Measuring your brand’s performance is vital, or else you will simply be ‘unaware’ and may gradually fall into the pit of losses and even bankruptcy. Digital marketing companies should do everything to make sure that they take each and every step for the brand measurement of their clients. This will give a clear picture to the business on what they have to do to increase their traffic and sales. In 2021, mobile e-commerce has accounted for 54% of all online sales.
Brand measurement includes recognizing a set of metrics that represent the performance of your brand-building activities. Along with what you want to measure, you also need to note the timeframe and how you’re going to measure it. Also, the brand data/metrics collected can be tracked and analyzed, with their insights utilized to adjust the marketing strategy.
The nature of your business and brand strategy will be the factors that will give you an idea of what to measure. Key performance indicators for brand health include:
These points or metrics indicate how many people know about your brand and their feeling about it. And, if taken at regular intervals, the matrics show the change over time in response to the marketing efforts.
Many different tools and sources fall in the process of brand measurement. From website traffic data, search data and social media listening to data collected by surveys or focus groups, brand measurement is a vast subject. Every time a study is held, data should be gathered in one place. Also, it is great when this data is added to a brand measurement dashboard where it can be analyzed, tracked over time, and spread across the business.
SEO and SEM are modern-day marketing powerhouses. If search marketers ignore brand measurement, they will not know the relation of brands with the demand i.e. the interest of the consumers in your brand. They will have to frame their ads and keywords according to the numbers and these numbers will only be available when appropriate brand measurement measures are taken.
Before getting started with your international marketing program, ensure that all relevant parties of your company are within the frame. It includes not just the marketers but the senior managers and c-suite executives who can provide input on overall business strategy.
The first step is to set your goal. Knowing what you want to achieve will help you make up your mind about what you want to measure. Also, it will assist you in knowing the type of marketing strategies you will need to implement to raise the metrics.
For example, if you want to raise the awareness of your brand, you will first need to get an idea of the existing level of brand awareness of your target audience.
You’ll have to understand the characteristics people associate with your brand if you want to influence how people think about it. Also, if you want to grow brand advocacy, you’ll have to see how your brand fares against the competition for word-of-mouth recommendations at the moment.
By building a brand measurement methodology, you work out the relevant KPIs that will support your goals and inform how you’ll get the data.
So what options are there to measure brand awareness?
If you’ve performed the first two steps correctly, the survey comes into play. And that is the fun part. Every survey tool has its own options, limitations, and capabilities for how it can be configured. However, in general, ensure that you’re penning notes as you’re building your study, so you don’t have to back-track.
If you are going to launch some activity that will impact your goals, let’s say brand awareness; it’s a good idea to take an initial set of measurements to give you something to benchmark against.
Further, if you recently ran a campaign and want to see its results in your figures, ensure that you have some time for those results to arrive. For example, you might have to look at a 30 day period of a metric you want to track.
In the case of consumer surveys, you can expect quick results; within a couple of days if the target audience isn’t too niche.
After getting all the data, you have to ask yourself questions – what does the data tell you? How is your performance in relation to your goals? What are your strengths and weaknesses? And, once you’re clear on what you want to achieve, you can put your plan into action and aim for those figures. In this way, you can report back to the board every time you take measurements, as it will support brand-building activities majorly.
With so many brands around, the competition goes sky high, and for search marketers to be successful in their quests, brand measurement becomes an essential part of the marketing strategy.
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