We provide time proven methodologies and processes for helping our research member clients determine the value of their product and service strategies. Intense competition and complex markets create significant hurdles to fully understanding a company’s brand value and marketability. Evaluating the current market share, expansion into new markets or re-launching of brands can be efficiently and effectively evaluated using Brandon Hall Group’s Market Research resource. From surveys to fully developed commercial strategies, we offer our research member clients with a full range of market assessment services designed to uncover the true value of an organization’s brand and its impact in the marketplace.
Vertical Market Analysis (VMA)
The VMA is a step-by-step process to elevating an organization’s “marketing I.Q.” in a particular market or market segment. The VMA offers a unique combination of business intelligence with tangible and relevant best practices for optimizing a market share. The VMA is a strategic plan for market entry or proliferation of a market with a clear and measurable plan of execution.
VMA Plan
Objective:
Industry Overview Development
- Market Size
- Market Trends and Dynamics
- Key Segments
- Customer Buying Characteristics and Buying Behavior
Competitive Analysis
- Business Intelligence Overview
- Capabilities and Abilities Profile by Competitor
- SWOT Analysis by Competitor
- Key Competitive Advantages/Disadvantages
- Gap analysis and action plan
Vertical Market Entry Strategy
- Corporate and Product Branding Strategy and Tactics
- Ideal Customer Profile
- Prospect Stratification
- Market Opportunity Analysis
- Entry Strategy Project Plan and Timeline
Client Resonance Framework (CRF)
Every company today wants to build stronger long-term mutually beneficial relationships with their clients. The question is “how is the best way to do go about it?” Brandon Hall Group has developed a unique and innovative approach to measuring how you and your clients are “communicating” with one another. The Client Resonance Framework provides an organization to self reflect in an objective manner on their client retention strategy through direct feedback from the clients.
Our CRF is compromised of five major focus areas:
Key Performance Indicators:
- Client Behaviour
- Client Call to Action
- Client Touch Points
- Client Experience
- Brand Value
Client Behaviour Impacts Brand Value
Client Behaviour creates a “ripple effect” which impacts Brand Value. The critical first step is learning your client behaviour patterns and what prompts them to interact with your company. The second step is to fully understand the experience your clients come away with after interacting with your company. The third step is tracking and monitoring your clients’ reactions based upon their experiences and the impact they have on building or diminishing your brand value.
The critical success factor for a “positive” client experience is client satisfaction. If a client is very satisfied with your company then their positive client experience will travel out into the market place and consequently build your Brand Value. The conduit to Client Experience is the Client Touch Point interface. The iterative process of your clients interacting with your company over time builds a measurable trend in the alignment and engagement to your brand. Continual positive alignment over an extended period of time (engagement) creates brand affinity and loyalty.
How do you measure and score Client Experience?
Measuring client experience requires internal and external feedback. Many companies fail to properly measure client experience levels because they look at client perceptions or client service perceptions. The crucial process step to really understanding what your clients are experiencing is to look at both perceptions in relation to one another.
Measuring the relationship between these two sets of perceptions is accomplished by plotting them against each step of the client service process. These plotted points on the graph are the Client Touch Points.
Measuring your brand portfolio is exceptionally important. Variances across brands is very common and together have a dramatic effect on the corporate brand image and revenue potential of the company. Evaluating the “divergence” between client and company perceptions of the client experience by brand is a revealing process. Organizations can use this methodology to build individual action plans for each brand to improve their overall value and revenue potential.
Methodology for the CRF analysis
We will assist in developing action plans for each brand based for measuring the relationship between client experience and brand value. The following are the steps that would be taken to perform this analysis:
- Review all marketing and sales data and information related to each brand
- Review client experience cycle and build a process map
- Map client experience to client touch points
- Internal (client service group)
- External (client)
- Meet key stakeholders involved in the client experience cycle to assess their perceptions
- Conduct focus groups with clients to assess their perceptions
- Build relationship maps linking client experience process to brand value
- Create Client Resonance Framework for each brand
- Evaluate misalignments with client experience and client touch points
- Create remediation plans and strategic initiatives
- Develop tracking, monitoring, reporting and management dashboard using KPI indicators to measure on-going initiatives
The CRF analysis can be revisited at intervals defined by the client to measure the improvement or lack of improvement brand value.
In summary, the CRF analysis will provide the client with a new and groundbreaking strategic tool to measure the performance of its client experience process.