Keller's Brand Equity Model - HDFC

 

 Keller's Brand Equity Model - HDFC

Applying the Model

Step 1: Brand Identity – Who Are You?

In this first step, your goal is to create "brand salience," or awareness – in other words, you need to make sure that your brand stands out, and that customers recognize it and are aware of it. In case of HDFC bank people are aware of the bank due to its logo and the colour combination used in the logo.

Step 2: Brand Meaning – What Are You?

Your goal in step two is to identify and communicate what your brand means, and what it stands for. The two building blocks in this step are: "performance" and "imagery."

"Performance" defines how well your product meets your customers' needs. According to the model, performance consists of five categories: primary characteristics and features; product reliability, durability, and serviceability; service effectiveness, efficiency, and empathy; style and design; and price. Here HDFC bank has been able to deliver the satisfaction of the products to its customers and hence the brand performance of HDFC is very high.

"Imagery" refers to how well your brand meets your customers' needs on a social and psychological level. Your brand can meet these needs directly, from a customer's own experiences with a product; or indirectly, with targeted marketing, or with word of mouth. Here the social and psychological needs of the customers are well met due to the customer service availability of the bank.

Step 3: Brand Response – What Do I Think, or Feel, About You?

Your customers' responses to your brand fall into two categories: "judgments" and "feelings." These are the two building blocks in this step.

Your customers constantly make judgments about your brand and these fall into four key categories:

Quality: Customers of HDFC judge a product or brand based on its actual and perceived quality which is high due to the customer centric nature of the company.

Credibility: Customers of HDFC judge credibility using three dimensions – expertise (which includes innovation), trustworthiness, and likability. The employees working in their offices are well aware of their job which brings expertise and due to this fact, the people are trust worthy.

Consideration: Customers at HDFC judge how relevant your product is to their unique needs. Since it is more customer centric the there is more personal attention given to the customer through the digital apps.

Superiority: In this case customers are very satisfied as the company has for the 5^th time has topped in its respective segment.

 

Step 4: Brand Resonance – How Much of a Connection Would I Like to Have with You?

Brand "resonance" sits at the top of the brand equity pyramid because it's the most difficult – and the most desirable – level to reach. You have achieved brand resonance when your customers feel a deep, psychological bond with your brand.

Keller breaks resonance down into four categories:

Behavioural loyalty: HDFC customers are loyal due to their great services and fast operation.

Attitudinal attachment: HDFC customers love the brand or the product, and they see it as a special purchase.

Sense of community: HDFC customers feel a sense of community with people associated with the brand, including other consumers and company representatives.

Active engagement: This is the strongest example of brand loyalty. Customers are actively engaged with your brand, even when they are not purchasing it or consuming it. This is due to the extensive use of digital apps.

 

Financial Brand Based Equity of HDFC Brand

HDFC Bank has retained its No. 1 spot for the fifth consecutive year with a rise of 21% to a brand value of $21.7 billion. The bank has built a reputation for its sustainable livelihood initiative by introducing smaller loans worth as little as $175 that can be accessed via its bank branches.

Trust is an important key driver of brand value, with its impact on corporate performance a key theme in this year’s BrandZ ranking. This is exemplified by HDFC Bank, which continued to build trust by clearly communicating the benefits of its products to consumers and delivering differentiated financial services offerings consistently and repeatedly.