Chanel most emotionally intelligent brand: Survey
Chanel is the most emotionally intelligent brand followed closely by Louis Vuitton, according to a survey. Chanel has earned an overall score of 7.14 out of a maximum possible 10. The fashion brand’s score is driven primarily by two elements, which account for 50 per cent of the score weighting, including quality of products and customer service experience.
Chanel ranks among the top two contenders for quality of merchandise and is ranked number 1 for its customer service experience on the 2018 Emotionally Intelligent Brand Index (EIBI). The report released by the New York-based Luxury Institute features annual rankings and ratings for leading luxury women’s fashion brands by affluent US consumers.
The EIBI methodology was developed using 10 years of proprietary, quantitative and qualitative research with affluent consumers, front-line associates, managers and executives. The survey distils the critical components of brand equity, according to luxury consumers, in the 21st century.
On the elements that drive human bonds and emotional connection, which account for the other 50 per cent of the overall score, Chanel, like most of the luxury fashion brands, slides down the scale. In empathy (understanding a client’s needs) Chanel ranks #7. On trustworthiness (serving the client’s interests first) Chanel ranks #3. On generosity (demonstrating generosity and kindness to its employees, clients and society at large) Chanel is ranked #13.
In interesting contrast, Stella McCartney, while ranked #17 on quality of products and #6 in customer service experience, ranked #1 in empathy, #4 in trustworthiness, and #1 in generosity and kindness. Affluent consumers tell Luxury Institute, in no uncertain terms, that a brand must deliver on both expertise and emotional intelligence to thrive in today’s marketplace.
The EIBI metrics are a map for discovery directly from the voice of affluent consumers, who account for 20 per cent of a brand’s client base, 70 per cent of the total revenues, and almost all of the profit margin. The opportunity for each brand rated is to fine-tune and strengthen its brand equity through positive social behaviours.
“Today affluent consumers across all generations, but especially millennials, think of brands as organic, living entities comprised of the purpose, values and behaviours of the people who lead them and who represent them at the front lines, across any channel,” said Milton Pedraza, Luxury Institute and EIX CEO.
“A brand, today, is known well beyond its products. Just as with individuals, if a brand today cannot deliver more than expertise and deeply lacks emotional intelligence, or simply has an emotional intelligence deficit that is clear to clients, it is at a distinct disadvantage in the probability of long-term success or even survival. Unfortunately, some brand leaders, especially in luxury, would rather delude themselves than embrace, or crave, candid customer feedback and take massive positive action,” added Pedraza.
The EIBI survey is an extension of the Luxcelerate high-performance client relationship system pioneered by Luxury Institute 10 years ago using advanced neuroscience, high performance science, and tech science.
The Institute surveyed a nationally representative sample of over 1,200 responders with a minimum of $150,000 annual household income across several brand categories most consumed by affluent consumers. Monday, 16 July 2018