Why Branding and Business Intelligence Should Go Hand in Hand
Whether you are a physician with your own practice or a retail company with several product lines, developing a solid brand is vital to the success of your business. Accessing the competitive intelligence and analysis you need to do this can be tricky however. A branding agency can help to craft the right persona to match the nature of your business and the needs of your customer base.
The branding agency will be able to advise on the right look and feel for your brand or for your brand make-over. The use of color, for example, can increase customer recognition of brand by more than 80%. Consider the bright colors used in the logos of many famous product lines or retail brands.
Branding means little without good customer satisfaction, though, and that starts with service. The slickest branding campaign cannot translate into customer satisfaction and loyalty if you aren?t offering a good service or product. Customer satisfaction can be difficult to measure, though; research has found that more than 95% of dissatisfied customers do not contact the business. The result is a company that is unaware where it is going wrong. Given that it takes as many as a dozen positive experiences to negate one negative one, this is not good news.
Business intelligence and competitive analysis, then, can play a crucial role in ensuring that you have the right information to understand what your customer satisfaction is like and more importantly where the areas for improvement are. For small businesses in particular, this is a vital component of business strategy. Most small enterprises focus on customer service and satisfaction to differentiate themselves from competitors ? and consumer take notice with more than 80% saying that smaller companies offer better customer service than large businesses.
In comparison to a single purchase, customer loyalty ? which results in repeated purchases ? offers ten times as much value. The customer loyalty journey begins from the very first encounter, with almost half of all consumers surveyed indicating that it was the most critical time to earn that trust. Getting the right kind of support for your branding and ensuring that your business intelligence is used to customer satisfaction can greatly improve customer loyalty and retention.