Brand Performance

In order to measure your brand performance, you need to take certain metrics into consideration: 

Brand performance across online channels

To successfully measure your brand performance, it’s important to track the growth of your brand on social media. Keeping an eye on what people are liking, commenting, or sharing can help to gain insights into how your brand has been performing.

Audience growth 

Audience growth defines the number of followers that a brand has on its social media channels and the visitors to its website. In order to check how your brand is performing, it’s important to track these on a regular basis (at least once a month). While you can check account-level metrics for tracking the number of followers on social media, you need to use Google Analytics for tracking the monthly visitors on your website.

Brand penetration 

Brand penetration reflects the number of customers in a specific niche, demography, or topographical location that prefer to adopt a particular brand. In order to measure this KPI, you need to consider the number of people using the products of a particular brand and divide them by the total number of people available in the target market. For instance, in spite of the fact that Google and Bing are free search engines, more individuals prefer using Google. Thus, the brand penetration of Google is higher than Bing. 

Audience interactions 

Audience interactions define the total number of likes, comments, views, or shares you receive on your website and social media handles. As these engagement metrics can be used for indicating how strong or weak your brand is, it needs to be measured on a monthly basis.  

Brand performance across buyer’s journey

Tracking brand performance isn’t confined to social channels only. You need to evaluate the buyer journey to understand what your potential customers are going through.  

Awareness 

Being a cornerstone metric, brand awareness reflects the ability of your prospects to recognize or recall your brand accurately. To measure your brand awareness, you need to effectively determine your KPIs like:

• • Top-of-mind brand awareness: This includes the first brand that comes to a customer’s mind in the case of a specific product category. Tote Bags = Louis Vuitton.
  • Unaided brand awareness: This includes the brands that your target audience mentions without any prompts. Popular sunglasses = Prada, Versace, Ray-Ban.
  • Aided brand awareness: This includes the brands that your target audience is familiar with. For instance, are you aware of the following ride-hailing companies — Uber, Ola, Lyft?

The respondents who mention your brand at first (without any prompt) reflect your brand’s Top-of-mind (TOM) awareness. The respondents who mention your brand with others (but not at first) reflects your unaided brand awareness. The number of respondents who recognize your brand easily reflects your aided brand awareness.   

Brand Knowledge 

Brand knowledge denotes how well your customers know about your brand, your products, your vision, strengths, and market positioning. For instance, they might have heard of your brand’s existence but they won’t be sure about what you do. A high brand knowledge means your target audience can easily recall your brand with its products, USPs, or insightful story. A strong brand knowledge plays a pivotal role in driving conversions and boosting loyalty. 

Purchase Intent 

There’s no doubt that strong brand awareness and robust brand reputation are key drivers behind the purchasing decisions of customers. But there’s a gap between both the “awareness” and “consideration” stage that lies in the center of the sales funnel. By understanding your customers’ purchase intent and discovering the drivers behind it, you can seamlessly close this gap. In order to seamlessly capture your target audiences’ purchase intent, you should figure out: 

• • The paths-to-purchase for your intended audience
  • The average purchase life cycle of your buyers
  • The factors behind the decision-making process

Advocacy 

Brand advocacy tells the number of customers that are ready to recommend your brand. In other words, it indicates the referrals that you are receiving. If your brand performance is great, advocates start selling it to everyone for free. Is your brand performing well enough to transform customers into brand advocates? You can measure that with the help of the following metrics: 

• • Net promoter score
  • Customer lifetime value
  • Repurchase ratio