Why does one company win more business than another? Why do certain companies retain customers longer than their competition? It’s not because they spend more on media and advertising campaigns. It’s because they spend time, energy and dollars to ensure every employee knows how to bring their corporate story to life in the customer experience. Below are a few statistics and quotes from market leaders who understand why companies with employees who embrace and bring the corporate story to life in the customer experience outperform those that don’t.
- Companies that bring their story to life throughout the customer experience spend only 1 percent of annual revenue on paid media while those that don’t have to spend 3–4 percent to get similar results.
“Starbucks is not an advertiser; people think we are a great marketing company, but in fact we spend very little money on marketing and more money on training our people than advertising.”— Howard Schultz, Starbucks
- Customers do not engage directly with your brand. They experience the brand based on the experiences and conversations they have with your employees. According to market leader Ken Irons, “70 percent of customers’ brand perception is determined by their experience with your people.” So the real question becomes: Can you afford not to infuse your corporate story throughout your organization?
“An organization can only ‘walk the talk’ when its managers deliberately shape its internal reality to align with its brand promise … [the brand’s] values must be internalized by the organization, shaping its instinctive attitudes, behaviors, priorities, etc.” — Alan Mitchell, Journal of Marketing Management
- According to the Harvard Business Review, companies that excel in delivering a consistent message throughout the customer journey can increase revenue growth 10–15 percent and lower costs 15–20 percent.
“When making a purchase decision, customers use an average of six different channels, which are often managed by different parts of the organization. That series of interactions highlights a crucial issue in today’s business world: brands need to work across multiple functions to deliver a coordinated and consistent experience.” — Harvard Business Review
- According to the Corporate Leadership Council, engaged organizations grew three times faster than their competitors. It’s a fact that business performance increases if your people understand your story, internalize it and leverage it in customer conversations.
“In a competitive world, organizations are realizing that only people can brand products or services — that we are not just selling a branded product but a mass of branded people who support and deliver.” — Helena Rubenstein, Managing Director at The HR Lab
- Employee engagement requires a personal connection with and understanding of your story: your purpose, vision, what you do and the value you deliver. According to a recent Gallup poll, higher than average levels of employee engagement produce 27 percent more profits, 50 percent more sales and 50 percent higher customer loyalty.
“Your brand is created out of customer contact and the experience your customers have with you.” — Stellos Haji-Ioannou, CEO at EasyGroup
These startling statistics prove just how important it is for your employees to internalize and activate your corporate story in the customer experience. Do your employees understand, embrace and evangelize your corporate story? If not, you should find out why. Because it is costing you in more ways than you might think.