checkout counters for brand recall purposes. They make sure you see them before you check out and make your purchases and they make sure you recall their brand when you are thinking of purchasing chocolates.
Hearing it
They make sure consumers hear their unique catchy song from the advertisement which makes them recognise their brand whenever they see or hear it anywhere.
Thinking about it
This unique advertisement makes you think about what Cadbury has to do with moving eyebrows and sounds from a balloon. Well personally when I first saw this ad I had no idea it was from Cadbury until I thought about I went to youtube to watch it the second time.
Cadbury's Brand Image and Uniqueness:
Creating a positive brand image takes marketing programmes that link strong, favourable, and unique associations to the brand in memory. Cadbury has not doubt built a very successful brand image. from how they communicate their brand identity through the packaging with the Cadbury "glass and a half" corporate purple and swirling chocolate image to the consistency of their brand attributes in terms of TV advertisements and other advertising campaigns, and of course most importantly, they have successfully built their brand image of being the "family brand and a chocolate to be shared for every occasion" as well as being the creative brand. Honestly, Cadbury has never failed to amaze me (and all their customers) with their creativity in their advertisements as well as their product packagings. Cadbury fans have not only developed a liking for Cabury, they have also built strong associations with the brand.
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