What are brand metrics?
Brand metrics are quantifiable variables that you measure to track your brand’s performance. Without them, you would have no idea of the impact your marketing strategy is having on your business and your brand health.
The importance of using metrics to track your brand
Brand metrics should be an integral part of your brand strategy. They’ll help you understand how your brand is performing for your customers, and against the competition. Continuous monitoring of metrics will show you when your brand is on track to achieve or exceed its goals, and will also flag up any ‘wobbles’ so you can jump in and take action.
Brand metrics to consider tracking
There are many brand metrics available to you, covering:
- Perceptual – what people think of your brand
- Behavioral – how people interact with your brand
- Purchase – how people buy and use your brand
- Financial – the brand’s impact on the bottom line
And you don’t have to use all of them! Here are the basic ones to implement, before building others into your brand tracking software as you grow your brand:
Survey questions that measure brand awareness should cover both your business and your competitor landscapes. Use aided and unaided questions to capture the respondent’s prior awareness of your brand as well as their reactions to questions that actively trigger their awareness.
Brand attributes and associations
In this category, you’re exploring the thoughts, opinions and experiences customers associate with your brand, and the expectations they might have as a result. Explore the possibilities with statement-type questions on a Likert scale (Strongly Agree to Strongly Disagree). You can cover basic feature-based opinions, such as:
This shirt is well-made.
This fabric is durable.
And also move into areas that link the brand and product with personal values, e.g.:
This is an ethical brand that I feel good about.
The style and cut would make me look sophisticated.
Quality is huge when it comes to brand perception. The markers of quality come from product or service attributes, and a respondent’s opinion tends to be formed from a variety of experiences and perceptions of these. Defining your metrics for this variable will be a journey of discovery, with a bit of in-survey detective work to establish the links between product feature and quality perception. Some areas to start with include:
- how the experience measures up to its specifications or marketing
- appearance and finish
Customer loyalty is make-or-break for any brand. When fed back continually into a brand loyalty program, the data will help you minimize poor experiences and optimize factors that promote loyalty. These might include:
- courtesy and customer care
- a perception of being treated fairly
- product satisfaction
- identification with the brand (where brand values match personal values)
The classic metric for measuring brand loyalty is…
Net promoter score (NPS)
Best used in combination with more nuanced measures, NPS is an excellent baseline to gauge loyalty by asking the simple question:
On a scale of 0-10, how likely are you to recommend [brand] to your family and friends?
This an easily-achievable metric that tracks the number of consumers who prefer to buy your branded product over the same product from a competitor. You measure it with a list of tick boxes of other brands, and the question:
Tick which brand of [product] you prefer to buy.
How often do consumers purchase your brand’s product or service? This metric will tell you. Using tick boxes labeled with your brand and competing brands, ask respondents the question:
Please select which of the following brands you buy or use regularly.
Identify previous or existing customers with the question:
Have you purchased [product] from [our brand] before?
There are lots of these, but probably the most important ones are: value per visit, total site traffic, traffic sources, conversion rate, lead generation cost, bounce rate, average session duration, interactions per visit, top pages and exit pages. And you can go beyond analytics with website feedback surveys.
Social media marketing metrics
With almost everyone constantly on their phones, listening to social media is essential for any brand. You’ll need to track reach, engagement, shares, referrals to your website, click-through rate, bounce rate, conversions and cost per conversion.
How to choose which metrics to track
At this point you are laying the foundation for a business intelligence program that will inform your decisions, potentially for years to come. So when you’re selecting metrics, consider which types of data is particularly relevant to you, that you’ll want to refer back to and benchmark against in the future.
How to use metrics to improve your brand
Don’t do a project then start thinking about metrics – decide how you are going to measure brand success before you start. Use metrics as lead indicators towards your goals. Your study should also extend to the wider landscape of your brand. That includes your competition (direct and indirect), consumer habits that form the context of use for your products and services, and the status of related factors such as raw materials or core technologies.
Select the right brand metrics and you’ll be able to keep a handle on your brand equity now and into the future.