Qualtrics software Brand Impact Simulator allows marketing leaders and insights managers to simulate specific situations to help them identify key drivers of purchase. This new platform enables them to proact and restructure brand strategies according to the changing needs of consumers.
Consumers’ ever-evolving behaviours and preferences have been magnified, more than ever, in today’s digital-first world, challenging businesses to recalibrate their marketing strategies to increase brand loyalty and expand customer base. With the rapid shift to online shopping for goods and services due to the pandemic, organisations have limited ways to ensure delivery of excellent customer service and measure brand experiences vis à vis a face-to-face engagement, which is critical to strengthening brand loyalty and profitability.
Benefits of Creating a Strong Brand
In October 2020, Qualtrics commissioned a global survey through experienced research firm Forrester Consulting that involved 119 global business leaders with high brand experience management maturity and 144 with lower maturity to gather insights into the financial and reputational benefits of building a strong brand. The research has revealed that adopting a solid brand experience strategy enabled brand leaders with high brand experience management maturity to gain an average of $180 million in additional revenue, an average increase of 5.85{8bf2b29f36318f0ac46ab1cc03d7035abce669a1cea16c9ed62389a818fa22fd} in lead generation, and an average of 1.5{8bf2b29f36318f0ac46ab1cc03d7035abce669a1cea16c9ed62389a818fa22fd} increase in shareholder growth.
On the other hand, for brand experience management laggards, only 34{8bf2b29f36318f0ac46ab1cc03d7035abce669a1cea16c9ed62389a818fa22fd} of brands resonate with potential customers, which means significantly losing potential business. Most importantly, the study revealed that 45{8bf2b29f36318f0ac46ab1cc03d7035abce669a1cea16c9ed62389a818fa22fd} of weaker brands do not have the right tools, despite using multiple solutions, to measure brand performance. Over 40{8bf2b29f36318f0ac46ab1cc03d7035abce669a1cea16c9ed62389a818fa22fd} of respondents said they lack real-time brand experience management data and insights (45{8bf2b29f36318f0ac46ab1cc03d7035abce669a1cea16c9ed62389a818fa22fd}), predictive analytics (42{8bf2b29f36318f0ac46ab1cc03d7035abce669a1cea16c9ed62389a818fa22fd}), and an automated dashboard for analysing brand tracker and business data (40{8bf2b29f36318f0ac46ab1cc03d7035abce669a1cea16c9ed62389a818fa22fd})– all essential to building a strong brand.
Some of the key recommendations from the study include the use of the right tools and data to create an effective experience-led brand strategy and for organisations to consider brand experience management as an all-encompassing process that creates financial, marketing, and customer value.
New Qualtrics Software for Brand Leaders
Recognising the brand leaders’ challenges in identifying and understanding the fast-changing needs and wants of today’s digital consumer, the leader and creator of the Experience Management (XM) category Qualtrics has launched the solution Brand Impact Simulator built on Qualtrics BrandXM. A self-service tool designed to help brand leaders understand and prioritise brand attributes that have the greatest customer impact, Brand Impact Simulator delivers efficiency and effectiveness in marketing and brand campaigns and, consequently, drives customer acquisition and growth.
“Customers have more choices than ever before, and to remain competitive organizations need a new approach to brand experience to help them quickly adapt to the constantly changing preferences of consumers,” said Paul Sheets, Qualtrics general manager of BrandXM. “Brand Impact Simulator makes it easier than ever for brand and marketing leaders to quickly turn insight into action to strengthen their brands and accelerate customer acquisition.”
Brand Impact Simulator has the capability to automatically simulate scenarios across a brand’s desired attributes. By leveraging the Qualtrics platform to gather consumer feedback, it can help organisations anticipate and quantify which brand attributes to prioritise in their marketing campaigns to increase customer conversion. It uses Johnson’s relative weight analysis, a proven methodology that helps understand the relationship between correlated variables. The latest Qualtrics brand experience management tool analyzes how independent variables such as the key drivers correlate with dependent variables like brand equity or brand consideration score.
Aside from ease-of-use, the Qualtrics software can be run quickly for any specific segment or key drivers, empowering any insights manager to perform analysis as needed and proact before insights are outdated without the need to tap an agency. Having access to real-time insights gives organisations a competitive advantage and enables them to anticipate customer needs and expectations.
Qualtrics announced that Brand Impact Simulator is currently in early access and will be generally available in Q4 2021.
