Group XP Pioneers Experience Innovation with Launch of the Experience Index
WPP’s recently launched experience innovation powerhouse Group XP – comprising brand agency Brand Union, retail and brand consultancy FITCH and brand experience agency SET and SET Live – has unveiled its groundbreaking Group XP Experience Index. A first-of-its-kind report, Group XP’s Experience Index leverages data from BrandZ – the world’s largest brand equity database – to evaluate brands according to the strength of their customer experience, a metric that is considered one of the most important marketing metrics going forward.
“At Group XP, we know that our lives are defined by experiences and as such, customers are more demanding than ever,” says Group CEO Simon Bolton. “We believe that great customer experiences should be easy and rewarding in equal measure. These are the basic principles of designing with a user experience mindset – understanding the obstacles that people are trying to navigate around and making that journey simpler and more straightforward and recognizing the most uplifting and memorable way they can interact with a brand, retailer or service.”
Working in collaboration with BrandZ, Group XP decoded and categorized brand experience into four critical components – Impression (“Stand for something unique”), Interaction (“Deliver on your most important needs”), Responsiveness (“Have better online services and engaging content”) and Resilience (“Strive to make people’s future lives better”).
Utilizing these components, Group XP extracted a host of valuable insights through the XP Experience Index, which examines the relationship between brands with High, Medium and Low “Brand Experience Capital” scores and their trended brand value over a ten-year period.
Among the most significant findings:
- Brands with High Experience Capital in delivering innovative experiences outperform the market by up to 166%, scoring highly across all four components – most notably in “Responsiveness.”
- Brands with Medium Experience Capital outperform the market by up to + 66%, scoring highly in one or two components but not consistently strongly across all four.
- Brands with Low Experience Capital actually declined in value by ‐0.4%, scoring poorly across all the four components with a slight focus on the more traditional brand building area of Impression.
“For CEOs the data results are clear; creating a superior customer experience accelerates profitable business growth,” adds Chief Growth Officer, Group XP, Iain Ellwood. “The most valuable brands exhibit a profound customer centricity that enables more innovative approaches to business models & technologies and this results in customer experiences that can generate completely new revenue streams.”
Along with CEO Bolton and Ellwood, Group XP’s distinguished leadership team includes Executive Creative Director/FITCH Chairman Tim Greenhalgh, and Head of Growth & Innovation Ksenia Starikova.
For more insights from the Group XP Experience Index, visit www.group-xp.com
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About Group XP
Group XP is the Customer Experience Innovation offer comprising Brand Union, FITCH, SET and SET Live, designed to deliver end-to-end experiences that accelerate business growth.
Part of WPP, it’s headquartered in New York City with over 1,000 strategic and creative thinkers across 40 studios worldwide.