Is a lack of understanding your “external brand” inhibiting your growth?

What would your clients say if they realized that you only had a 50-75% understanding of how their brand was perceived by their customers? Perhaps, “don’t let the door hit you on the way out”.

According to a 2010 study conducted by Hinge Research, professional services firms have only a 50-75% understanding of how the market perceives them – their “external brand.” The study found gaps between external and internal brand perceptions on a significant number of key issues, in part because many clients won’t proactively tell you when they are unhappy. The study illustrates a clear correlation between client research and profitability and growth

  1. Those firms that conduct structured research on themselves, even occasionally, are more profitable and grew faster and
  2. Those that did frequent client research were even more profitable and grew even faster. Read more

Taking steps to understand your external brand will strengthen your existing client relationships. In addition, the effort should unearth key insights that will better inform your marketing strategy and ultimately allow you to attract more of the right new clients. After all, if you understand the changing needs of your target market, you’ll be better prepared to anticipate and meet them.

Learn how our Client Research service can help you better align your external and internal brands and turn that insight into growth.