Here at Leopard, we base our business on the idea that you can’t sell complicated. And there’s good reason for that. “Simple” sells better, performs better and retains more customers—regardless of whether they are B2B or B2C. Although this belief is already reflected in our clients’ success, we came across an incredible study from Siegel+Gale that’s well worth the read.
Each year, Siegel+Gale publishes a Global Brand Simplicity Index. The firm takes a look at global brands and evaluates their simplicity based on the following criteria:
– Easy to understand
– Transparent and honest
– Making customers feel valued
– Innovative and fresh
The index provides comparisons for global brands, with a separate index looking strictly at U.S. companies. But, most interestingly, the report offers up some numbers that should convince you to take a second look at your brand—and help you see where making it less complex can take you.
Some of the key findings from the report this year include:
Simplicity pays: 63 percent of consumers are willing to pay more for simpler experiences.
Simplicity gets shared: 69 percent of consumers are more likely to recommend a brand because it is simple.
Simplicity outperforms: Data from the past six years shows a stock portfolio comprised of the publicly traded simplest brands int he Global Top 10 outperforms the major indexes by 214 percent.
Siegel+Gale cited the following stats in a presentation to the Colorado Business Marketing Association.
Simple Sells Better
The report reveals that 63% of consumer will pay more for simpler experiences.
Simple Performs Better
The Global Brand Simplicity Index created a portfolio of the world’s simplest brands and tracked performance since 2009. The result? Its portfolio beat the average global stock index by 214%.
Simple Retains More Customers
According to the Siegel+Gale, 69% of consumers are more likely to recommend a brand because it provided a simpler experience.
So Where Do You Start?
A simple brand doesn’t just mean a clean design. It goes all the way to the customer experience and to how people can understand, try and buy what you offer and what you do. If you aren’t sure where you fall on this simple scale, then you can start by looking at three areas of your business and asking a few questions:
Your story. Is it consistent? Can people beyond the executive team tell the story? And do they believe it?
Your market. Do you market a solution and sell the solution set? Do you market a product and sell the product line? Do you market to an industry and sell to the business?
Your website. Can people figure out who you are and what you believe in when they look at your website? Can they tell how your company is organized? Does the website design match how you go to market?
If you answered no to any of these questions, it’s time to rethink your brand—or at least your messaging and your marketing strategy.
A clean story and an authentic experience go a long way in gaining loyalty, creating brand advocates and ultimately growing your revenue.