ASB-4530: Global Brand Management
Introduction (ASB-4530: Global Brand Management)
Brand Marketing is a very common term in the business industry. It will help to grow a company and reach out to all of their consumers globally. It will help promote the product in different countries, different cultures and different languages. The consumers can easily identify the products and make the product popular among them. In this report, the globally renowned company TESCO has been taken as an example.
Importance of Brand Equity
Brand equity means the brand value added by the consumers, which is unique from all the other products available in the market globally. As mentioned by Foroudi et al. (2018), the importance of brand equity is directly proportional to the brand awareness created by the company, as TESCO have done in their own business strategies all over the world.
When the brand is already popular in their segment, the consumers will choose this product blindly over any other products available in the market. As a result it will connect to the new consumers and the business will grow to the new limit. Brand equity helps to build consumer relationships with the company for the better service or the necessary steps to be taken for betterment of service (Ahn et al. 2018). Consumer experiences with the brand help to grow Brand equity.
It involves a natural relation with the brand. Different consumers have different opinions over the brand and it helps to determine Brand equity. So the marketing of brand equity is very important, it will generate strong revenue. If the consumers have any negative opinion over the brand, it will affect the overall growth of the brand. Globally recognized company TESCO looks after this concern for their future growth and improvement.[refer to appendix]
Strategies for Building Brand Equity
There are some strategies to follow for better Brand equity.
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Relationships and Growth of Trust
Global companies like TESCO, have their own way to maintain a good relation with the consumers. They emphasize more on the consumer’s feedback over the brand. If any improvement from their side is needed, they did. They create awareness of their target consumers and encourage consumers to try their new product. As per the views of Iglesias et al. (2020), trust is dependent upon the consumer expectation over the brand.
Interactions between consumers and the company are needed on a daily basis to achieve value and gain trust over the brand. The interaction should be consistent and frequent over the time. To build a trust on the brand, it will take some time and there are some valuable points to be noted. Accessibility, Reliable product, Be honest with the consumer, Bring value to the consumer, Consistency.
Therefore, in this Corona virus pandemic situation, the relation between the brand and the consumer has more importance to build a good relation and gain trust. Nowadays, every business is running digitally, that is why relationship with the consumer is more important to achieve that brand value and trust.
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Engage Customers and Prospect
Customer engagement is another important key to build brand equity. In the marketing field, a good customer engagement will boost the brand value in the market. Customer engagement is dependent upon the customer service team of the company.
It is important because it gives a way to increase the satisfaction of the company. As per the views of Raeisi and Lingjie (2017), Customer engagement is a way to build relationships with the customer who is buying their product. They interact with the customer in many ways like emails, phone calls, social media interaction and many more. Create a strategy to deal with all the customer’s queries.
There are some ways to track down the customer’s engagement.
- Hike in social media interaction – More likes and comments on the social media platform like facebook, instagram, twitter etc.
- Positive remarks – Customers will give positive reviews on the product they have used (Milner and Furnham, 2017). They are required to be satisfied with the product and many shares of that product by the products delivered by Tesco..
There are some customers, who are attached with the company for a long time, they are regular customers, and they invest their money many times on the product. Company treats them as VIP customers. There are three types of customers.
- Liberal Customers:Liberal customers are those who are loyal to their brand.
- Community Customers: These kinds of customers did not spend that much money but they shared the product with their friends and family and helped to generate more sells. Social media influencers lie in this category.
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Advocate Customers: These kinds of customers make a direct impact on the product as they spend a good amount of money on the product and also tell others to do so.
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Building brand awareness
The rise in interest on the topic of customer-brand relationships (CBRs) among the practitioners and academics is the awareness. Customers are said to build relationships with the bands that have a great personality with their own. As mentioned by Molinillo et al. (2017), the purpose of building awareness by brand personality traits, responsible brands and active brand.
The prominent CBR construction includes brand awareness, brand trust and brand loyalty. Therefore, TESCO can apply the method to increase the efficiency of the company in response to the Coronavirus challenge. A company’s brand awareness, brand trust and brand loyalty are the main key to construct CBR (Kindermann, H. and Schreiner, 2015). A review of the previous works of the company in this area reveals the positive relationship between brand personality and CBR construct.
Brand awareness the first stage often seen in the marketing funnel. By CBRs, the company could cast a wide range net across the potential buyers from the audience. From there, the funnel shows the way towards the research and decision making processes and can eventually the way of buying units.
So, there is no secret that nowadays people today are spending a great time buying online which indicates that socializing on the internet is the only place to look for brand awareness. Now, to improve the brand awareness the company needs to improve the ways of digital marketing like
The guest blogs on other sites
- To create a shareable info graphics.
- To maximize a company’s organicreach on social media (Stojanovic et al. 2018)
- To develop a voice for a company’s brand.
- To make partnerships with other brands.
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To give away something for free.
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Invest in the customer experience
Investing in customer’s experiences for TESCO is important to improve the informativeness, entertainment, the social presence, and the sensory appeal of the company. Therefore, as mentioned by Bleier et al. (2019), creating the effectiveness of online customer experiences by well-designed products web pages is a critical way to success in the online retailing of products.
As a result the manager of the TESCO Company should give importance to build the design of the company’s web page which could be an eye catching to the audience. The design of the web page should be shaped as a multidimensional to influence the purchase and should be customised by the experience of the products and bands sold.
The customer experience for a company is a heart for this report comprises a customer’s subject and multidimensional psychology (Keller, 2016). However the effectiveness of each experience may evoke the purchase which may be depend on the characteristics that the product or brands offers that alleviate the uncertainty of inherent in online shopping.
The podcast of the company’s website in the field of entertainment may reflect an appreciation for the virtual performance on the web pages involved in entertaining like fun and play shopping. This way of popularizing the company’s website may increase the investment of customers through online.
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Design future marketing programs for market compatibility
Reaching the company’s targeted audience through proper channels by delivering the right massage is the paramount for making sales. Designing a market program is a technique which gathers information and better understands the target of the company’s market.
In business this information is used to design better products, improves the experience of the user and crafts a marketing message which attracts the quality leads and to improve the conversation rate (Bleier et al. 2019). Without this research it is impossible for a company to understand their user.
Also, for designing of marketing a market research strategy is a way to avoid a costly mistake by introducing the artificial intelligence that is wireless communication with the client. The way of increasing marketing strategy is by the following ways
- Analyzing the data – To fix the non-productive marketing efforts, the company must identify the problem areas. By utilizing an analytical tool will rectify the strategy that is not working.
- Making adjustments – For a fruitful marketing effort, the company needs to start making the new strategies form the beginning and fix the ineffective marketing technique.
- To be consistent and persistent. – The company should put up a solid and sustain effort to the marketing technique and should not give up if there is no immediate response from the customer.
Conclusion
Thus, it can be concluded that by engaging with customers and their prospective, Relationships and grow trust, build brand awareness, invest in the customer experience and Design future marketing programs for market compatibility may increase the popularity of TESCO.
References
Ahn, J., Park, J.K. and Hyun, H., 2018. Luxury product to service brand extension and brand equity transfer. Journal of Retailing and Consumer Services, 42, pp.22-28.
Bleier, A., Harmeling, C.M. and Palmatier, R.W., 2019. Creating effective online customer experiences. Journal of marketing, 83(2), pp.98-119.
Foroudi, P., Jin, Z., Gupta, S., Foroudi, M.M. and Kitchen, P.J., 2018. Perceptional components of brand equity: Configuring the Symmetrical and Asymmetrical Paths to brand loyalty and brand purchase intention. Journal of Business Research, 89, pp.462-474.
Iglesias, O., Markovic, S., Bagherzadeh, M. and Singh, J.J., 2020. Co-creation: A key link between corporate social responsibility, customer trust, and customer loyalty. Journal of Business Ethics, 163(1), pp.151-166.
Keller, K.L., Strategic Brand Management, (August 20, 2012). Marketing, 33(630), p.498.
Kindermann, H. and Schreiner, M., 2018. IAT measurement method to evaluate emotional aspects of brand perception—a pilot study. In Information Systems and Neuroscience (pp. 167-173). Springer, Cham.
Mbama, C.I., Ezepue, P., Alboul, L. and Beer, M., 2018. Digital banking, customer experience and financial performance. Journal of Research in Interactive Marketing.
Milner, R. and Furnham, A., 2017. Measuring customer feedback, response and satisfaction. Psychology, 8(3), pp.350-362.
Molinillo, S., Japutra, A., Nguyen, B. and Chen, C.H.S., 2017. Responsible brands vs active brands? An examination of brand personality on brand awareness, brand trust, and brand loyalty. Marketing Intelligence & Planning.
Raeisi, S. and Lingjie, M., 2017. The importance of customer engagement and service innovation in value co-creation. International Journal of Economics and Management Engineering, 11(4), pp.813-818.
Stojanovic, I., Andreu, L. and Curras-Perez, R., 2018. Effects of the intensity of use of social media on brand equity. European journal of management and business economics.
Using brand identity to build brand equity: A comparison between the South African and Dutch business-to-business architectural industry. South African Journal of Business Management,
Van Assche, A. and Lundan, S., 2020. From the editor: COVID-19 and international business policy.
