Step into a Whole Foods Market, and you will probably read some brand stories that sound more like a Tolkien quest than a description of how a company that sells quinoa came to be. This is no coincidence. The way people feel about your brand matters—not only to your company’s reputation but also to your business’ bottom line.
On the email fraud protection team at Return Path, we work with some of the world’s top companies to protect their brand from the damaging impact of email fraud targeted at their employees and customers.
To justify investing in a security solution like ours, many of our clients have to put the value of brand trust in business terms. Doing so isn’t always easy—brand trust can be hard to measure.
Here are five stats that will help you prove the business value of protecting your brand trust:
1. Customers are 42% less likely to do business with you if you are being targeted by a phishing attack, regardless of whether or not they are actually getting tricked into giving up their information. (Source: Cloudmark)
2. Consumers are more likely to remember a negative experience than a positive one: of those consumers who recall a major negative customer experience that occurred in the past 10 years, only 55% can recall a major positive customer experience during the same timeframe. (Source: SDL)
3. Brand loyalty is tenuous—up to 46% of consumers said they are more likely to switch providers today versus 10 years ago. This switching leaves $1.6 trillion dollars in potential revenue up for grabs. (Source: Accenture)
4. Customer loyalty is valuable—increasing customer retention by 5% can lead to a 25%-95% increase in company profits. (Source: Harvard Business Review)
5. 87% of executives—an overwhelming majority—believe a strong corporate brand is just as important as strong product brands. (Source: Weber Shandwick)
Protecting your email channel from cybercriminals is a crucial step in preserving your brand reputation and business value. Take the first step by downloading our eBook, The Marketers Guide to Email Fraud.