FocusVision and InnerView Group Partner on New Research Study That Finds Brand Message Dilution Costs Companies $10MM or More Per Year
NEW YORK--(BUSINESS WIRE)--May 6, 2019--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.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190506005018/en/
- 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- Marketers Need a New Way – The way marketers are mobilizing their teams are outdated, just as their external marketing team has gotten more dynamic, their internal mechanisms need to catch up.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 here.
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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190506005018/en/
Cori Cagide, SourceCode Communications
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT INTERNET SOFTWARE PROFESSIONAL SERVICES CONSULTING COMMUNICATIONS ADVERTISING MARKETING
Copyright Business Wire 2019.
PUB: 05/06/2019 07:00 AM/DISC: 05/06/2019 07:01 AM