Once upon a time, brand and customer experience were considered two disparate elements. That is changing at breakneck speed now. Brand experience is the amalgamation of all the emotions, perceptions, thoughts and actions that people associate with a brand overtime. While advertising and marketing plays a significant role in constructing BX, the interactions a customer has with a brand are equally important.
Long story short, while making his mind about a brand, a customer will connect and combine EVERY interaction and information. For him, social media marketing, advertising, customer support and even user experience are all woven together. It’s crucial to be keenly aware of this connection.
SO WHAT EXACTLY IS BRAND EXPERIENCE?
Brand experience is the sum of all interactions (social media, ads, ease of use, support interactions, product features) that a customer has with a brand.
To deliver great brand experience, one must know how to measure it. Broadly, there are two types of brand studies.
BRAND EXPERIENCE MANAGEMENT
Brand experience management includes-
- listening to consumers using feedback and research platforms,
- monitoring your market space,
- competition analysis, and
- optimizing touchpoints and attributes that drive brand value.
TYPES OF BX MANAGEMENT STUDIES
There are two main types of studies for brand experience management.
1. RELATIONSHIP NPS®
A relationship NPS® study measure how your customers feel about your brand. It is a great indicator of brand health and customer loyalty.
Additionally, it gives you a number to benchmark against industry standards. The biggest advantage of relationship NPS® is that it strongly co-relates with financials. Therefore, it is used to predict future revenue.
The process of conducting relationship NPS® is quite straight-forward. With the help of an experience management company, you survey customers from your database via email or SMS. The main question of the survey is the NPS® question,
“On a scale of 0-10, how likely are you to recommend us to your friends and family?”
Because relationship surveys usually have a low response rate (especially in a B2C context), they survey is short and limited.
2. COMPETITIVE NPS® BENCHMARK
Understanding the competitive landscape is crucial for crafting an effective brand experience. And, this is where competitive NPS® shines. Basically, competitive NPS® tells you how well your company is doing compared to your competition.
The process is as follows.
Your BX management company surveys a panel of your target customers. This includes not only your own customers but your competition’s customers as well. In fact, the respondents aren’t told who is conducting the survey. This is an extensive, paid study. Questions that are asked include, ‘Which of these products have you used?’, ‘Select the words you associate with X brand’, and more.
This is a comprehensive study that is done twice a year, at most.
Competitive NPS® helps you to monitor your brand perception and discover words/phrases that consumers intuitively associate with you. It also allows for a fair and objective basis for analyzing your strengths and weaknesses. If done correctly, it can help developing marketing and sales strategies to cultivate a differentiated, unique identify.
Where Numr goes a step further is,
We perform a calibration between Relationship NPS® and Competitive NPS® to identify what Relationship NPS® means in market terms.
For example, if your R-NPS® is 57%, how does that translate to market factors such as brand value, market share etc.
Do you want to stand out in the crowded market? We can help.