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At its root, satisfaction is an attitude. While attitudes impact buyers' decisions, the attitude of satisfaction is just one component of the decision-making process buyer's use to select one brand, company, or organization over another. At MarketVision, we focus on something larger than just singular satisfaction. Our Brand Strength Model fully encompasses the attitude of customer satisfaction and the behavior or repeat purchase with the drivers of brand choice, the perceptual differences between competitors, and links to business performance. Brand Strength is derived from perceived value that a customer receives from a product or service. Customer value is the ratio of what benefit customers receive from a product relative to what it costs to use the product. Customer value, either expected value or observed value, drives a brand through every step of the purchase process including satisfaction. Brands are included or excluded from consideration based on the likely value that the product will offer the buyer. Among the considered brands, the buyer should choose the one with the highest perceived value. If the buyer's prior beliefs or expectations about a brand's value are confirmed upon using the product or service, then the confirmed value expectation creates satisfaction. The components of the MarketVision Brand Strength Model include:
- Employee Satisfaction
- Customer Satisfaction
- Brand Consideration
- Key Drivers of Choice
- Perceived Differentiation
- Price Sensitivity
Integrating these components of the consideration process leads to Brand Strength. Analysis of Brand Strength will allow managers to understand their brand's clout over competitors' and its vulnerability to change. For more information about MarketVision's capabilities in Customer Satisfaction Research, please email:
info@mv-research.com
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