It can be particularly beneficial to obtain a Brand Experience Index before and after significant marketing efforts to measure the actual impact on the minds of your intended targets.
Marketers, both client and agency-side, find even further value when they use the Brand Experience Index to better understand how target audiences view competing brands. That’s right – you can get a BXi for your brand and any brand.
So, you can measure your own strengths and weaknesses and then determine how it positions you relative to competitors.
Bank Iowa, a statewide community bank, uses our Brand Experience Index to do just that. To first assess its market position, the chief marketing officer and his agency, Lessing-Flynn, will determine the best strategic opportunities to gain ground against other financial institutions available to Iowans. Gut instinct tells the team they must work to attract younger, digital-native banking customers.
The Brand Experience Index will not only help them confirm this assumption but will also identify competitors who are doing great and not-so-great jobs in this area. The BXi will show them how far they need to go to catch up if necessary – and where to begin gaining more market share among Millennials and other segments of the state’s younger population.