• Resources
• >
• Measuring the Influence of a Leading GCC Bank’s Communication Strategy with Business Intelligence

Measuring the Influence of a Leading GCC Bank’s Communication Strategy with Business Intelligence

In today’s fast-paced digital landscape, banks face significant challenges in establishing and maintaining strong relationships with their customers. As competition intensifies, the ability to measure and optimize brand engagement becomes essential for retaining customers and attracting new ones. In the GCC region, one of the leading banks sought to tackle this challenge head-on by leveraging data insights and advanced analytics to assess the effectiveness of its communication strategy. With the help of Icogz’s proprietary Brand Mindspace Index (BMI), the bank was able to evaluate its brand influence across consumer and follower mindspace, identify areas for improvement, and strengthen its customer engagement strategy.

Exploring how the bank, working with Icogz, transformed raw data into actionable insights to enhance its communication approach, improve customer sentiment, and achieve long-term growth in a highly competitive market.

The Business Challenge: Measuring Brand Engagement and Consumer Perception

For any financial institution, customer trust and engagement are key drivers of brand success. However, measuring these intangible factors can be difficult, especially in a complex market like the GCC. The bank faced the challenge of understanding how its communication strategy was resonating with customers and how its brand was perceived in comparison to competitors.

The specific goals were to:

Measure the brand’s influence on consumer engagement and perception. Compare the brand’s performance with that of four key competitors. Identify actionable steps to improve the bank’s communication strategy and better connect with customers.

To tackle this, the bank turned to Icogz’s BMI framework—a proprietary tool that measures a brand’s communication impact across various stages of the customer journey.

The Approach: Leveraging BMI for Actionable Outcomes

Icogz’s BMI framework provided the bank with a comprehensive methodology to assess its communication strategy. The BMI score is designed to evaluate the effectiveness of a brand’s messaging and its ability to deliver on promises made to customers.

The study took place over a three-month period (September to November 2023) and analyzed public data across major social media platforms such as Meta, X (formerly Twitter), and YouTube. Additionally, web search data and digital listening metrics were collected from various forums, blogs, and online articles. This allowed for a robust analysis of over:

• 700,000 customer engagements
• 4,800 social media posts
• 2.3 million SEO and SEM keywords
• 16,000 digital listening mentions

The primary goal was to assess the bank’s overall influence across the consumer journey, benchmarking it against four competitors. The analysis focused on four key stages using the Discover, Consider, Prefer, and Retain (DCPR) framework, a model designed to track consumer engagement from initial awareness to brand loyalty.

Outcomes: Insights from the BMI Analysis

The results of the BMI analysis provided the bank with an in-depth understanding of how well its communication strategy resonated with customers compared to competitors. The bank achieved an overall score of 5.85, significantly higher than the industry average of 2.96, making it a standout performer across several key metrics.

Key Outcomes:

1. Holistic Brand Performance View
   

   The BMI matrix revealed how the bank was perceived by consumers at different stages of their journey, from discovery to retention. The brand scored particularly well in the "Prefer" stage, where customers indicated a higher level of trust and preference for the bank compared to competitors. However, opportunities were identified in the "Discover" and "Retain" stages, where improvements could further enhance brand influence.

2. Benchmarking Against Competitors
   The bank’s performance was benchmarked against four competitors, providing a clear view of where it excelled and where it could improve. While the bank led in several categories, particularly in digital engagement, competitors showed strength in specific areas such as early-stage customer discovery and customer loyalty programs.

3. Actionable Recommendations
   The BMI analysis didn’t just highlight the brand’s strengths and weaknesses; it also provided actionable insights to address areas of concern. For example, the bank was encouraged to revamp its social and digital strategy to enhance customer discovery and retention. Additionally, improvements in customer response mechanisms were suggested to build more positive sentiment and demonstrate brand empathy.

4. Improved Real-Time Decision-Making
   One of the most impactful aspects of the BMI framework was its ability to track and measure performance in real-time. By leveraging Icogz’s analytics, the bank could monitor how its communication strategies were performing on a daily basis, allowing for swift adjustments and more informed decision-making. This ability to course-correct quickly ensured the bank stayed ahead of competitors in key areas.

The Impact: Transforming Communication Strategy

The BMI framework’s detailed insights had a significant impact on the bank’s communication strategy. The bank immediately implemented several of the recommendations from the BMI report, particularly in the areas of digital engagement and customer response. The result was a notable improvement in customer sentiment and brand perception across multiple platforms.

Key Impacts:

• Enhanced Social and Digital Engagement:
  The bank revised its social media strategy, focusing on more targeted and meaningful interactions with followers. This resulted in higher engagement rates and improved sentiment among both existing customers and potential new clients.

• Faster Customer Response Mechanisms:
  By updating its customer response systems, the bank was able to demonstrate greater empathy and responsiveness to consumer concerns. This was especially important in addressing negative feedback, leading to a more positive brand perception overall.

• Continuous Improvement with Quarterly Benchmarking:
  The BMI report established a quarterly benchmarking system to track the bank’s progress over time. This allowed the bank to continue refining its communication strategies and maintain a competitive edge in the market.

Conclusion: The Power of Data-Driven Communication in Banking

The experience of the leading GCC bank highlights the importance of data-driven decision-making in the financial sector, particularly when it comes to customer engagement and brand perception. With the help of Icogz’s BMI framework, the bank was able to measure and optimize its communication strategy, leading to improved customer sentiment and a stronger competitive position.

For financial institutions operating in highly competitive markets, leveraging advanced analytics tools like the BMI is crucial for gaining a deeper understanding of how customers perceive the brand and for identifying opportunities to strengthen engagement. As the banking industry continues to evolve, the ability to adapt communication strategies in real-time and stay ahead of competitors will be key to sustained growth and success.