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Knowing Consumer Trends in Utilities Recent study by Ernst & Young defined five key trends: 1. Chameleon consumers 2. Brand loyalty split 3. Personalized communication 4. “Know it all” consumers 5. Empowered ‘co-creators’
Getting to Know Your Consumer Renewed focus on getting to know your consumers: According to Ernst & Young, less than 5 percent of consumers said that their utility providers were trying to build a personal relationship with them.
What are we going to talk about today? 1. What is brand equity? 2. What metrics should be tracked? 3. How often should you track? 4. Who should be included in a tracking study? 5. How to interpret the metrics?
What Is Brand Equity? Customer-Based Brand Equity • Brand Knowledge • Customer Response
Research Methods Qualitative Research Projective techniques, story-telling, role playing, focus groups, online qualitative techniques, etc. Quantitative Research Brand tracking, comparative methods for brand and marketing activities, etc. Social Media Research Sentiment monitoring, content analysis, trends
Why Track? Monitors the campaign to allow for proper adjustments. Provides information to facilitate your day-to-day decision making. Provides insights into the effects of many marketing actions on brand equity.
What To Track? Experience & Usage • Overall reliability • Exceeded or fallen short of expectations • Value for dollar • Brand change likelihood • Customer service satisfaction Image • Attributes • Benefits • Attitudes • Community Partner • Reputation Strength • Uniqueness • Personal Relationships • Awareness • • Recall • • Recognition
How Often To Track? Continuous Tracking Better for monitoring competitive landscape without influence of media. Can be analyzed with other continuous data (sales, market share, etc.). Smooth out the short-term effect of unusual marketing activities. More expensive. Pulse Tracking Can provide precise before-after measurements of specific media events. Could be biased if a negative or positive marketing event occurs close to interviews. Data gaps between measurement waves. Less Expensive.
How Often To Track? Criteria To Consider • Frequency of product purchase • Marketing activity in the product category • Marketing activity plan for the brand • Level of competition • Stability of brand associations
Whom To Track? Customers vs. Non-Customers