For a business, your band is something that should occupy a lot of your focus because it’s the face of your business. Whether that branding is in your business premises, at events and conferences, or online, it’s all relevant to the success of your company. There are many ways that you can measure the success of your branding and how it’s performing across your business.
Many small and large business owners don’t realize that by measuring the brand regularly, they could effectively build their clientele exponentially. With that being said, here are six reasons why you should measure your brand.
It helps determine overall brand health
The health of your brand is important and many factors both internally within the business and externally can affect this. The reputation that the brand receives, the awareness of your brand, etc. It’s important that you assess the elements of your brand’s health that it’s made up of.
Firstly, awareness of your brand. Brand awareness is your consumer’s ability to recognize the brand whether it’s by simply seeing your logo or perhaps a particular product you sell. They may need no prompt to recognize your brand, and at that point, you’re doing pretty well.
Brand awareness is a good way of seeing how popular it is, as well as brand recall which is the ability to remember the brand. That might be through popular products you sell or perhaps a significant piece of advertising. This awareness helps you to understand how the communication of your brand has affected awareness of your business to the world.
Looking at prior usage of your brand can shed light on how well it’s doing on the market. Whether it’s a service or product that’s been bought, it can help provide an understanding of how often your consumers buy from you through the branding you use.
You can also compare this to competing brands when it comes to surveying your customers. Like the question – please select which brand or brands you shop with regularly?
Net Promoter Score
The classic net promoter score – on a scale of one to ten, how likely are you to recommend our brand to friends and family? – can also be a good indicator.
The information you gain from all of this will help you focus on answering those ‘why’ questions you might have. Depending on the answer to those questions, you may find it’s time to re-brand to some extent or improve certain areas of your branding.
Gives you insights on how campaigns are performing
Brand monitoring can give you an insight into how campaigns are performing. When you launch each campaign, you want to understand how it’s influencing your marketing funnel. Generating awareness is at the top of the funnel and at the bottom, it’s that final push or drive to help with the purchase of the product or service.
Measuring the success of a campaign can be done with various tracking tools that can measure these marketing metrics. It can help you to understand just how effective that piece of marketing has been in order to push that customer further down the sales funnel.
It can also help you seek out problem areas that might be able to better your attempts next time around. A lot of marketing campaigns that you do for business might be a case of trial and error, to begin with, especially for smaller businesses.
The more effective a campaign is, the better it is for your business, and more importantly, your branding.
Assesses the impact new products or services have on the market
Every time that a company releases a new product or service, it’s a point at which they hold their breath. Will it do well, or will it flop? Especially in situations where you’re competing with other brands, it’s important that customers choose you, over them. Even if your product or service is more expensive.
Launching a new product or service is a great way to increase awareness and engagement with your brand. But if it flops, then it could do more damage to your reputation.
Remember that it’s important to create and maintain a strong brand image, so always ensure the new product or service you release, lives up to expectations. As you grow in popularity, you’ll find your customers will tend to expect more of you as a brand. Strong brands will make sure they monitor every product or service launch to help with any future ones.
A good way to monitor your new launches would be to look at brand equity. There are plenty of resources when looking at how to measure brand equity and this can only do well to improve your image as a brand.
Proves the ROI on marketing spend
The marketing spend you have as a business can vary, depending on how big you are and what your turnover is. The amount you allocate to marketing can be minimal to a fairly sizable chunk of your profits. Regardless of how much you spend though, it’s important to monitor this so that you know the rate of investment you’re getting in return.
It’s hard though to know how your marketing spend affects ROI though so this can come from monitoring your brand performance. Look at how your audience is reacting or engaging with the marketing materials and you’ll likely have some strong data to rely on when it comes to presenting your findings.
As you learn more about these metrics, you’re going to know which ones are important to pay attention to and which ones are worth ignoring. The money you invest in marketing is essential, especially as competition is often fierce.
When you know how much ROI is being made in your marketing efforts, you can tweak this as and when it’s needed. It might be that you’ve got the right idea with a specific marketing campaign but the landing of it might be targeting the wrong audience.
It helps improve customer relationships
Customer relationships are key to business and part of that is through monitoring your branding. If you’re willing to listen to what your customers are saying, this can help influence the type of messages your brand puts out as well as the products or services you provide.
Your customers are bringing in the profit and so it’s essential to focus your attention on how your brand is doing for those who purchase from you but also those who are somewhere down that sales funnel for the first time.
Something that customers will also look for when shopping with brands is that they see brand growth. Not just within their own interests when it comes to what they sell but also in order to grow with the times. What you say or don’t say can influence your brand’s reputation.
Therefore, when monitoring your brand, make sure you’re actively speaking out on important matters when it’s needed. You are likely to see a positive and organic growth in your branding, so long as it remains truthful and honest in its intent.
Social media has a big impact on your brand and helps to improve customer relationships. Giving your brand its own community is important and it can be helpful to use monitoring tools to make sure all customers’ questions and comments are answered. Whether it’s a direct message over Twitter or a comment on Facebook, make sure you pick up on everything for the sake of your brand.
An obvious one of course but one that pretty much all businesses will care about at the end of the day. Your brand has a direct impact on sales because, with a reputable image and one that’s visible to a lot of people, is going to influence the amount who check out as opposed to those who leave it in their baskets.
Monitoring your brand is going to help you pinpoint problem areas that might be stopping you from attaining certain leads or processing them further down that funnel. It might also tell you where you are risking certain customer relationships or how to pick up old ones that have gone away but can come back with the right influence.
Sales are driven a lot by influence, so the more you do with monitoring your brand, the better.
Measuring your brand is something that you learn as you go. Whether you’re a small business just starting out, or a big corporation, branding is always relevant. As the world continues to grow and develop, businesses within the public eye still need to be leading those changes.
Adapting and showing a willingness to your customers and to those potential leads can help a lot with your branding overall. This year, make it an opportunity to take a closer look at how your brand is performing and how you can make that performance better. After all, many of the household brands we see day to day have had to change and tweak their image to keep up their image.