Introduction to Marketing Analytics

Introduction to marketing analytics

Nature and
Business Plan
PRICING ANALYTICS
TOOLS & PROMOTION
Course Outcome
CO Title Level
Number

CO1 To define management and marketing Underst

research problem
and

2
 What is Brand Equity? How to Build and
Measure It
• Brand equity describes the level of sway a brand name has in the minds of
consumers, and the value of having a brand that is identifiable and well
thought of. Organizations establish brand equity by creating positive
experiences that entice consumers to continue purchasing from them over
competitors who make similar products.
• Awareness and experience are the two key tenets of brand equity.
• Awareness: Can consumers easily identify your brand? Messaging and imagery
surrounding your brand should be cohesive so consumer can always identify it,
even for a new product. What kinds of values do consumers associate with the
brand? Perhaps they think of sustainability, quality, or family friendly qualities.
• Experience: How have first hand experiences with your brand gone? This could
mean that the product performed the way it was supposed to, that encounters
with brand representatives and customer service teams have been
accommodating and helpful, and that loyalty programs have been worthwhile.
 Why is Brand Equity Important: The Effect on
the Bottom Line

• A key benefit of establishing positive brand equity is the benefits it can

have on ROI. Organizations that leverage the power of branding often earn
more money than competitors, while spending less - whether on
production, advertising, or elsewhere.
• For example, positive brand equity enables brands to charge price
premiums. When consumers believe in the values put forth by a brand
and the quality of their products, they will pay higher prices to purchase
from that brand. Additionally, should an organization want to add new
product offerings, marketing them under the same umbrella brand will
help the new product take off faster, as trust has already been established.
 HOW TO BUILD BRAND EQUITY
• Understand your why
• Test your messaging
• Drive awareness
• Maintain consistency
• Customer experience
HOW TO MEASURE BRAND EQUITY
• Financial value
• Product value
• Brand audit
• Brand association- Keller’s brand equity model
Introduction to Marketing Analytics

APPLICATIONS

Marketing analyticsis used in industry at higher levels for

taking decisions regarding marketing and business in
organizations

The students can use these in their respective department for

formulating objectives aligned with the organizational
objectives

It can be used by students to understand and consider the

internal environment factors while taking decisions

7
Introduction to Marketing Analytics

REFERENCES

 Text Books:-
 1. Grigsby, Mike., Marketing Analytics, Kogan Page, 1st Edition, 2015
 2. Winston, Wayne, Marketing Analytics, Wiley, 1st Edition.
 3. Venkatesan, Rajkumar; Farris Paul; Wilcox Ronald, Cutting Edge Marketing Analytics, FT
Press, 1st Edition, 2015.
 4. Grigsby, Mike, Advanced Customer Analytics, Kogan Page, 1st Edition, 2016.

 Reference Books:-

 1. Halligan, Bryan., Shah, Dharmesh., Inbound Marketing, John Wiley, 1st Edition. 2016.
 2. Sauro, Jeff., Customer Analytics for Dummies, John Wiley 1st Edition, 2017.