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A Qualtrics-commissioned study by Forrester Consulting, an experienced research company, has shown the benefits of business branding.
The October 2020 Forrester Consulting study The State of Brand Experience Management has provided deeper insight into the financial and reputational advantages of building a strong brand.
Download the complete study to learn more about brand experience management.
Focusing on the experiences that strengthen your brand can bring you more revenue and happier customers and shareholders. Learn more.
The benefits of creating a strong brand
An average of $180 million in extra revenue
The financial benefits of establishing a brand strategy for brand leaders who have high brand management maturity are obvious. On average, respondents invested $105 million in brand management and received an average $180 million in additional revenue. The creation of an appealing and recognizable brand generates customer loyalty and continues profit.
An average increase of 5.85% in lead generation
Business leaders can market themselves better to potential leads if they have higher levels of branding experience management. Senior brand experience managers are more likely to achieve higher sales revenue and have more successful marketing campaigns.
They also tend to convert more customers. Leaders can improve their results in multiple areas by investing in strengthening the brand identity.
Shareholder growth averages 1.5%
Shareholder interest is higher when there are greater profits and more connections with potential and current customers. External brand perception doesn’t only matter to customers, but also to those who are looking for investment in the company.
It is attractive for both those who want to invest in the company and those who purchase products and services to have a strong brand that has solid marketing strategies and customer recognition.
On average, 11.02 points were more NPS measurements
It can be difficult to improve metrics such as NPS, but brand experience management can help customers retain their loyalty and differentiate brands. Consumers are increasingly empowered to choose between brands, with markets constantly changing and more options available.
Forrester’s research shows that consumers believe that a well-designed brand experience management program can make a significant difference in key areas for brand growth.
The pitfalls to watch out for
Only 34% of potential customers resonate with brands that use immature brand experiences management practices
Respondents don’t believe that their brand will resonate with customers and potential customers as they had hoped.
Half of the respondents think that linking brand experience measurement with business outcomes is a critical need. However, they don’t have the ability to do this at present. This results in the potential business being lost and resonance falling flat.
Only 54% of the weaker brands are able to be distinguished from their competition
Leaders view the brand experience as a failure with existing customers, which can limit business growth. To build customer loyalty and establish an emotional connection with new customers, you need to create differentiation and uniqueness in order to grab attention and be noticed. The results are not possible without the right tools or marketing strategies.
Even though there are five types of data metrics available, less than a third of weaker brands find them effective.
Surprisingly the data most commonly used to measure brand experience is not the most efficient. Demographic and direct response data and digital media performance data are the most commonly used data types by businesses to gauge performance.
However, in terms of efficacy, customer, market research, and shopper/customer experience data are more valuable. Businesses need to think more about their brand experience management strategy if they want to reap the rewards of a strong brand.
Even though they have six to seven solutions, 45% of brands that are weaker say they don’t have the right tools.
Business leaders responsible for managing brand experience are facing challenges with inaccurate performance measurement and privacy issues, making it difficult to create a strategy that will make a difference.
More than 40% of respondents don’t have real-time brand management data and insights, predictive analysis (42%), or an automated dashboard to analyze brand tracker data and business data (40%). Their plans to build a strong brand are affected.
How you can reap the benefits of brand experience management
Brand experience management is still in its infancy. This makes now an ideal time to strengthen your brand’s appeal.
According to Forrester’s analysis, there are three levels in brand experience management maturity
1. Highly brand-experience-savvy
Businesses that place a high value on brand experience management are more likely to achieve better business and customer outcomes.
2. While they are knowledgeable about brand experience, they are more focused on growth.
Leaders who are more focused on expanding their market presence will need to strengthen their brand. However, they can leverage their efforts for success.
3. Management of low brand experience
There are also companies that have already established their brand but have not yet developed strong brand identity.
Research shows that a brand strategy mindset and the planning to implement it can make a significant difference in your business’s success. Learn how to use relevant experience data to help you support brand goals in both the short- and long term.
These are the top recommendations for business leaders who want to create a brand experience management strategy:
- Pay close attention to how real customers interact with your brand
- Use the right tools and data to create an effective experience-led brand strategy, rather than becoming overwhelmed with countless data points that create more confusion than action
- Manage customer experience well, but consider brand experience management as an all-encompassing process that creates financial, marketing and customer value
- Measure your efforts effectively and focus on developing what works
- Think long term and consider your potential return on investment – brand experience management is worth the effort
Thank you!
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