Branding is the identity that your business has, like a person their name. People will recognize you by your brand name and this is why it needs to be relevant enough to connect to your target audience.
Measuring brand performance is key to figure out the most effective parts as well as loopholes in your business strategy, including marketing. It is rather crucial for your business to even survive, growing is the next part.
To handle your business effectively in order to grow, you need to learn about important metrics and key performance indicators (KPIs) that measure brand performance. KPIs are your shortcut to measure your brand’s performance – its impact on target audience and public (if applicable, for example, in case of NGOs), delivery capability of products and services as per user requirements, conversion of potential customers to loyal customers and the capacity to retain you customers in the long run.
If anyone knows the importance of even minute data, it is a brand. KPIs use the different forms of data collected online and in-stores to measure brand performance.
5 powerful metrics and KPIs that measure brand performance
Leads are mines – you need to find out which of those are gold mines for your brand. Gather leads from different sources, both online and offline. Keep a track on the number of leads and whether they increase or decrease for a certain time period (e.g. once a week). If the number increases, find out why and most importantly, if the number decreases. Take measures to immediately change your methods in case leads are decreasing in number. Social media analytics is a sure-shot approach to get nearly accurate data on this.
2. Website efficiency
A website represents your brand thoroughly. Keep it simple, comprehensive yet attractive. The main strategy is to keep the target audience hooked to your page for a long time. This being us to the term ‘bounce rate’ which is the rate at which a visitor ‘bounces’ off your website or closes your webpage. Great textual content, faster loading, catchy images and videos, etc. are some things you can incorporate to make your website efficient. Again, branding is the bridge connecting you to your customer.
Blogs need to be about your products or services and occasionally about nay general trending topic that your business can relate to. And help your target audience connect with your brand better. They may even share your blogs on their personal webpages or social media, giving your brand more exposure and thus, recommendations. This could be a great lead generation factor. In this case too, social media analytics would help you research about it better.
Find out the strategies that are helping most of your lead conversions into customers. Follow that strategy while still on the lookout for a better strategy. Given the digital age that we live in, there can never be too many! Where did your converted customer learn about you? Request them to fill out surveys if necessary; you can concentrate on the relevant marketing strategy if that’s where your conversions are at their best.
5. Customer Value
Value your customers, both old and new. Figure out who your most loyal customer is, give them a shout-out on social media, request them to recommend you to their family and friends. Word-of-mouth marketing is still an effective marketing approach and will always be. Interact often with you customers and even leads for that matter – have a great customer care arrangement. No one like to wait! The quicker you respond to your leads’ or customers’ queries, the more you are attracting them than your competitor.
In any case, your website being SEO-friendly plays a major role in potential customers finding you through online searches.