A hot topic over the past few years has been marketers’ attempt to build better customer experiences
But what does that mean? Does that mean to develop experiences that increase consumer-brand engagement, increasing the amount of time the consumer spends with the brand? Or from a consumer perspective, does it mean making the consumer-brand experience simpler so that the consumer can spend less time engaging with the brand and more time experiencing life?
According to a new global study, marketers need to rethink what a great customer experience is. Many customers desire more seamless, simpler, faster brand engagement. Time is the rarest of commodities brands that give consumers the benefit of more time are being valued. Global brand strategy and experience firm, Siegel+Gale, just completed their seventh annual Global Brand Simplicity Index study, designed to better understand: 1) the impact of simplicity on consumer behavior and firm performance, 2) the brands and industries that create the simplest experiences, and 3) the top brands that use simplicity to drive disruption. The 2017 study, based on an online survey of more than 14,000 respondents across nine countries, ranks 857 brands on their perceived simplicity. Below are some key findings from the study and insight from Margaret Molloy, global CMO and head of business Development for Siegel+Gale.
Simplicity earns a premium: 64% of consumers are willing to pay more for simpler experiences.
Simplicity builds loyalty: 61% of consumers are more likely to recommend a brand because it’s simple.
Complexity costs: Brands that don’t provide simple experiences are leaving an estimated share of $86 billion on the table.
Simplicity performs: A stock portfolio of the simplest global brands outperforms the major indexes by 330%.
Simplicity inspires: 62% of employees at simple companies are brand champions—versus only 20% of employees at complex companies.
Simplicity drives disruption: The key brands that are disrupting industries are doing so, in part, by delivering simpler brand experiences to consumers.
Read the article on Forbes here.
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