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PART 1: The Real Value of a Brand Advocate!

July 8, 2019 By The Brand Ascension Group

Build and leverage advocates for your brand to boost sales exponentially!

Are you a brand advocate? Are you someone that will go to great lengths to let others know how much you love a particular brand? Do you tell your friends and family, your colleagues and business associates, and even people you just met? Many of us have favorite brands, sometimes they can be far and few between and when we find them we’re truly enamored with and want others to experience them.

What Is a Brand Advocate?

A brand advocate continues to do business with you regularly, spends more than other customers and is one of your biggest champions. They’re passionate about your brand, what you stand for, and tell others because they believe in your brand. They even go as far as speaking praises about your employees.

Advocates for your brand feel inspired because they have connected to it on an emotional and even visceral level. Your brand makes them feel special and a part of something bigger and better than themselves. And, they go to great lengths to promote your brand to others, even purchasing your products as gifts and sharing their experiences on Facebook®, Twitter®, customer review sites, and other social media platforms. Now, that’s a true brand advocate!

Increasing Brand Advocates Can Reduce Your Marketing Expenses

Companies spend significant amounts of money on traditional marketing efforts each year. Those funds may get customers in the door, but the missing component is that it doesn’t necessarily build loyalty nor does it turn them into brand advocates. Studies show that marketing to acquire new customers is five to seven times more expensive than nurturing your existing customers.

Inspiring your existing customers to return and do business with you creates even greater pay-offs such as increased sales from them and from those they refer to you. And let’s not forget the tremendous amount of goodwill that is created for your brand through an advocate’s word of mouth marketing to their circle of influence that in turn elevates awareness leading to increased brand value.

What’s the Real Value of a Brand Advocate?

In a recent white paper entitled, “What’s a Brand Advocate Worth?” by Zuberance, a “brand advocate’s recommendations are the #1 influencer of billions of dollars in purchases from cars to computers, hotel rooms, movies, enterprise software, and more…”

Research conducted by Deloitte and reported in “A new breed of brand advocates” demonstrates that the longer a customer does business with you the greater the profitability to your brand. The Deloitte study showed that a brand advocate spends two times as much as an ordinary customer.

Zuberance used the Deloitte findings to estimate the total value of a brand advocate to be at least five times or more of the value of an ordinary customer comprising:

  • Twice the value as an ordinary customer (Spend Value), plus
  • The advocate’s referrals has at least three times the value (Advocacy Value)
Source:   Zuberance.com

Zuberance’s research reported even higher examples of up to seven times more value than average customers in three industries: hotels, restaurants, and enterprise software.

The data is very compelling and shows that brand advocates have significantly more influence in driving top-line growth than your traditional paid advertising and marketing methods. That’s remarkable when you consider all the ways an advocate can drive growth for your business. Consumers are more likely to buy based on a trusted referral versus an advertisement.

Another recent study was conducted by Inspiration Blvd, LLC and reported in Forbes. The research found a new paradigm emerging in businesses—that consumers are drawn to brands based on their Inspiration Factors. This is driven by the emotional bond they have to a brand and how the company is perceived to make the world a better place for others.

One common outcome of Inspiration Blvd’s research was that every Most Inspiring Company that made the list had the ability to enlist and unleash a cadre of enthusiastic advocates to carry out its organizational mission. The research also uncovered how higher levels of Inspiration affect earnings:

  • 50% of the brands recognized by consumers as inspiring outperformed the S&P 500 by an average of 45% and as much as 95% year over year.
  • And as a whole, these brands outpaced the S&P by 11% over a 5 year period.

Talk about the enormous ‘return on inspiration’, (RO-I), and its correlation to overall business performance!

And earlier research through Fred Reichheld (Bain & Company) “The One Number You Need to Grow,” and Satmetrix published in Harvard Business Review, showed a strong correlation between higher levels of year-to-year revenue growth with a greater number of consumers who recommended a brand. Riechheld referred to them as “net promoters”—yep, brand advocates!

The data clearly indicates that building brand advocacy is a no-brainer because of the return on your investment. So, with all the compelling research available in the market, why haven’t more companies learned from and studied the companies that utilize this powerful lever to inspire customers to become their no-cost sales force? This is a huge untapped opportunity for so many companies. Granted, creating brand advocates doesn’t happen overnight. It takes careful thought, commitment, and resources.

Stay tuned for PART 2: How to Build Brand Advocates — coming soon!

Filed Under: Brand Advocacy, Brand Culture, Customer Experience Tagged With: Customer Evangelists, Employee Evangelists

Testimonials

Tonya-round-BW-web“Building on a lot of prior soul-searching and “inside work,” the Personal Brand Presence DNA process has helped me to step into an image that is consistent with who I know myself to be. It helped me to articulate what it really means to walk my talk in a way that’s visible and tangible, not just to me but also to others, and I will forever be grateful for that.”
Tonya Henderson, Ph.D, Gly Solutions
DeniseWhitaker-BW-Round“Taking the Personal Brand Presence course was like going through a re-birthing process for myself. It was truly enlightening to have that alone time with ME, and rediscover who I was. The course and consulting sessions were empowering, and added so much confidence to my state of being!”
Denise Whitaker, Realtor
“For years, I have been the gerbil on the wheel, trying with all of my energy, to be all things to all people.  It is so liberating to focus on the strengths I bring to the table and not worry about who that will line up with.  I love what you said about how when you let go of those who don’t line up, it only opens the door for more of those who do.  I am totally seeing that happen in my life and especially in my business!  I shared this with my business coach and he said that you were rig… Read more
Lisa Gross, Sr. Mortgage Lender, Peoples National Bank
“By participating in Suzanne’s Personal Brand Mastermind Group I revealed my true, distinctive brand attributes which has allowed me to actively live my true brand self. It has been a tremendous value for my networking and branding of my consulting practice. Her program was professionally crafted and delivered with personal support and guidance. I would recommend Brand Ascension’s programs for any person or organization looking to elevate their brand presence.”
Mark ShadlePresidentSpeed2ResultsColorado Springs
“When I first came into the Personal Brand Mastermind program, I felt like my business was in a good place (just landed my biggest client to date) and wasn’t sure if it was for me. After JUST Module 1, I realized how much MORE my business can be and everything I have missed or currently am missing. What a powerful program by Suzanne and the Brand Ascension Group! Can’t wait for Module 2! Check her out if you are looking to take your business to another level and find YOUR BRAND DNA!” … Read more
Nathan Darrington, CEO, ND Total Web Design
“Suzanne is a subject matter expert and superb facilitator for building a dynamic culture and brand. I have been in two organizations that immersed themselves in her engaging and powerful Brand DNA process. Her process fully enrolls everyone from customer facing staff to senior executives so that all conclusions are readily embraced and instantly internalized by all stakeholders. If your enterprise wants to experience immediate and lasting transformation, engage Suzanne.”
Robert Todd, Operations & Finance Expert
“Suzanne is personable, precise in her communications, and extremely professional. Her concept and methodology of brand development is simple and powerful, and it’s already reaping great results! Her vast experience and impeccable integrity make her a powerful member of my business team. I highly recommend Suzanne to any business owner seeking greater impact and a bigger bottom line! Great Results, Expert, High Integrity!”
Chevy Chevallard, CEO, Conduct Your Life!
“Wow, I wasn’t expecting such a breakthrough!” That is what you will tell yourself when you complete one of Suzanne’s Personal Brand Mastermind courses. If you are not aligned with your authenticity, everything in your life will suffer as a result. I highly recommend anyone who wants to get to the next level in business or their personal life to enroll in this series. This is an exclusive training program for high-caliber, high-potential clients so be ready to roll up your sleeves do… Read more
Cory Arcarese, CEO, CArc Media

SarahRyals-Pic“Suzanne creates a wonderful experience to build an understanding of brand, especially for those who are new to brand basics. Her teaching modules are clear, well organized, thoughtfully explained, and she does a great job coaching teams through the work. The final outcome is an actionable foundation for delivering a consistent, meaningful brand experience for all the brand’s stakeholders.”

Sarah Ryals, Women's Resource Agency Board Member
“I highly recommend Suzanne for website, branding, and any and all creative work. She is excellent to work with: fast, on-time, full of fresh ideas, offers solutions, great attitude, multi-talented…and also fun! Suzanne has been a tremendous asset to Grizzard and our marketing program. She is an integral part of our team and success.”
Stacy Guidice, Marketing Dir., Grizzard Communications

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