ARTICLE
4 brand metrics that matter
Tracking how your organisation’s brand is performing can seem either overly simplistic or tediously complex.
Moving beyond the basics of awareness levels and NPS scores, what are the brand metrics that matter? In a previous article we explored three benefits of brand tracking. In this article we suggest four brand metrics for you to consider in your next brand tracking study.
These four key metrics may be less common but are essential for you to monitor over time to ensure your brand is performing well. Going beyond the common list of brand acronyms like NPS, NRS and helpful standard brand questions around awareness and perceptions, we delve into areas of a brand study that can help strengthen your brand’s position.
4 brand metrics to measure:
Brand strengths
What does your target market think is your key strength as an organisation? This is more than just asking about perceptions, albeit another great area of brand tracking to explore. Knowing your brand strengths is crucial to understanding the connection your narrative is having with your intended audience.
Expectations vs experience – the gap analysis
What do your customers expect of your brand because of your marketing messages? Does that expectation get met or exceeded in the experience of being your customer? If there’s a deficit, how big is that gap and can you analyse what caused the gap so you can improve the customer experience?
Competitor analysis
In the customer journey, what other organisations were the customers considering and what factors influenced their purchasing decision? Knowing the decision drivers and competitive landscape helps you further refine your USP (unique selling proposition) amidst an ever-changing competitive landscape. The reasons for purchasing from your brand change as the market changes. Knowing what links there are between emerging competitors and your customers’ preferences will help you grow your market share.
Awareness of product/service offerings
Your customer is probably aware of your one big well-known product/service. You may have a high brand awareness with good perceptions, but if customers don’t know about your range of products/services you could be leaving money on the table. Getting your customer to know and explore your product/service range is crucial to increasing the LTV (lifetime value) of your customers. You’ve worked hard to win the customer with one sale, now introduce them to your expanded range and get the repeat purchases.
We help organisations conduct brand-tracking studies and would love to discuss any research ideas with you. If you’re looking to develop your brand and gain insight into how you can measure sentiment over time, please get in touch.
