16.11.2021, 01:26
Leveraging Brand Values to Deepen Customer Loyalty
Chapman & Co. Leadership Institute has entered into a strategic partnership with Vrity, a data company dedicated to helping brands measure the financial impact of their corporate and social values on customers.
The partnership will enhance the leadership consultancy’s “Truly Human Loyalty” customer loyalty consulting practice by using quantitative insights from Vrity’s Values Return Index (VRI) to help companies make focused, ROI-based decisions based on the importance of their brand values to customers.
The catalyst for the partnership was a realization by both firms that the values economy in the United States is expanding rapidly, as brand values and corporate policies align with social causes and increasingly impact consumer purchasing decision across all age demographics.
Internal research by Chapman & Co., suggests 60 per cent of consumers consult brand values (including a commitment to diversity and a positive company culture) before making purchasing decisions. Additionally, customers identifying as “brand loyal” express the strongest focus on brand values.
These findings are reinforced by research conducted by Vrity showing that 82 per cent of consumers say they will pay more for brands that share their values—with 43 per cent saying they will even pay double.
“Every business is trying to crack the code of customer obsession,” explains Barry Kirk, Principal and loyalty practice leader at Chapman & Co. “But, far too often, companies are neglecting one powerful tool they already have right at their fingertips—their brand values.
The reason they hesitate is because it’s hard to quantify how you’re showing up in terms of values, and what impact that is having on your revenue. With this partnership, we will help businesses make their values a key lever in building customer loyalty, and measure the financial benefit of doing so, through Vrity’s market-leading VRI platform.”
Jesse Wolfersberger, CEO and Co-Founder of Vrity, adds: “Values are the most important trend in marketing since digital. However, there has been a black hole of data, which prevents many brands from truly living their values. Data is confidence—confidence to set budgets, confidence to measure results, confidence to justify to executives that values are driving revenue.
“We see Chapman & Co., with its unique Truly Human Loyalty approach, as the perfect partner to leverage our values-based data and transform this information into game-changing customer loyalty strategies.”
A new joint offering from the companies will help companies:
- Understand how consumers perceive their brand across 20 core brand values categories;
- Determine how their brand identity aligns with the five key types of customer loyalty;
- Measure the financial impact their values are having on their business; and
- Create a strategic approach for integrating their values messaging into an ROI-positive customer loyalty approach.
The offering is being targeted at organisations that are currently:
- Prioritizing internal company culture and a commitment to values but unsure if their efforts are connecting with customers;
- Investing in public relations to share their values and commitment to social causes but struggling to quantify the business impact;
- Integrating values-based messaging into its marketing strategy, and seeking to verify the impact on customer engagement and loyalty; and/or
- Performing market research, and looking to establish an evergreen scoreboard to track its values alignment with key demographic segments, in relation to competitors.
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