Although data is usually discussed on an aggregate level, it’s the minute, numerical details that provide the base from which large conclusions can be drawn. Each data set can have thousands of variables, and with so many to choose from, how can you determine which will be most effective in improving your brand? In today’s post, we’ll discuss the most effective KPIs to include in your branding efforts.
Before the digital age, reach was difficult to measure. After all, how accurately can you estimate the number of people who glanced at your billboard last year? Luckily, modern marketers now use KPIs like unique visits, sessions and pageviews to determine how many people have been exposed to a brand. Making the most of this influx of data involves carefully monitoring weekly metrics on Google Analytics, CRM systems, and social media to ensure that you’re accurately estimating the size of your brand’s audience.
Any business’s primary goal is turning a profit, making Return on Investment one of the most valuable cross-departmental metrics. Unfortunately, from a branding perspective, ROI can be difficult to define. As we mentioned in our previous post, branding is a process that’s developed over time, so we recommend looking to your past data to find clear long-term benchmarks that quantify and measure ROI. Search for changes in areas such as client retention and repeat purchases to gauge how your marketing efforts are influencing overall brand performance and ROI.
Movéo has developed its own metric, holistic score, that measures consumer engagement by monitoring key actions in relation to marketing goals. We gauge the importance and relevance of each action to determine its respective weight in the formula, and combine multiple marketing achievements to form one comparable number. This metric generates a holistic view of brand performance that can be used to inform marketing strategy.
Although deciding which KPIs to monitor can be difficult, selecting those that help you understand current performance and forecast future results will aid in delivering value to the brand and the entire organization. Every company wants a strong brand, but it takes work to get there. Check out our white paper, 10 simple truths about strong brands, to learn what strong brands DO, not just what a strong brand IS.
(Click here to expand)
