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Did You Know?

Derrick Daye Did You Know?

Did You Know? – May 21

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•    It costs 7 times more to get a new consumer for the brand than it does to get a current consumer to make an incremental purchase.

•    In some sectors, an increase in the consumer base by just one percent is otherwise equivalent to a 10 percent cost reduction.

•    Depending on the category, a 5% increase in customer loyalty will lift the lifetime profits per customer by up to 95%.

•    Increasingly, brands are shifting their focus from penetration to usage.  Greater success comes from getting a larger portion of a smaller segment’s business (versus getting more consumers to buy your brand).  This can be accomplished in many ways, including offering more and different products and services that deliver against your brand’s promise.

Sponsored By: Brand Aid

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Derrick Daye Did You Know? Neuromarketing

Branding Facts

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Well-known brands activate positive emotional responses in our brains. — Researchers used functional magnetic resonance imaging (fMRI) to study areas of the brain affected by visual stimuli associated with strong and weak brands. — "Brain branding" is an interdisciplinary approach to improve understanding of how the mind perceives and processes brands.

Source: Radiological Society of North America

Sponsored By: Brand Aid

 

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Advertising Derrick Daye Did You Know?

Did You Know? – September 15th

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•    There is a direct correlation between advertising spending, brand awareness, and market share (given that the brand’s distribution is equal to that of other brands in the category and consumers like the brand’s point of difference).  In fact, James Gregory and the Corporate Branding Partnership (and others) have linked advertising spending with increases in sales, earnings, market share, and stock price.

•    A brand’s perceived quality increases with increases in advertising impressions, regardless of message.

Sponsored By: Marketers Seeking Employment

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Derrick Daye Did You Know?

Did You Know? – September 8th

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In his white paper, “Communication as Value Builder,” Dr. David Jensen, Senior Vice President with Ketchum in Atlanta, cites a 1998 study by the Wirthlin Group, which concludes that:

• “Companies with good reputations are 7 times more likely to command premium prices for their products and services.
• 5 times more likely to have their stock recommended
• 4 times more likely to be recommended as a good place to work
• 3 times more likely to be recommended as a joint venture partner
• 1.5 times more likely to receive the benefit of the doubt.”

Sponsored By: Brand Aid

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Derrick Daye Did You Know?

Did You Know? – August 5th

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Regarding customer loyalty, what should newer, faster growing brands focus on as an indicator of brand health and what should more established brands watch for as an indicator of brand health?

Newer, faster growing brands should focus on the number of new loyal customers, while more established brands should track the number of lost loyal customers.

Sponsored By: Brand Aid

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