Keller's Brand Equity Model

2.7 Models on Brand loyalty:

2.7.1 Keller’s model:

There are several factors that enhance the strength of a product or service. Understanding of these factors results in effective launching of the products and services and turns a failure venture into a successful one. The Keller’s Brand Equity Model looks forward to implement four steps that help an organization to establish itself as a successful brand.

Step 1: Brand identity – who are you? The organization at the first instance aims to spread the awareness of the brand in order to let the customers identify the existence in the competitive market. The perceptions of the brand are ought to be correct in order to influence the buying behaviour of the consumers.

Application: the organization

CRM takes active interest in identifying the needs and demands of the consumers and fulfilling them in an effective manner. Upon delivery of the products and services an organization aims to answer all the queries and complains of the customer in order to provide suitable recommendations against the rising issues. The consumer gets satisfied when the expectations are met of the perceived desires and demands of the customers. CRM involves continuous interaction with the customers making them feel a part of the organization (Anderson and Cunningham, 2008, p.23). Continuous interaction with the customers allows to clear any doubt regarding the various products and services in the mind of the customers. The satisfied customers tend to be loyal to the brand thus reflecting on the profit margin of the organization. A loyal customer tends to avail the services of the organization in a repetitive manner. This is because the customers are well aware of the fact that the organizational policies are effective enough to serve their needs (Berry, 2007, p.128). Loyal customers tend to increase the customer base by referring new customers towards the brand. The ultimate goal of every organization is to identify and serve the potential customers which are dependent upon successful implementations of CRM techniques and strategies (Bloemer et al. 2006,

The various challenges faced by the organization in the financial sector as a follows:

Lack of guidance: It is often perceived that majority of the organizations do not mutually agree upon the goals and objectives of the project before its installation period. Therefore, CRM sometimes collapse due to lack of collaborative approach. The project manager must take active participation in promoting a valid business case for CRM by selecting an authentic vendor and upgrading the software as opined by Bearden et al. (2007, p.21). However it is often perceived that these implementations are often ignored at times resulting in flaw of the system and operations of CRM.

Lack of long term strategy: Though it is perceived that CRM is a solution to technology yet it has been a constraint for many organizations. The fact is that CRM is a business process change that is supported by application of technology and virtual mechanism. Business leaders are often perceived to be disillusioned by the impact of CRM because they do not amalgamate the business processes to achieve specific objectives and goals. CRM lacks synchronization at times as the work processes seems to fall apart resulting in certain haphazard implementations (Becker et al. 2009,