NEW YORK–(BUSINESS WIRE)–Launching today, a research study authored by leading provider of
customer insights technology, FocusVision
and strategic marketing firm, InnerView
Group, highlights the high cost to businesses when there is
inconsistency between marketing messaging and its front-line employees.
In 2018, companies were on pace to devote $207 billion to marketing and
advertising in the U.S., an increase of 5.2% over 2017 (MANGA, 2018).
But when the brand story is not consistent from marketing to
customer-facing employees, the cost could be upwards of $10MM annually
according to almost a third (28%) of marketers surveyed. A further 24%
expect the penalty to be between $6-$10MM in lost revenue.
-
Crafting the Brand Story: Not all Companies Fully Leverage their
Customer insight – Customer research is widely used in
organizations (95%), but many companies do not fully leverage it to
properly craft and execute their brand message. -
The Brand Story is Getting Diluted Internally – Marketers lack
confidence that their story can be told consistently when it leaves
their office. -
The Cost of Dilution is Huge – Nearly two-thirds of respondents
estimate the value of a consistent message at $10MM or more annually. -
Speed is a Complicating Factor – The rate of introduction of
new products, services, promotions, and campaigns makes alignment even
harder with more than half of companies launching new products,
services, promotions on a quarterly basis. -
Marketers Need a New Way – The way marketers are mobilizing
their teams are outdated, just as their external marketing team has
gotten more dynamic, their internal mechanisms need to catch up.
“Our study confirms that businesses with a consistent brand story are
seeing tangible revenue growth, which is outpacing the perceived ‘cost’
of those lacking consistency. It also validated that regular customer
research was a discriminating factor between the companies reporting
brand consistency and those that do not,” said Zoe Dowling. Ph.D., SVP
Research, FocusVision. “With 62% of respondents estimating the value of
a consistent brand message to be more than $10 million annually, this is
something marketers can’t afford to ignore.”
Christopher Wallace, President at InnerView Group, noted how brands can
make the brand dilution improvements: “In today’s Experience Economy,
brands are evolving quickly, and so is their messaging. So, it’s
essential that all groups across an organization can represent the brand
and its story in the same manner to ensure that all customer touchpoints
live up to the overall brand promise. It’s the front-line experience –
that live interaction with a company – that is shaping how consumers
view a brand more than ever.” He added, “But the ‘old way’ of equipping
teams is no longer sufficient to achieve success. The training of the
past does not enable people to tell a new story. The solution is not
more training or better training. The opportunity is to look for
something different than training altogether.”
The 10-minute study surveyed 250 senior professionals from mid and
large-sized CPG companies (revenue $250M+) in marketing, customer
experience or product development to understand their attitudes and
company tactics on three topics: customer research, brand
story/messaging and new go-to-market initiatives.
Download the full report .
About FocusVision
FocusVision provides the only true enterprise suite of survey and
experience research solutions in the Experience Insights Market which
helps brands find their Customer Truth –why they do what they do; how
they think, act and feel. Established in 1990, it was the first company
to live-stream focus groups, and expanded its portfolio through
strategic acquisitions which established FocusVision as the leader in
customer insight research technology. The company now empowers brands to
gather, analyze and share insights for customer satisfaction surveys,
brand tracking, focus groups, online communities, communications
testing, segmentation, NPS, product testing and more. FocusVision has
more than 400 employees globally, with offices in the US, UK, Bulgaria
and Singapore. It is trusted by 18 of the Top-20 Fortune 100 companies,
and all of the Top-10 Healthcare and CPG companies. The company was
honored for its outstanding innovation in customer experience management
with a MarTech Breakthrough Award in 2018. Learn more at focusvision.com.
About InnerView Group
Started in 2017, InnerView is a strategic marketing firm based in
Philadelphia that helps companies connect their brand and marketing
strategies to the employees and partners that serve their customers. The
company’s Brand Transfer Model helps clients identify areas where there
is a breakdown in their marketing messages and provides customized
internal campaigns designed to improve adoption and execution.
InnerView’s solutions support critical go-to-market initiatives,
including product and service launches, campaigns or promotions, channel
or partner launch and rebranding efforts. To learn more, visit InnerViewGroup.com.
