Knowing what drives brand loyalty requires a consistent approach to measurement, data capture and creativity. Hear a personal perspective from Jared Yagi, Account Manager at AnyRoad.
Have you ever been in a situation where your manager called on you during a meeting and you had absolutely no idea what the answer was?
I have experienced this, and it’s honestly one of the most terrifying feelings and every millisecond that passes feels like an eternity. You smile awkwardly, wipe your palms on your pants, and begin to ramble on about the topic without giving a direct answer. You use “fancy” words in hopes that your long-winded, (not really relevant) answer comes across as intelligent to your peers. However, your manager knows that you have no idea what you’re talking about.
That situation first happened to me during my third year in college where I interned at a small field marketing company. Interns were responsible for going to local campuses, setting up a booth in the middle of the most crowded walking path, and handing out our Client’s products to the students rushing by. After one event, my team and I headed back into the office where our manager held a brief meeting to recap the afternoon. It was a scorching hot day and I felt quite dehydrated during the meeting. As I was just about to yawn, I heard my manager say, “Jared, how can we measure the effectiveness and brand loyalty of those students that you interacted with in person today?” Not having a clue with how to answer the question, I went on to say a long-winded answer that included more than a few “fancy words” that luckily saved my “you know what” for that meeting.
That moment has forever stuck with me for two reasons: One being the terrifying, blank feeling I felt and two being the question itself: How do you measure brand loyalty and quantify the success of an in-person experience?
Know your numbers
After that meeting, I learned how important it is to be able to effectively measure brand loyalty especially for companies that offer offline, in-person experiences.
Brand loyalty is arguably the most important measure any experiential company can evaluate. While loyal customers only make up around 20% (and declining with each generation) of a company’s customer base, that 20% drives 80% of a company’s revenue. Knowing how your customers feel about you and your brand has a significant impact on your company’s strategy. By measuring this data effectively, you will be able to differentiate yourself from the competition and build longer-lasting relationships with your customers. Want to know more? Check out our recent webinar on Brand Conversion, a metric used by many of AnyRoad’s customers.
Capture the right data and ask the right questions
This is obviously easier said than done. Businesses are having a harder time in today’s dynamic world than ever before measuring and quantifying brand loyalty. Customers have unlimited options when it comes to purchasing products. While this makes establishing brand loyalty incredibly difficult, it also means that capturing a Customer’s loyalty is more important than ever. Customers desire intimate and significant moments in order to create a deep connection with a brand. It is essential that businesses develop impactful, real-life experiences that create a deep-rooted positive feeling within their customers to create long-lasting brand loyalty.
Now that more and more businesses are starting to really understand the importance of offering in-real-life experiences, the next most important question becomes: How do I evaluate the success of these events? A company that thrives in accelerating customer growth and brand loyalty by turning real-life events into valuable and actionable data, is AnyRoad. Businesses that utilize AnyRoad’s platform convert over 80% of customers into brand champions. Within a single dashboard, AnyRoad’s customers can evaluate consumer insights, brand impact, and industry trends to make informed business decisions in order to create even longer-lasting and more impactful relationships with their customers.
Balancing art and science
If I would have known how to really measure the success of real-life events, I would not have been stuck in the position I was in as an unpaid intern long ago. The power of connecting with your customers at the deepest level has never been more important than today. Run your events with a purpose, and feel confident that you are capturing the data necessary to turn those customers into life long advocates of your brand.