Application of Brand Resonance Pyramid model in AB- 123docz.net

CHAPTER 3: SOLUTIONS FOR DEVELOPING BRAND OF ABBANK

3.3 Solutions for developing ABBank brand

3.3.2 Application of Brand Resonance Pyramid model in ABBank

As we see, the model Brand Resonance Pyramid has four stages and each stage has different objective and the way to carry out. As present in the second chapter and in the above part, ABBank‘s circumstance really needs to develop brand in order to make a resonance in the financial market. Brand resonance pyramid model is considered the most suitable model to ABBank. However, with its situations, ABBank can apply two first stages of the model in its circumstance.

Why? Because, ABBank brand is new brand in the market and it has many things to do in this period. So, it can not apply all stages in the period 2007-2010.

First stage is Brand identity. This is very important stage to any bank when build its brand. Because to a brand, brand identity and brand personality are two key factors make a brand power. This is the time to make customer know that: whom

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we are and through services and products the bank need to make salience among many competitors. As mentioned in above, Salience refers to how easily or often a consumer thinks of the brand, especially at the right place and right time. That means, the bank must focus on factors, which can make impression to customers and force them to know and remember bank brand. Although brand identity is fragile and faint and it is difficult when building a bank brand but it is more difficult when to maintain it in the market. Especially, banking is a sensitive field but the bank has to build brand if it wants to become one of five strongest commercial joint –stock banks in Vietnam in 2010. To make brand of AnBinh become salient, the bank must focus on some main activities as following:

 Announce clear and accurate statements of bank to customers help them understanding bank.

 Next, the bank needs to make impression to customers by making easy for customers when do business with bank.

 Give good advice to customers when they come to deal with bank even when they call to bank the bank must also provide sufficiently information for customers. From this make bridge between bank and customers and of course, this makes impression in customers.

In fact, ABBank has applied the attractive interest rate policy and this policy had brought satisfactory results for bank. ABBank, however, could not apply only rate of interest policy, because there are many banks also can do like ABBank and this is easy to be imitated in a short time. The most important thing in here is human element, this is difficult to imitate whenever you have much money. And to make salience, ABBank need to train its employees have a good degree in professional knowledge and good behavior when deal with customers. To do that, they have deep understanding about their work as well as responsibility and this leads to a professional style in working as well as in serving customers and this is factor to make impression to customers. Besides that, through media and communication activities ABBank need to enhance its brand image such as participate in a sport

program or sponsor for a charitable or human program which attracts much attention from public. This stage often takes one year or one and half of year. If do well this stage, we can easily continue to carry out the second stage with a strong base from the first.

Second stage is Meaning. In the second stage, we have two tasks:

performance, imagery, and branding objectives in this stage are Points of difference (POD) and Points-of-parity (POP).

Points of difference (POD) are attributes or benefits consumers strongly associate with a brand, positively evaluate, and believe that they could not find to the same extent with a competitive brand i.e. points where you are claiming superiority or exclusiveness over other products in the category. Examples are Dong A (foreign currency), ACB(cards), and HSBC (retail banking)

Points-of-parity (POP), on the other hand, are associations that are not necessarily unique to the brand but may be shared by other brands i.e. where you can at least match the competitors claimed benefits.

Category: Points of Parity are associations of consumers who view as essential to be a legitimate and credible offering within a certain product or service category. In other words, they represent necessary but not necessarily sufficient conditions for brand choice. Consumers might not consider a travel agency truly a travel agency unless it is able to make air and hotel reservations, provide advice about leisure packages, and offer various ticket payment and delivery options

Category: points-of-parity may change over time due to technological advances, legal developments, or consumer trends, but they are the ―greens fees to play the marketing game.

Competitive: Points-of-parity are associations designed to negate competitors‘

points-of-difference. If, in the eyes of consumers, the brand association designed to be the competitor‘s point-of-difference is as strong for a brand as for competitors and the brand is able to establish another association as strong, favorable and unique

as part of its point-of-difference, then the brand should be in a superior competitive position.

If in the first stage, the bank has to consider who AnBinh bank is, while in the second stage, it has to consider what AnBinh bank is. This mean ABBank needs to evaluate factors has much influence on its performance and its brand image as well as what ABBank provide to customers. From those the bank provides, customers will compare them to those of competitors of ABBank. Therefore, to help customers understand points of difference and points of parity such as performance and reliability of ABBank to competitors, ABBank need to focus on evaluating employees‘ performance as well as improve all activities in order to make a good imagery in customers about the bank‘s performance and services.

With activities to enhance performance of employees and services, the bank will soon make a good image in customers and from these factor, customers will recognize the difference of ABBank with others. Below is some factor the bank should do in the second stage. There are three main factors in making difference of bank: products and services, cost and price of service and human. From these factors, the bank should focus on things as follow:

 Service quality must be good even very good to common standard in banking system.

 Price of product and cost of services must be reasonable or lower than competitors‘ must. Because most of customers have psychology like low price and low cost.

 Products and services must be diversified. When bank has many choices for customers, they are willing to come and try and then to use in longtime if services are good.

 Performance of employees must be better than performance of competitor‘s.

 The bank must save time for customers; especially, employees always think that saving time for customers is similar to themselves.

Behavior of employees must be a factor make customers feel safe when deal with the bank. Below are some Points of difference (POD) can be applied in ABBank:

 Reduce time of services in deal with customers.

 Make more features in cards. For example, in card, we can add information about bank or benefits of it bring to customers.

 Reduce procedures for customers when they have demand to borrow money

 Support customers who are small and medium sized enterprises when they have difficulties in prepare procedures of borrowing money.

 Give award or gifts to customers who have many transactions in one year.

 Making customers have a comfortable emotion before supply the services or products for them.

Application of Brand Resonance Pyramid model in ABBank

Yin and Yang Model to Branding

History and development process of ABBank