By Philipp Wiegandt, Prof. Dietmar Harhoff Ph.D.
Firm-established model groups let businesses to extend the emblem loyalty and word-of-mouth communique in their shoppers. additionally they symbolize an sufficient organisational shape for firms to combine shoppers into their innovation strategies. Philipp Wiegandt empirically analyzes the consequences the production of a firm-established model neighborhood has at the model loyalty and word-of-mouth verbal exchange of its participants through the years. He unearths that setting up a firm-established model group creates price for either – the corporate and their customers.
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Extra info for Value Creation of Firm-Established Brand Communities
A product purchase and consumption is therefore a way to experience self-realisation and self-identification. Together with a brand community, it enables collaborative self-awareness and self-reflection (Muniz & O’Guinn 2001, p. 415). 30 This way, a brand generates an added value on top of the functional benefit of a product. This added value through a common experience is intensified by a brand community. Not only a strong tie between consumer and brand but also the social aspect of consuming a brand plays an important role.
This added value through a common experience is intensified by a brand community. Not only a strong tie between consumer and brand but also the social aspect of consuming a brand plays an important role. 31 For an attempt to explain how this social aspect in form of social interaction is generated, interaction theories are helpful. According to interaction theories, social networks such as brand communities exist because they enable interactions. Interactions refer to the mutual reference of two or more individuals.
This furthermore corresponds with Cova’s postulate (1997, p. 303) that “the link is more important than the thing”, meaning that in some cases the social value of products (the possibility to interact with like-minded individuals) might exceed the functional value of a good. This can also be examined in the framework of the transaction cost theory. 47 He points out three findings: x The acquisition of new customers is five to seven times more costly than the retention of existing customers. x A reduction of customer churning by 5 % can increase the profit of a firm by 30 to 85 % x An increase of customer retention by 2 % leads to a reduction of the operating costs by 10 %.