 |
Brand advocacy: measuring brand strength, competitiveness, value and loyaltyThe Smith & Jones Advocacy Index™ The Smith & Jones Advocacy Index™ is a measurement tool that helps companies monitor the strength of their brands. It is the single most important indicator of its current position and potential for future growth. As a gauge of brand health, advocacy proves more illuminating than market share, customer satisfaction or brand loyalty statistics alone. The Smith & Jones Advocacy Index reveals the consumers’ commitment to the brand and the depth of the relationship. When surveyed about their degree of advocacy, consumers widen their perspective to consider things such as the competitors within the market and the perceived value of the brand’s product or services, offering a more complete view of the purchase decision. The customer’s willingness to recommend the brand to a friend puts his own reputation on the line, demonstrating loyalty for a brand that has earned his trust. Plotting a brand’s position on the Advocacy Index involves a survey of consumers in the brand’s market area, detailed analysis of the captured data points, and a ranking of your brand’s standing in the competitive set. The Advocacy Index findings include:
When a brand scores low on the Advocacy Index, meaning it has comparatively few customer advocates, it faces higher operating costs and smaller margins. When a brand scores high on the Advocacy Index, with a high percentage of promoters, the brand enjoys financial benefits such as increased market share, higher revenue, reduced costs and a greater upmarket position. |