To be a brand that sticks out from your competition, you need to be constantly monitoring market activity and measuring its success. Understanding and refining this success will mean you can continuously improve your brand, and make sure that your brand is up to date with the latest marketing trends. This blog will help you understand what brand metrics are and how you can make use of them to really nail your branding.
There are a variety of brand metrics that businesses can track to measure the brand’s overall health. Tracking these metrics can help businesses understand how well their brand is performing and make changes as needed.
Brand favourability measures the brand’s likeability and reputation. A brand with high brand favourability is seen as trustworthy, more likable, and has more of a brand following. The best way to measure brand favourability is to evaluate how your campaigns have been received. You can do this by getting feedback from your customers on your campaigns, products/services, and content. The key to this feedback is to understand whether your customers are more likely to buy your company’s product/service after you have released a campaign.
Remember nobody will choose a brand if its dull or uninviting and by generating lots of customer feedback and conducting audience research, you can tailor your brand to your chosen audience, which in turn will create favourability for your brand.
There are generally three levels of brand loyalty: brand advocates, brand likers, and brand detractors. When people become brand advocates, they have a strong affinity for the brand. They’re usually found to be brand influencers. Brand Likers don’t have a strong opinion about the brand one way or another, but still use it due to convenience. Brand Detractors happen when people have a deep seeded dislike for the brand and will do anything they can to avoid it, even if it means switching to an alternative service provider.
Brand loyalty is important because it can help businesses to understand their brand’s position in the marketplace and how their brand is performing. If you have high brand loyalty, you know that you’re doing a good job and that not too many people are talking negatively about your brand. If your brand has low brand loyalty, then you can start to drill down into why and what you can do to improve it.
The best way to measure brand loyalty is to ask for customer feedback. You can do this by using surveys, forms at the end of purchasing products/services, or just by asking your audience on social media and creating feedback on comments. By gathering customer feedback you can better understand your customer experience, whether they are likely to advocate your brand or not, and the level of trust they have for your brand. You can also look at your level of repeat custom – if you have lots of customers who keep coming back time and time again, you can probably assume that your brand loyalty is strong.
Social shares are the term used to describe how often a brand’s content is shared on social media. It can be a valuable metric to track because it can indicate how popular your content is and how engaged your audience are. It can also help to measure the brand’s reach and influence.
Social sharing can establish your business as an industry expert, by providing valuable resources, news and ideas. When you increase your social visibility within a community, you can also get your brand on the radar of potential customers and new users.
You can track social media shares by simply logging into your social media account, but a media monitoring tool can help you put these shares into order and give you an idea of what content is working and what isn’t. Tools like KeyHole, Brand24, and HootSuite are all tools that can you keep track of your social shares.
A simple task that will help you keep track of your social shares would be to come up with a unique hashtag that is related to your content. If your audience use this hashtag, you’ll be able to see all of their related content in one place to help you measure brand awareness and monitor your customer queries.
Viewable impressions are the number of times an advertisement is seen by a person. This metric is important because it’s one of the best indicators of whether an ad is being effective. If people aren’t seeing the ad, then it’s not doing any good.
By tracking your viewable impressions, you can measure more precisely ad performance and get an understanding of how many times you have beat the competition in an auction for the chance to have a consumer view your ad.
There are a few different ways to measure viewable impressions. One way is to use a verification service like DoubleVerify or Moat. These services use eye tracking technology to measure how long an ad is in view and whether it’s in the active browser window.
Brand visibility is how often a brand is seen by people. It can be measured through various channels, such as search engines, social media, or even television. The higher the brand visibility, the more likely it is that people will remember the brand. Brand visibility can help businesses achieve their marketing and sales goals by increasing brand awareness and generating more leads and customers. By keeping track of your brands visibility, you can expand your audience, increase website traffic, build brand affinity, and cultivate leads.
Here are a few ways to track your brand’s visibility:
Conduct surveys – by creating surveys you can ask people if they are familiar with your brand and how they heard about you.
Look at your website traffic – Using Google analytics will give you a good understanding of how many new users have come to your website and where they have come from,
Look at the search volume data – using keywords planner and Google trends to check the volume of searches for your brand name can be useful to see if you search volumes are increasing or not.
These brand metrics are important for understanding the health of your brand. By monitoring these brand related activities, you can better understand when something might be going wrong or even when there may be an opportunity to take advantage of. Tracking brand metrics is also a good way for companies to stay in touch with their customers and what they’re thinking. This can help companies improve their brand perception.
This list is by no means all inclusive, but it’s a good place to start when looking for brand metrics that are right for your brand. If you want to learn more about brand metrics or need help with brand tracking, feel free to reach out!