Brand metrics - how dose it work?
- Ida Henriksson
- Sep 29, 2019
- 2 min read
Updated: Dec 16, 2019
Week 2
Brand-metrics are how we can measure the strength of a brand and who the brand is preforming whit in the framework of customer values and expectations, and against competing brands. In todays world it is hard to separate your company’s products from the competitors, the brand is therefor one of the company’s most valuable assets. By knowing how the brand is preforming, the managers can check if the brand is on the right course and they can steer the brand in the in the right direction. This also helps the company from preventing new liabilities and it´s easier to take advantage of momentum or spikes in positive perceptions.
There are three common categories of brand metrics 1) Behaviour metrics, 2) perception metrics and 3) performance metrics. By understanding these three categories along with the types of metrics each covers, is essential to developing scorecard in combination with a marketing dashboard to measure their return on marketing investments.
1. Behaviour metrics – what you do
This is practically an internal point, it measures what the employees inside the company do to develop and advance the brand. The company´s management must encourage the employees to become the brands ambassadors and “live the brand”.
The company can use different kind of communication tools used to communicate the brand message internally for the employees, some options are internet sites, emails/ in-house newsletters or employee recognition programs.
2. Perception metrics – how you are viewed
Are customers aware of your brand and is it relevant to them? This point is more from the external view, how the customers look at the brand and the brand image. When talking about brand image, you could ask yourself as the company, what do the key audience believe about the brand, and what feeling do they connect with it? It´s important for the company to understand what the customers are thinking about your brand, by understanding you customers you can easily increase the sells by having the right marketing. Also, by understanding the customer you can separate what you think about your brand and what they think about your brand and then from there build up a more realistic goal for what you want to achieve for kind of thoughts about the brand. By measuring and quantifying customers’ and prospects’ perceptions of your brand you can easily understand where you are on the market as compared to your competitor, witch aspects are “owed” by the competitor and witch aspects makes the customer choose your brand against the competitors.
3. Performance metrics – what you achieve
Brand performance is important to measure for the company since it shows how well the company is doing relative to its overall business goals. This is measured from both the financial perspective and the customers perspective. It also measures the brand loyalty, how the costumers respond to the brand. The success of a firm practically depends on how good the company is at attracting new customers, get them to stay and finally become key costumers.
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