Brand Affinity
Discover what Brand Affinity is and how advisers can evolve their value proposition by understanding Brand Affinity.
What is Brand Affinity - a definition
The Brand Affinity dimension is a measure of how The Advisable Australian prefers to identify with a brand or business. It investigates their attitudes, loyalty and what’s important when evaluating a business. Brand is a marketing term to describe how a person identifies with a business – how they feel about it. The role of the business is to define a clear brand purpose and articulate it to its target audience through a variety of mechanisms – marketing, service, its products and the actions of its staff.
The Brand Affinity types are:
1. Premium
Those who look for and admire well-known premium brands that are feature-rich and with top digital capabilities.
3. Purposeful
Those looking for a business that has a social or environmental purpose and takes a stand.
2. Proven
Those looking for well-known brands with a history or heritage, and one that can educate and collaborate. Digital is not a focus usually.
4. Plain
Those looking for a no-frills brand with low complex service plus limited digital offering.
The Advisable Australian - A new way to think about investors
To learn what financial advice firms can do to take advantage of the Brand Affinity dimension and evolve their marketing and value proposition, download our special report, The Advisable Australian Volume 1 - A new way to think about Australian investors.
Why Brand Affinity matters
‘Brand’ is a marketing term to describe how a person identifies with a business. The role of the business is to define a clear brand purpose and articulate it to its target audience through a variety of mechanisms –marketing, service, its products and the actions of its staff.
Take Patagonia as an example. It is one of the largest global clothing companies, yet its brand purpose is to “make the world a better place.” Its products are largely made from recycled materials, it donates large sums to environmental causes, and on top of that it also plays a role in global environmental education.
In defining the Advisable Australian universe, we sought to understand their brand preferences and attitudes as they relate to service providers, such as financial advisers. Doing this helps us understand how advice firms should interact with their clients and prospective clients, the attributes they should seek to project, and how prospective clients will respond.
Understanding the Brand Affinity groups in Australia
Brand Affinity is different from the other dimensions in this report. It isn’t measured in terms of being high or low; rather we have split Brand Affinity into four distinct types or preferences and allocated Advisable Australians to the group they fit best. The largest group is the 2.99 million Advisable Australians who prefer a purposeful brand, closely followed by the 2.92 million who prefer a plain brand. The proven Brand Affinity group stands at about 1.49 million people and the premium Brand Affinity group is the smallest of all, at 1.2 million people.
Brand Affinity groups by size
|
Group |
Percent |
Number of people* |
|
Premium |
13.9% |
1.20m |
|
Proven |
17.3% |
1.49m |
|
Purposeful |
34.8% |
2.99m |
|
Plain |
34.0% |
2.92m |
* Figures derived from ABS statistics based on survey responses
How advisers can evolve their value proposition by understanding Brand Affinity
The Brand Affinity dimension is important to understand for advice firms so they can adjust their service offering, communication language and marketing activities. Matching how advice is delivered and the engagement style to the target client’s Brand Affinity will go a long way to improving client satisfaction, advocacy plus also help win new clients.
To learn what financial advice firms can do to take advantage of the Brand Affinity dimension and evolve their marketing and value proposition, download our special report, The Advisable Australian Volume 1 - A new way to think about Australian investors.
Explore the other dimensions of the Advisable Australian
The Emerging Affluent - The fight for the future market
Discover the Emerging Affluent, the next generation critical future market, and how to target them. Download our special report, The Advisable Australian Volume 2 – The fight for the future market: The Emerging Affluent.