In the world of marketing and sales, branding is paramount for the success of a business. It is a practice in which a company creates a name, symbol, or design that represents the business. It also helps identify the products or services that are different from other businesses.
Branding sets your image and identity apart from other companies in the same industry. When establishing a brand, however, you should set the metrics to see whether or not your branding efforts work. Your brand metrics should help you gauge your branding perception, performance, and financial success.
Types of Brand Metrics
Branding is often a complex process. However, this particular process can be sorted into three categories that mirror the science of brand impact: perception, performance, and finance. How your brand is perceived, how it performs (in terms of numbers and sales), and how it generates income for your business are indicators of your overall business success.
That said, below are three types of brand metrics that you should be aware of. Keep on reading to learn more about sprucing up your branding for your business success.
1. Perception Metric
This metric pertains to how the audience perceives your brand, your products or services, and your company as a whole. The perception metric endeavours to measure customer awareness and their sentiments about your business.
With this metric, you can monitor the effectiveness of your engagement efforts and have comparative stats to see how your target audience sees and feels about your brand. Below are some specific metric elements that you can measure for your perception metric:
- Website traffic
- Perceived quality
- Purchase intent
2. Performance Metrics
This metric refers to how your company performs and fares well in its branding. It measures consumer behaviours, which are driven by brand perception.
With this, you can take a look at figures and data representing your business actions and reflecting consumer behaviours as well. For instance, the performance metric examines both isolated behaviour (purchases) and behaviour over time (brand loyalty). On a specific note, here’s what you can take a look at and measure for your performance metric:
- Price premium
- Customer satisfaction
- Repeated purchase
- Customer lifetime value
3. Financial Metrics
This particular metric endeavours to gauge how your customers’ behaviour creates tangible economic value.
The financial metric translates into the actual financial figures that your business either gains or losses as a result of your branding efforts. It essentially demonstrates the return on investment in branding efforts. This includes specific metrics such as the following:
- Market share
- Cost per acquisition
- Brand valuation
// Final words
Brand metrics measure the success of your branding and see how your brand performs. However, more than anything else, they provide you with valuable insights on how you can further improve your branding efforts and optimize your future performance. Whether it’s perception, performance, or financial metrics, you should do what it takes to ensure your overall business success through the right branding.
If you are looking for a marketing agency to give you guidelines for successful branding, get in touch with us to see how we can help.