Six Ways To Measure The Brand Experience
Many rigorous and expensive methods measure consumer sentiment toward your brand. In a previous blog post, we shared Maïeutyk’s definition of brand experience (BX). We explained that the brand experience, called “Business Experience,” is the sum of peoples’ feelings about your brand before they become your customers. In line with this definition, some high-level concepts can help you measure the maturity level of your brand experience or your “Business Experience.”
1- Survey the population
Marketing research on a specific brand can be pretty costly. The Omnibus survey is an alternative solution that allows you to survey a population at a lower cost. This type of survey is accessible to both small and large organizations. An Omnibus survey is a multi-client survey conducted on a fixed date over a set period. This type of survey makes it possible to obtain answers quickly and to follow the evolution of public opinion over time. It’s an effective tool to evaluate the public’s perceptions of your brand or to learn more about your market share.
2- Customer surveys
A second technique to measure the brand experience is to survey your current customers on several different aspects. There are many customer surveys, each providing other answers to other kinds of questions. At Maïeutyk, our role is to craft straightforward, non-biased questions based on the objectives you want to achieve. Here are two examples:
Your customer’s satisfaction level will directly impact the level of trust your brand inspires. Even though BX is experienced before a consumer becomes a customer, the perception of current customers plays a crucial role in understanding the image a company projects in their market. For example, reviews on Google My Business are public and seen by all and influence the perception of a brand.
Customer acquisition source
How did your customers become customers? Was it by referral or by chance? Was it due to a call to action on a social media ad? This information is relevant to collect and allows you to make informed choices about your customer acquisition strategies.
3- Retention rate
The level of loyalty your customers have is a good indicator of overall brand loyalty. The loyalty customers have for a brand is often stimulated by a good customer experience. Many statistics show that customer experience is often more important than price!
The retention or loyalty rate is calculated by evaluating the number of customers that are successfully retained during a given period:
Retention Rate = (loyal customers period X to Y / total customers period X to Y) X 100
The retention rate is also equal to 100 – the attrition rate or churn rate. For more details on calculating the churn rate, visit our blog post on the 8 Metrics to Measure Customer Experience.
4- Customer lifetime
Customer lifetime is simply the average lifetime of a customer for a brand. The following formula obtains this measure:
DVC = 1 / CT
Where DVC is the customer lifetime, and CT is the churn rate.
This result indicates the average years a customer stays with a brand. This revealing indicator allows one to value the brand and set a customer acquisition cost threshold, among other things.
5- Employee Surveys
A simple way to measure your company’s brand experience is to conduct an internal survey. This survey can focus on two specific aspects: brand DNA and perceived satisfaction with your products/services.
Brand DNA is an essential and primordial concept in marketing. It summarizes a brand’s positioning by determining the elements that create its identity and its differentiation strategy from other brands on the market. It outlines various criteria and attributes that define your brand’s personality. Brand DNA goes much further than your brand’s visual identity and slogan, and it is based on the following concepts: purpose, mission, values and positioning.
The Satisfaction Level
The perceived quality of your products and services is essential for your brand’s reputation and positioning. What better way to find out the quality of your products and services than to survey your teams who work on them daily? They have a very accurate view of the current situation, likely to be similar to consumers’ perceptions. And if there is a clear difference between the perception of the level of satisfaction between your customers and your employees, you have just found a golden opportunity for training!
6- Reviewing your communication channels
- How many new subscribers do you have to your newsletter every month?
- What is the percentage of unique visitors to your website each week?
- What is the rate of new subscribers on your LinkedIn, Facebook or Instagram pages?
- How many new customer calls come from your Google My Business listing daily?
- What is the level of engagement with your brand on social media channels?
There are many key metrics to evaluate the performance of your communication channels. These performance indicators are usually related to your campaign objectives, but they can also tell you how much interaction the general public has with your brand.
In conclusion, measuring brand experience is not out of reach for small and medium-sized businesses. These six versatile ways to measure the brand experience allow you to manage your brand efficiently and effectively.