Everyone has their own metrics of success—some people find contentment in being stay-at-home parents, others dream of advancing in their careers, while some just want to have a stable income to fund their passion. At the same time, a growing number base their success on the amount of hearts and likes they receive.
While this is true for the general desires of people, measuring a business’s success is vastly different, and it’s definitely far from being subjective.
What It Means to Be Successful
“Success is what you make it to be.”
Yes, quite inspiring and moving—but you can’t exactly include this line during an investor meeting, can you? Every business needs to measure its brand performance; no inspirational quote can help you get around this.
Measuring your brand’s performance will help you determine whether your marketing strategies are helping you achieve your goals or not. Numbers will tell you if you should keep going or if it’s time to consult a digital agency to help you with your branding.
For Good Measure
Behind every successful business is an effective brand performance measurement program. Measuring your brand’s performance allows you to discern which aspects of your business you should improve or focus on. This also helps you better make informed decisions and realign your goals, which will lead to your business’s success.
Measuring Brand Performance
Measuring brand performance isn’t about including every little thing. In fact, counting every single metric is not going to help you figure things out! This only makes things more difficult and wastes time and money in the process.
Brand performance is usually measured involving a combination of these Key Performance Indicators (KPI):
“Do your customers remember your brand?”
Brand awareness refers to the ability of your target audience to recognize and remember your brand. Brand awareness is best measured with surveys or focus group discussions.
Measuring your brand’s awareness involves three stages:
Top-of-mind awareness is the first brand, product, or service that a person recalls in a specific category.
Spontaneous awareness is a measure of how many recall your brand, but is not necessarily mentioned first.
Prompted awareness measures the number of respondents who claim to recognize your brand after having been shown a list.
“Do customers think of your brand during buying situations?”
Brand familiarity relates to whether people know about your brand and if they have enough knowledge about your brand to form an opinion about it. The KPIs to measure during this stage are:
Brand salience is how much your brand is thought of while consumers are shopping. Are you one of their preferred brands, or do they not consider buying your products at all?
Brand Assets are elements that create your brand’s identity and what makes you instantly recognizable as compared to your competitors. Your brand assets should stand out and could be easily related to your brand, like California Milk Processor Board’s “Got Milk?” or McDonald’s golden arches.
To produce distinct brand assets, you need to work with the right creative agency that will boost your brand’s familiarity.
“Will customers buy from your brand?”
Brand consideration is all about purchase intent. Just because they know about your brand doesn’t mean that they will buy from you!
“Do consumers buy from you?”
In brand purchasing, you need to measure the sales volume and sales value. This is based on real-time data, so you won’t need to ask for your customer’s opinions or answers to figure this one out.
“Will customers recommend your brand to others?”
Brand advocacy is measured by the number of landing page shares, positive brand mentions, or campaign hashtag usage.
You can also measure brand advocacy by using a Net Promoter Score (NPS), where you ask people to rate from 1-10 how likely they are to recommend your brand. A 9 and 10 means they are promoters, 7-8 are passive, while 0-6 are detractors.
Figuring out your brand’s performance is only the first step to achieving success. Once you have gathered the results, evaluate whether you need to have something improved. You can work with a branding agency to further develop your brand or review your marketing campaigns to figure out what needs to change.
Grow your brand with Grapheec! Our full-service creative agency helps brands create strategic plans to develop and grow ideas without wasting time and energy. Visit our website to schedule a kick-off call today!