Your brand communicates your company's principles and distinguishes your identity and products from rivals. It informs new and existing customers about your brand and why they should choose it.
A well-developed brand positioning strategy and diligent brand performance measurement are critical to business momentum and financial success. In the current marketplace, where customers have so many options, it's becoming increasingly difficult to differentiate your services or products from the competition.
Brand performance, which compares brand achievements to specified goals and key performance indicators (KPIs), is now easier to assess and manage than in the past. We will go through key brand performance indicators and how to monitor and apply them to build your business.
What is brand performance?
Brand performance is the ratio of a brand's revenue to its business and marketing objectives. However, measuring and interpreting brand performance can get confusing.
The concept of delivery focuses on how branding is implemented during a marketing campaign. Brand performance examines campaign outcomes to determine how effective your branding is for the business.
Since each brand is unique, performance measurements vary greatly from one brand to the next.
Brand performance is the aggregation of measures taken to increase brand recognition, brand recall, and positive brand perception among target audiences, all of which will eventually lead to higher sales.
However, because "brand" and "perception" are abstract and tricky to measure, these terminologies can get confusing for management. To measure the brand marketing ROI, you need to measure brand success metrics.
What are brand metrics?
Brand metrics or brand success metrics provide marketers with the tools to measure the health of their brands and the overall effectiveness of their branding efforts. Many of these measures may be directly linked to the campaign's long-term marketing ROI, offering strong evidence of your brand's genuine worth.
Brand metrics enable marketers to assess how their brand compares to the competition while also offering insight into customer attitudes. Furthermore, employing measurements to create KPIs can assist you in determining how effective a campaign is while it is in flight. This data may be used to educate future efforts or to rectify initiatives that fall short of expectations.
10 key brand performance metrics to watch
1. Brand awareness
Marketers may assess brand awareness using customer surveys, extrapolating engagement data from social media, and measuring overall campaign impressions. It relates to how simple it is for a consumer to identify you.
Brand awareness is a core indicator for measuring and expanding your brand value, and it should be on every marketer's list of key brand metrics.
The key performance indicators (KPIs) you will be looking for with awareness are:
- Top-of-mind brand awareness: This determines how your customers perceive your position and role in the market. You may be a leader or an innovator.
- Spontaneous brand awareness: This might be an article, blog, or video that mentions you without prompting.
- Prompted brand awareness: This might be your audience mentioning or endorsing your product or service, which has prompted brand recognition.
2. Customer satisfaction
Customer satisfaction is essential to any successful brand strategy. It is preferable to perform a brand health survey that seeks client feedback to gauge customer satisfaction. Customers who are dissatisfied with their purchase are unlikely to return to you and may actively criticize your company.
3. Net promoter score
A popular question used to calculate your net promoter score (NPS) is "How likely are you to suggest this product to a friend?" This statistic, which is frequently established through brand health surveys or by analyzing purchase behavior in a certain market, assists you in determining if a client would suggest a brand to others.
4. Brand consideration
If a consumer knows who you are, brand consideration impacts how likely they are to buy from you. This may be measured through surveys or by closely monitoring your market share after branding efforts. Brand consideration is an excellent indicator of brand health since it compares your popularity to that of a generic or rival brand.
5. Brand perception
What clients feel about your brand is described as brand perception. Are your items consistently excellent buys? Do you provide unrivaled quality? Does buying from you help a worthy cause? Your total brand perception is normally quantified using survey data and may be supplemented by measures such as customer satisfaction or net promoter score.
6. Brand associations
This indicator identifies which brands your consumers associate with you and how strongly they feel that way. Mapping these links can help you find rivals and prospective partners by giving you a sense of who your "brand neighbors" are.
7. Brand loyalty
Brand loyalty refers to consumers' proclivity to purchase items or services from the same brand repeatedly over time, rather than moving to competitors. This can be influenced by variables such as brand trust, contentment with the quality of its products, or a strong emotional attachment to the brand. Brands may assess customer loyalty using tools like brand health surveys and repurchase statistics.
8. Brand equity
Brand equity is the value that a brand brings to a product or service that is in addition to its practical advantages. It includes the consumer's sense of and emotional attachment to the brand, as well as the brand's reputation, awareness, and loyalty.
Consumer-based measurements, like surveys or focus groups, are one approach for measuring brand equity. Financial measures include the brand's market share, growth rate, and profitability in comparison to competitors, marketing mix modeling, which uses statistical analysis to assess the impact of marketing activities on sales and brand equity, and brand valuation — which involves assigning a monetary value to a brand based on its financial performance, market share, and consumer perceptions.
There is no single approach for assessing brand equity that is regarded as the best, and a combination of methodologies may offer a more thorough knowledge of the brand's worth.
9. Brand sentiment
Marketers may use brand sentiment to better understand their company's reputation among specific segments. This may be used to assess how campaigns shape overall views of your brand and can also be directly linked to ROI. After all, if a consumer loves and trusts you, they are more likely to make repeat purchases from you.
10. Brand salience
Brand salience may help you identify whether customers remember you. For example, if a fast-food business wants to gauge its salience, it might ask members of their target demographic to list 10 fast-food establishments. If their name is shown on that list regularly, they would most likely be satisfied with their brand salience.
Why is measuring brand performance so important?
Measuring brand performance is critical for assessing the impact of marketing initiatives on brand performance and increasing marketing ROI.
We are motivated as customers by both rational and irrational motives. The latter is inextricably linked with emotions.
According to Deloitte, 44% of customers would make a recommendation simply based on emotional responses. These are feelings a brand provokes such as “trust”, “happiness”, “joy”, or “gratitude”. Emotions can have an impact on the degree of brand loyalty and advocacy. Marketers cannot make such connections unless they understand how their target consumers feel about your brand and what influences their views.
Second, digital marketing and sales have leveled the playing field for brand competitors. Smaller firms may now easily reach worldwide consumers without a local retail base, a powerful distribution network, or international TV or print advertising expenditures.
Social media has provided a platform for marketers to reach out to specific audience segments and efficiently leverage the viral "network effect" to organically increase their reach.
By regularly monitoring and analyzing the key metrics associated with marketing channels and surveys, companies can gain insight into the effectiveness of their marketing efforts, identify areas for improvement, and optimize their marketing investments to improve brand performance and ROI.
Key to driving marketing ROI – pairing creative intelligence with technology
By assisting businesses in developing more successful and powerful marketing initiatives, creative intelligence may play a big part in enhancing marketing ROI. In the saturated digital marketing space, consumers are already frustrated by seeing display advertisements and constant push notifications.
Creative intelligence can address this issue.
Creative intelligence is the combination of five distinct forms of intelligence (emotional, intellectual, cultural, social, and power), and it provides a more complete and accurate picture of human intelligence. These quotients work together to assist knowledge workers in solving issues, caring for clients and each other, and adapting to new difficulties. It involves the use of data, insights, and emerging technologies to inform and enhance the development and execution of marketing campaigns.
Creative intelligence can encompass a wide range of activities, including market research, trend analysis, customer insights, data analysis, testing and optimization, and cross-functional collaboration. The goal of creative intelligence in marketing is to create impactful and effective marketing campaigns that drive business growth and improve ROI.
Creative intelligence is inherently dependent on software solutions. It depends on solutions like customer data analytics (ai and bi platforms), marketing automation, personalization technologies, testing, and optimization.
By leveraging creative intelligence, companies can stay ahead of the curve in a rapidly changing market and create campaigns that effectively reach and engage consumers in meaningful ways.
Creative intelligence is not exclusive to "creatives." It applies to everyone, and we can all improve how we gather information about our consumers, respond to it, and innovate in response to it.
Improving marketing ROI with digital asset management
Digital asset management (DAM) enables creative intelligence in marketing by streamlining the process of managing and organizing digital assets, such as images, videos, and other multimedia content. Implementing DAM solutions improve marketing ROI by enabling better creative intelligence.
- Centralized content management: With DAM, all marketing assets are stored in a centralized location, making it easier for teams to access, search for, and share assets across different departments and teams.
- Improved collaboration: DAM systems provide a centralized platform for creative collaboration, enabling teams to share assets and feedback in real time using online proofing tools, reducing the time and resources needed to produce marketing campaigns.
- Enhanced efficiency: DAM systems automate routine tasks such as asset organization, tagging, and categorization, freeing up time for creative and strategic marketing initiatives. You can also investigate brand performance reports to make data driven decisions.
- Better data analysis: DAM systems can store metadata, such as file type, date created, and usage rights, along with assets, making it easier for teams to analyze data and track the usage of assets over time.
- Improved brand consistency: DAM enables teams to maintain consistent brand standards by ensuring that all assets are stored, organized, and managed according to established brand guidelines.
By leveraging digital asset management, companies can streamline their marketing operations, increase collaboration, and make data-driven decisions to improve the efficiency and effectiveness of their marketing efforts.
Digital asset management allows companies to reduce costs, improve productivity, and make informed decisions to drive better results and improve marketing ROI. Digital asset management can streamline the process of managing and organizing digital assets and improve the efficiency and effectiveness of marketing campaigns. To see how Artwork Flow’s digital asset management can help drive your brand performance, start your free trial now or book a quick demo with our experts today.