Consumers are constantly undergoing new experiences, but very few leave a lasting impression, with only those that are truly memorable remaining in our brains. These tend to be experiences that drive strong emotions – either of delight or anger. This is particularly true when it comes to the experience consumers receive from brands, with the majority quickly forgotten.
Consumers in the US are six times more likely to receive outstanding consumer experience than their counterparts in the UK. That’s the stark finding from new research from KPMG Nunwood, based on a survey of 7,500 US consumers covering 243 brands across 10 sectors.By comparing this data with previous research in the UK, KPMG Nunwood found that not only did US consumers...
In previous decades an organization’s brand was something it controlled, with how it was perceived in the market driven by expensive advertising and marketing campaigns. The rise of social media and increasingly demanding customers has changed all of this. In highly competitive markets brand reputation and values are built on the experience that consumers receive and share on social media.
Insurers today are facing growing challenges. The rise of the internet, greater competition, diminished customer loyalty and increased claim costs all require a radical shift in approach if insurers are to survive. It is no exaggeration to compare the sector to retail – where the damage caused by changing consumer behaviour has decimated traditional high street players.Efficiently delivering...