Abstract:
In an attempt to redefine themselves as a truly African bank, Absa Bank rebranded themselves in 2018. However, the extent to which this rebrand has impacted the brand’s customer-based brand equity is yet to be explored. As such, the following research report serves to explore customer-based brand equity in terms of Absa Bank’s rebrand to provide insights into the value of the brand according to Absa Bank customers.This is a qualitative, exploratory study. As such, the data collection method is in-depth semi-structured interviews. This will aid in answering the research questions as it is necessary to gain in-depth customer perceptions regarding Absa Bank’s rebrand. In order to explore customer-based brand equity in the context of Absa bank’s rebrand, this study will apply theory to practise. As this is a deductive study, the questions explore salience, performance, judgements, imagery, feelings and resonance of Absa Bank according to their customers. As such, these core constructs of Keller’s (1993) Customer-based Brand Equity Model will constitute preliminary codes which will serve in answering the research questions by providing insight into the value of the brand according to Absa Bank customers post rebrand. By practically applying the principles of this model to Absa Bank, it became evident how the poor communication of their rebranded identity had a negative ripple effect on the brand’s equity. As such, Absa Bank missed an opportunity to connect meaningfully with their target market. This illustrates the importance of customer-based brand equity as it involves evaluation a brand against customer perceptions, an important component for meaningful brand building and management. This is therefore a practical demonstration of the importance of the Customer-based Brand Equity Model as each building block plays a pivotal role in generating brand equity.
