Socratic Brand Power RatingTM
Used Primarily For: Competitive
Characteristics: Visual and Actionable Results
Output: Delivering a stable model that links a firm's marketing actions to a measurable return on investment has been the goal of marketing departments for at least three decades.
Many theorists have attempted to link advertising, promotion, communications, public relations and sales strategies to replicable and predictable outcomes that exhibit a direct correlation with financial performance. Since the mid-1990s a model that has shown a great deal of promise is the "sales funnel" concept. The sales funnel model utilizes the Awareness-Interest-Desire-Action (AIDA) framework, which has proved particularly well adapted to high-tech services (Dunn & Probstein, 2003, p. 7).
In essence, this framework measures the power of a firm's brand—through its marketing activities—to directly influence the proportion of people who, once aware of the brand's presence in a market, become repeat customers. At each stage of the sales process, brands tend to lose share. The model provides great diagnostic power to isolate the point at which losses take place. By identifying the levers for customer retention the model informs brand actions that allow a firm to strengthen loyalty among its customer base. Actions may relate to brand building activities (e.g. advertising, PR) or demand generation activities (e.g. channel marketing,POS messaging) depending on which phase of the funnel requires focus.
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