FACULTY OF BUSINESS AND ADMINISTRATIONAPPLYING CUSTOMER-BASED BRAND EQUITY MODEL TO BUILD A STRONG BRAND: CASE STUDY OF DKT TECHNOLOGY JOINT STOCK COMPANY Supervisor’s name: Dr... For th
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RESEARCH RESULTS AND DISCUSSIONS
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This article examines Bizweb's brand management through the lens of the Customer-based Brand Equity model, aiming to clarify how Bizweb implements its brand management strategies The thesis will explore both the achievements and the challenges faced in the realm of brand management.
There are several advantages that Bizweb has achieved in its current brand management: e Brand identity
After Bizweb made several changes in its brand elements, its identity seems to make a positive impact in customers’ mind due to criteria for choosing brand elements:
Memorability v 92% people asked have heard of Bizweb
Meaningfulness v 50% people asked thought that Bizweb brand sends a message to them and 41% knew what they should expect from the brand through its brand name.
Likability v 46% people asked thought that they would think of Bizweb when considering to use a web development
Transferability v Due to the change of logo and slogan
Adaptability v Due to the change of logo and slogan
Protectability v Has registered with authority
Customers have a clear understanding of Bizweb, allowing them to independently answer the question, "Who are you?" This reflects the principles of the customer-based brand equity model, highlighting the significance of brand meaning in shaping consumer perceptions.
According to the results of survey, customers seem to satisfy with the quality of produtcs and services Bizweb offers, in which:
64% agreed what Bizweb provides suits their needs and compared with other brands in the same category, 91% agreed what Bizweb offers satisfactory values for what it costs.
70% thought that Bizweb’s services meet their requirement.
Customers generally hold a positive view of Bizweb's brand performance and imagery; however, it is crucial for Bizweb to focus on enhancing customer satisfaction in relation to perceived value for money.
A recent survey revealed that 86% of respondents recognize Bizweb for its customized quality in products and services Additionally, 51% perceive Bizweb as a youthful brand, while only 45% agree that it provides consistent service.
> Bizweb should wonder why the customers are still not sure about its service. e Brand relationship
In the relationship between Bizweb and customers, the author looks at brand resonance which is divided into four categories:
Due to the results of the survey, behavioral loyalty in terms of repeat purchase is relatively high (74% affirmed they will use Bizweb brand whenever they can and
56% felts this is the only brand that they need in web development service category).
Behavioral loyalty alone is insufficient for brand resonance, as some customers may purchase a brand out of necessity rather than attachment True resonance requires a deep personal connection, where customers view the brand as unique and significant In a survey, 41% of respondents indicated that the absence of the Bizweb brand would not impact their choices, while 51% were uncertain about their feelings in such a scenario.
> This result raises for the brand a problem in building its personal attachment to customers.
The sense of community surrounding a brand plays a crucial role in fostering customer loyalty and connection In the case of Bizweb, only 27% of users reported feeling a kinship with others who engage with the brand, indicating a relatively low sense of community among its customers This highlights an important social phenomenon where brand affiliation can significantly influence customer relationships and overall brand perception.
> This result raises another problem in how Bizweb build its sense of community among customers.
Brand loyalty is most evident when customers actively invest time, energy, and resources in a brand beyond just purchasing or consuming its products Notably, 56% of customers express a desire to learn more about Bizweb, while 44% are eager to recommend the brand to others.
> This results show that the brand should focus more on building its active engagement to achieve favorable brand relationship.
In short, Bizweb has made some establishments during its current brand management however; the brand should focus to improve its relationship with customers the most make it stronger.
Resonance reflects the strength of the psychological connection between customers and a brand, along with their engagement levels Brand managers face the challenge of enhancing this bond and boosting interactions, such as repeat purchases, by creating marketing programs that meet all customer needs These programs should foster a sense of community around the brand and empower customers to become brand advocates An effective strategy to strengthen the relationship between Bizweb and its customers is the implementation of an integrated marketing communication program.
The American Marketing Association defines Integrated Marketing
Integrated Marketing Communication (IMC) is a strategic planning process that ensures all brand interactions experienced by customers or prospects are relevant and consistently aligned over time Marketers select appropriate tools within IMC programs based on specific circumstances to effectively engage their audience.
Direct response advertising Consumer promotions
Online advertising Event marketing and sponsorship
Place advertising Publicity and public relation
Point of purchase advertising Personal Selling
Why using an integrated marketing communication programs?
Five major shifts in the worlds of advertising, marketing and media have caused an increased interest in (and need for) IMC These include:
Table 4.1 Major shifts that interest integrated marketing communication
Traditional Advertising Digital/Interactive Media
Low Agency Accountability [High Agency Accountability
Traditional Compensation Performance-Based Compensation
Limited Internet Access ‘Widespread Internet Availability
Organizations are adapting to changes by reevaluating their marketing strategies and aligning communications with consumer perspectives, recognizing the continuous flow of information from various sources By implementing Integrated Marketing Communications (IMC), they avoid message duplication, leverage the synergy of promotional tools, develop more effective marketing programs, and ultimately maximize their return on investment (ROI).
Because of the nature of Bizweb’s products and services which is basically virtual in every aspect, the managers of Bizweb always choose online marketing options.
However, to bring more depth to the brand and its relationship with customers, the author suggests the following options for Bizweb:
Bizweb should invest in television advertisements to enhance brand awareness Many online platforms, such as chotot.vn and zalora.vn, have successfully utilized TV ads to expand their reach and connect with a broader audience.
Bizweb's advertisement videos showcase the excitement and value it brings to clients' new business websites, highlighting its exceptional quality and services These engaging tools also serve as a unique way to introduce Bizweb's distinctive offerings to potential customers.
Direct response and online advertising
Bizweb can still use its current strategy with mails, banners, and other options because it is one of main service that Bizweb provides so it is Bizweb’s strength
During periods of low sales, marketers can implement short-term sales promotions to boost trial and usage of Bizweb’s products and services These promotions can be directed at either trade partners or end consumers While advertising gives consumers reasons to purchase, sales promotions provide them with direct incentives to buy.
Marketers at Bizweb should strategically evaluate the events they participate in, given the significant financial investment and numerous opportunities available It's essential that chosen events align with the brand's marketing objectives and communication strategy, ensuring that the audience matches the target market Additionally, the event should have strong awareness, an appealing image, and the ability to generate the desired impact on that specific audience.
The study titled “Applying Customer-based Brand Equity Model to Build a Strong Brand: Case Study of DKT Technology Joint Stock Company” aims to assist small and medium enterprises in the web development industry in strengthening their brand presence The research reveals effective brand management strategies and offers recommendations for improvement By analyzing the underlying factors, the study identifies optimal approaches to enhance brand development for the company.
The research questions have been answered and suggested solutions has been given.
Because of time limitation, the research chose only one organization Therefore, it is not the general guide for all organization in Vietnam.
With the results of this research, the author hopes that it will contribute a small part to the formation of a theoretical basis for further research
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