Having a great brand is important for any business to be successful, it’s that all important first impression that lasts in people's minds and helps them trust the business; but a lot of businesses forget this and are quick to spend money elsewhere than on their brand.
The reason for this...
They don’t know how to measure the performance of their brand.
It’s easy to measure the performance of a marketing campaign or salesperson, you have metrics and reports that show you exactly what is happening and when. But when it comes to a brand, how do you tell if it is good or not?
In this blog we are going to show you how to measure the performance of your brand and the key metrics that you should be looking for when it comes to a quality brand.
The first metric you should be looking at to decipher your brands performance is awareness. With this metric you are seeing if your audience remembers your brand, and therefore will keep coming back for more. Think about Google for instance, their brand awareness is so insane that everyone understands what you mean by ‘let me google that’.
With awareness the KPIs you will be looking for are:
Top of mind brand awareness
Spontaneous brand awareness
Prompted brand awareness
How to measure awareness:
There are two key and easy ways to measure the awareness of you brand. The first is to look at the overall traffic that comes to your website each day, month or year and see how many of those visitors are coming directly to your site. So this isn’t going through an advert, but putting in your websites URL and coming to your site, this tells you that people know of the brand and have recognition of it. You can look at your website numbers either as a total number or as a percentage of visitors, for instance companies such as Amazon or Nike will have about 50% of their visitors directly coming to their site, whereas smaller companies might only have 10-20%.
The other way to look at it is to see how many people are searching for your brand name. This is again a good indicator of brand recognition in the market.
It is important to measure the awareness of your brand over time to help you see how your marketing efforts are affecting the recognition of your brand and will help you focus that marketing for maximum impact. If you can harness brand recognition, then you barely need to do any marketing at all - you don’t need to spend as much on ads if people are searching for you directly.
The second metric looks at how well your customers know your brand and what you stand for. You might know the name of some brands, but don’t know what it is they do or make. This is one of the first steps in creating brand advocates so is a great way to measure the performance of your brand.
Your key familiarity indicators are:
Self declared knowledge about the brand
How to measure familiarity:
There are two indicators you are looking for when looking at familiarity, and those are bounce rate and time on site. What these do is help you understand if the visitors to your site know and understand what it is you do before they visit, if they don’t they are highly likely to leave the site quickly.
This metric is also a great one to tie in with your awareness metric as you can reference how many people are directly searching for your site and then leaving. What this ends up telling you is how well you are communicating your offering and brand in your marketing campaigns, if you are communicating poorly, you can expect a lot of direct visitors to leave quickly.
The next metric to look at is consideration and how much of your audience actually wants to buy your product and your brand.
What to look for:
How to measure consideration:
The best way to look at measuring consideration and purchasing intent in relation to your brand is to look at an overall view. Go high-level and look at everything that could relate to intent to buy, this doesn’t have to be direct purchases because your brand alone won’t sell products and everyone that visits your site is in a different place in the sales cycles.
Every site and company will have different metrics for this, but a good place to start will be looking for users visiting a different page or clicking a certain button such as a ‘buy now’ or ‘contact’ button. These metrics will show that users are interested in your brand and product or service, what you need to do next is look at your marketing and see how you can improve that to get more people to actually buy rather than just showing intent.
Metric 4: Advocacy
This is an incredibly important metric and looks at the holy grail of marketing - referrals. What is great about brand advocates is that they sell your brand and product to everyone, for free, and not only that, but they are also a trusted source of information to the people they are selling to. It couldn’t get any better than that!
What to look for:
Net promoter score
How to measure advocacy:
This is probably the only metric so far that you might not have any data you can start looking at right now, but it is fairly simple to set up, it just requires a little more effort from yourselves.
First you need to ask your customers about how likely they are to recommend your brand. It’s a simple question but can help you identify how well you perform as a brand and a company. To calculate your net promoter score you need to look at all the answers you get back from this question and group them into people who score 9-10, people who score 7-8 and those 0-6. From this you can need to subtract the percent of people giving 9-10 vs the percentage giving 0-6. Anyone who gives you 9-10 is a promoter, 7-8 are passives and 0-6 are detractors - you want as many 9-10 as possible.
The second way is to look at how many people are mentioning your brand on social media and in a similar way to the NPS, look at the sentiment behind the mention (are they happy or angry) and calculate the percentage that are mentioning your brand in a positive light. You may even find yourselves some great advocates to send some free goodies to!
The aim of this blog was to help you understand that having a strong brand is important to your business and is something that you can measure alongside other marketing metrics.
It is important to look at these metrics and review your brands direction and audience, whilst remembering that these days a brand is more than just a logo. It’s the copy, images and colours you use when conveying your business and it’s product or service - it’s not something that should be left to its own devices because it can reduce your marketing cost and generate real hype around your company if given a little love and attention.
In this toolkit you will be guided through the steps to start building out a brand strategy for your business or yourself. This is going to help you fine tune your marketing efforts to make sure your brand is memorable and engaging for your ideal customers.
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