Welcome to the Experience Brand
The evolution of brand growth moves beyond advertising products and services and into providing holistic and ongoing experiences for consumers. Not only does it make business sense, but it provides the ongoing dialog to continuously improve, iterate and grow your brand’s value proposition - staying ahead of industry and company disruption. Establishing your brand as an experience brand allows you to fully differentiate in the marketplace which gives you the ability to charge a premium for your products and services.
The fastest growing brands and the most disruptive unicorns over the last 5 years have been re-writing the growth playbook and are focusing on creating experience brands to kickstart and accelerate growth. The way they structure their organization is where they find success.
“Organizations that lead in CX outperformed laggards on the S&P 500 index by nearly 80%. They retain higher share of wallet and have customers that are seven times more likely to purchase more from the company, eight times more likely to try other products or services, and fifteen times more likely to spread positive word of mouth.”
As we continue to put structure around the similarities of these experience brands, we have started to identify the big buckets of consistency. All of these experience brands share the following characteristics:
Mindset
They have the right mindset. They focus on the consumer and their problems. They continuously evolve their products and services based on the feedback they are getting in the marketplace. They’re obsessed with finding new ways to add value to their consumers and their employees - furthering the impact of the experience brand.
Strategic Framework
Their strategic framework is rooted in the Brand Promise <> Fulfillment loop - where they understand the entirety of the consumer journey and find ways to fulfill their brand promise at the moments that matter to their consumer.
Systems Thinking
They know that effective implementation of their strategy is the most important thing for the success of their brand. They do this with systems thinking for all areas of the business. Whether it’s marketing, sales, customer service or customer support, the ongoing implementation of the experience brand is determined on the systems that are developed to service the consumer
Building Blocks
They understand the building blocks for growth have evolved since the evolution of technology in the last 10 years. They utilize this new reality to continuously add value to their consumers as well as their business.
Optimization
These brands know that growth is a daily practice. They’re obsessed with data and using it to make the right decisions to make their brand experience better for the consumer each and every day. There is no such thing as build something and walk away - only the idea of continuous beta of test, learn, iterate.
Are you building an Experience Brand? Let’s chat.