Chapman & Co.
Leadership Institute has entered into a strategic partnership with Vrity, a data company dedicated to helping brands measure the financial impact of their corporate and social values on customers.
The partnership will enhance the leadership consultancy's "Truly Human Loyalty" customer loyalty consulting practice by using quantitative insights from Vrity’s Values Return Index (VRI) to help companies make focused, ROI-based decisions based on the importance of their brand values to customers.
The catalyst for the partnership was a realization by both firms that the values economy in the United States is expanding rapidly, as brand values and corporate policies align with social causes and increasingly impact consumer purchasing decision across all age demographics.
Internal research by Chapman & Co., suggests 60 per cent of consumers consult brand values (including a commitment to diversity and a positive company culture) before making purchasing decisions.
Additionally, customers identifying as "brand loyal" express the strongest focus on brand values.
These findings are reinforced by research conducted by Vrity showing that 82 per cent of consumers say they will pay more for brands that share their values—with 43 per cent saying they will even pay double.
"Every business is trying to crack the code of customer obsession," explains Barry Kirk, Principal and loyalty practice leader at Chapman & Co.
"But, far too often, companies are neglecting one powerful tool they already have right at their fingertips—their brand values.
The reason they hesitate is because it’s hard to quantify how you’re showing up in terms of values, and what impact that is having on your revenue.
With this partnership, we will help businesses make their values a key lever in building customer loyalty, and measure the financial benefit of doing so, through Vrity’s market-leading VRI platform."
A new joint offering from the companies will help companies:
However, there has been a black hole of data, which prevents many brands from truly living their values.
Data is confidence—confidence to set budgets, confidence to measure results, confidence to justify to executives that values are driving revenue.
"We see Chapman & Co., with its unique Truly Human Loyalty approach, as the perfect partner to leverage our values-based data and transform this information into game-changing customer loyalty strategies."
A new joint offering from the companies will help companies:
The offering is being targeted at organisations that are currently:
