Brand metrics and analytics are the symptoms that can tell you how well your brand is doing and if you are on the right path in achieving the business goals or in creating the brand’s impact you have been wishing for.
There are also predictive tools, which can give you the answers you need to know to all the future questions you will face and consequently make the right decisions when the time comes.
The metrics for brand marketing are prescriptive, so you can fix anything taking you off track quickly and into the correct better way.
While there are so many metrics related to branding, they can fall under four broad categories that each guides you through an important step in building your successful business strategy.
Behavior metrics have to do with analyzing how you represent your brand and all your actions doing so. In other words, they can also be described as marketing metrics. Your marketing activities and customer service levels.
This can start at a very early stage as early as creating the business vision, hiring your team members, targeting your audience, and finally creating a marketing strategy.
Examples of these metrics would be employees’ understanding of the business goals and their monthly OKRs. Communication with the customer, service levels, experience delivery, and your overall marketing costs.
With interaction metrics, we can go on and on, since such metrics measure all about your brand. They include all your interactions channels; website, social media, demos, reviews, lead generation, web traffic, click-through rate (CTR), trails, shares, recommendations, and so on.
Looking deeper into those interaction metrics, you can understand very important analytics, such as leads per marketing technique, per channel, per practice area, and understand the behavior of your audience on social media, website, and blog for better tailoring of your strategy for each channel and your overall marketing strategy.
While it is great to understand how your customers/prospects interact with your brand, how frequently they do it, and what top channels they interact through, it is even more important to understand how they think of or see your brand.
Brand association or positioning are common examples of perceptual metrics. What does your customer associate your brand with? Are they positive or negative attributes? Are they willing to recommend you to friends and family? How are your business objectives clear to them and do these objectives really “changing their lives”?
One very important other aspect perceptual metrics help you understand is “Purchase intent”. They might love sharing your content, reading your blogs posts, follow your weekly newsletter, but are they willing to be paid customers? Can they see your band’s value?!
Moving to the next logical step is measuring how well all the above-measured steps performed. Did all the marketing team plans, customer interaction and engagement, customer satisfaction, and positive sentiments make your business grow?
In other words, how financially did your business benefit from those taken steps and those implemented strategies? Do you need to make changes? Or to continue doing more of that if it worked well.
RESULTS! Performance metrics are the results you need to look into and understand well. Things like; conversion rate, purchases/subscriptions, re-purchases/renewals/upgrades, market share, profit margin, revenue uplift, premium pricing, and lifetime value.
Loving metrics and analytics is part of loving seeing your business grow. All metrics should be loved. Focusing on perceptual metrics only (engagement and reach) is not the right way to go. You should also understand the actions you take that drive these perceptions, as well as the customers’ actions, and finally the business performance.
Creating a strategy built on a clear understanding of the company’s objectives, customer behavior, brand awareness, and past business performance results is building a successful road map towards your business goals and being ready to the next level.