In today’s digitally-driven world, establishing a strong brand has become more important than ever. A strong brand not only protects your organization from competitors but also plays an important role in securing your assets. To determine how strong your brand is, calculating brand performance comes into play. In this article, we’ll discuss brand performance and how it can help you develop a profitable business.
Brand performance showcases the results of a brand against some pre-defined business or marketing goals. As brand delivery is responsible for the execution of branding during a specific marketing campaign, brand performance is used for measuring the campaign results in order to check the effectiveness of the branding initiatives. Since every brand is different and has separate goals, the performance keeps varying significantly from one brand to the other.
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Why do customers choose one brand over another while making a purchase? What compels them to pay 2X to 5X extra for similar kinds of products? It’s certainly the brand and its performance!
According to Deloitte, 44% of customers recommend a brand on the basis of emotional feelings like trust, gratitude, or happiness. These emotions can highly impact brand loyalty as well as advocacy. Without knowing what customers feel about your brand and the factors behind their perceptions, it’s difficult for you to forge those connections. Moreover, with the proliferation of digital marketing & sales, brand competition has immensely increased. Nowadays, even a small brand can compete with a renowned brand by reaching out to global audiences easily. There’s no need for a robust distribution network, a local retail footprint, or a hefty budget for international advertisements.
Therefore, measuring brand performance can help you gather a comprehensive picture of your overall brand experience while spotting other issues that undermine your success.
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In order to measure your brand performance, you need to take certain metrics into consideration:
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 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 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 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.
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.
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:
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 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.
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:
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:
Analyzing brand performance has never been so easy! Voxco’s powerful analytics software can help you review your brand performance by uncovering intelligent and actionable insights.
Voxco’s robust platform is known for delivering 24*7 support and guidance so that our clients can truly make the most of their brand performance strategies.
By offering flexible hosting options that let you store the data on your premises or securely in the cloud, Voxco makes it easy to evaluate your brand performance.
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