Plenty of good brands have high customer satisfaction ratings,
but that's not always enough.
It's the customers who also form an emotional connection with the brand
who are 25 to 100 percent more valuable in terms of revenue and profitability.
One study looked at 39 well known brands.
And compared the number of customers who considered them a good brand to the
number who felt an emotional connection.
The striking result is that even good brands aren't always connecting
emotionally with their customers.
Brands like Coca Cola, Nike and Starbucks, whose heavy investment in
advertising and customer experiences have gotten them good brand ratings.
Still falls short of their smaller rivals, whose customers are more
emotionally connected and the most ubiquitous brands, such as Walmart,
McDonald's and Facebook, ranked among the lowest in the study variations
within industries can be dramatic.
Ratings within the insurance industry are quite similar, but superstars
within the airline industry and financial services have found ways
to soar above the competition by translating their strong brand image
into real emotional connection.
It isn't all about price either.
Although BMW and Tiffany ranked highest on the list, brands don't need to be upscale
to have strong emotional connections.
A company's job isn't done when customers are simply satisfied.
Even good customers can become better customers if you can
find a way to make it personal.