Effective Brand Building in Metaverse Platform: Consumer-Based Brand Equity in a Virtual World (CBBE)

Effective Brand Building in Metaverse Platform: Consumer-Based Brand Equity in a Virtual World (CBBE)

S. Catherine, V. Kiruthiga, Suresh N. V., Reena Gabriel
Copyright: © 2024 |Pages: 10
DOI: 10.4018/979-8-3693-1866-9.ch004
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Abstract

Brand equity is one of the prime and strategic assets for most contemporary business organizations. Companies are focusing on novel and innovative ways in order to build brand equity. Brand experience is one such construct that can be used by marketing managers in building and managing brand equity. Only a few studies have explored the relationship between brand experience and brand equity, particularly in the online shopping industry. The fear of missing out on opportunities in the metaverse is a driving force for many brands. It is essential to approach this emerging space with a long-term, ethical, and collaborative strategy. The long-term impact of consumers and managers need to explore opportunities aligning with their business. Brands are living entities that drive business organizations in modern times. This chapter explains about the four dimensions of brand experience (sensory, affective, behavioural, and intellectual) have a positive influence on all four dimensions of brand equity (brand awareness, brand association, perceived quality, brand loyalty).
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Literature Review

Consumer Brand Experience

Holbrook and Hirschman (1982) consumption includes stimulating a consumer’s innermost feelings and thoughts which form the experience content.

Feelings, imaginations and pleasure play a significant role in influencing consumer’s decisions. This position marks a contrast to earlier theories which emphasized customer’s interest in only functional attributes in an offering. Pine and Gilmore (1998) further put forward the concept of customer experience, and more importantly, the ‘experience economy’ which marked the transition from service economy and drastic change in consumer behaviour.

Real experiences are quite contrary to services because purchasing services implies buying a bundle of intangible activities, whereas buying experiences means consumers pay for spending time and pleasure in return for memorable events provided by the company. Schmitt (1999) considered that consumers consider functional attributes, quality and a good brand image inherently present in an offering. As such, they desire product offerings and marketing communications that astonish their senses, sway their hearts and stimulate their minds, with which they can feel associated and can integrate or assimilate into their lifestyle.

Thus, consumer experiences are as a result of stimuli provided by the marketers. Experience was identified as a key attribute in deciphering consumer behaviour (Addis & Holbrook, 2001).

Brand experience comprises four dimensions, namely sensory, affective, intellectual and behavioural experiences (Brakus, Schmitt, & Zarantonello, 2009).

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