How customers fall in love: The key characteristics of Australia’s favourite brands.
Through our TBX report, we found that giving your customers discount codes and offers with purchase doesn’t affect brand love as much as we thought.
In fact, many brands that don’t have loyalty programs still have loyal customers.
So, re-think the referral programs and discover the common characteristics of these brands.
In the elevator to your office. (I have 30 seconds)
Before the day starts, learn what True Brand Experience means.
What is True Brand Experience (TBX)? A brand delivers TBX when its brand promise and what it delivers match up.
What are the common characteristics of a TBX brand?
There is a clear belief shared with their customers at the core of their business.
Their brand promise aligns with their customer experience.
They deliver a consistent brand experience across the journey.
We used our TBX Tool to talk to 1,000 Aussies. Their top ten favourite brands are (drum roll please):
01. Tesla - 97% Score
02. Dyson - 96% Score
03. Messina - 92% Score
04. Bunnings - 90% Score
05. Canva - 90% Score
06. Red Bull - 88% Score
07. MILKRUN - 88% Score
08. Commbank - 85% Score
09. Oatly - 85% Score
10. Patagonia - 84% Score
Tesla is a TBX brand and received a 97% approval rating among Australians despite their falling share price. 80% agreed that Tesla exceeded their expectations during the ownership experience. This highlights that even with Elon Musk’s recent behaviour, a customer-centric streamlined model makes a huge difference. However, companies like BYD, which has overtaken Tesla by copying its model, could threaten its ongoing popularity.
Between back-to-back meetings. (I have 2 minutes)
Take this spare time to discover how customers behave when a brand delivers a true brand experience.
Customers feel more affinity to TBX brands. They actively seek to interact and share their brand experiences with others.
TBX brands are nearly twice as likely to be perceived as premium or luxury as opposed to mainstream. “Luxury” classifications more than tripled to 3.4x, and “mainstream” classifications halved for a net shift of approximately 25%.
Customers rated brands that met TBX criteria as higher quality. They’re also more likely to be used for one to four years, while non-TBX brands are more likely to have been used for less than one year.
Customers are 3.1x more likely to ignore price when considering a TBX product. Thus, TBX brands are more likely to be able to charge more than competitors.
57% of customers would recommend a TBX product to a friend. This is compared to just 14% for non-TBX brands.
Before your afternoon swim. (I have 5 minutes)
Take a deep dive into the three key characteristics of TBX brands.
TBX brands put their customers' beliefs at the heart of their brand promise.
A shared belief is a showcase of the best of a brand’s products or services, going beyond transactional to emotional connection.
TBX brands are 2.3x more likely to stand for more than making money. Connecting with their customers is just as, if not more, important.
Red Bull: A masterclass in putting your customer's emotions at the centre of your brand belief.
Brand belief: We want to energise the world.
Customer belief: Australians seek energy in their everyday life to push themselves further, even when not reaching for an energy drink.
Reason to believe: Red Bull gives you energy, and Red Bull Sports sponsorships inspire energetic pursuits.
TBX brands match their brand promise with customer experience.
TBX brands are 88% more likely to have products or services that match their advertising. They practice what they preach.
Employees who understand the promise are crucial to delivering it. They work together cohesively to put it into action.
A complex brand promise weakens the brand. For example, the customer receives conflicting signals if the business stands for innovation but offers an outdated check-out experience.
Bunnings: The benchmark for practising what you preach.
Brand promise: Provide customers with the widest range of home improvement products in accordance with our lowest price policy, backed by the best service.
Customer experience: The sausage sizzle and the staff's helpful attitude are a testament to their commitment to providing the best service. Plus, any store or website visit backs up their simple promise of providing a wide product range at the lowest prices.
TBX brands deliver consistent brand experience across the entire customer journey.
TBX brands show up authentically across every interaction.
Tesla: A lesson in consistency over traditional advertising.
Brand promise: They promise to make dull electric cars exciting and premium.
They spend less on advertising, but 75% of Australians believe the support they receive matches their reputation and positioning in the market.
They focus on doing, not saying. They reinforce their promise at each interaction with the customer.
Our recommendation: You should align your entire organisation with a core idea shared with your customers.
This will allow every employee to make the same experience-led decision as the CEO consistently. Thus, the CEO has more control over the end-end experience, resulting in a more consistent experience over every touchpoint.
Good customer experience impacts total brand perception. TBX businesses are 125% more likely to be considered honest and authentic.
How we can help you.
There’s no reason why your business can’t join the ranks of the above brands and deliver a True Brand Experience for your customers. Get in touch with us below: