Written by Vince Moran |
Read time: 5 Mins
With your brand strategy in place, it’s time to relax right? Well, it depends what aspirations you have for your brand. Are you relieved that you have something in place or do you want to know what the impact and result of doing so really is? How do you measure the performance of your brand? What type of return are you generating? Was all the time and investment worth it?
Everybody wants to see results, defeat the competition and dominate the marketplace. Sound familiar? Of course it does. You need to make money. ROI is a guaranteed requirement for any business owner.
You’re not expecting too much. You should be building a brand that continuously drives business growth.
According to a quick search on Google, there are many ways to measure brand performance. From the initial stages of awareness, through to a final purchase, and building on-going relationships with loyal customers who can really vouch for your brand. Data from a whole host of tools and services, such as Google Analytics, eCommerce data (from your chosen platform), SEO tools (including Moz, Ahrefs, SEMrush), Facebook Insights, LinkedIn Campaign Performance and Twitter Analytics may be available.
But, from a business perspective, what does all this data mean?
There are no shortage of brand performance metrics available to determine if it’s good or bad news.
You may have heard...
I’ve just got to number 1 in Google - Does that mean you got more high-quality web traffic which converted into new customers? Or is it simply a vanity metric?
We got an extra 456 likes yesterday - Who liked you? Is it someone from your target audiences?
Yesterday was a good day, we made over £1000 in sales - Great, what did you sell? Did you have to issue discount codes to supplement the sales? Are you selling the products you want to sell?
Have you chosen the right metrics?
Can you have too many metrics? Yes.
Are you getting more profitable business?
You just need to identify what is important to you.
At Precept, we like to keep things simple.
As part of our Performance Workshop, we’ll discuss your aims (what do you want to achieve in a realistic time period?), audience groups (who are you targeting?), the pains they have (what do you want to help them do?? What problems do they face?) and the value you offer (how do your products/services help your customers overcome their pains?).
Then we set some simple KPIs to measure performance.
They may be as simple as...
But they may also include…
Based on the outcomes of the Performance Workshop, we'll create a Performance Strategy, outlining where we intend to focus our efforts and resources. We identify value, and decide to do the right thing at the right time when it’s relevant. For example, we focus on improving and optimising Google Ad campaigns that are driving sales for you before working at the very top of the funnel. We want to build on performance you already have to create business growth.
The strategy is implemented to align with your business goals and brand strategy.
With the Performance Strategy agreed, we produce a Performance Plan. The Performance Plan proposes tasks that support the aims and can be measured against the KPIs. With support from our creative, digital and marketing teams, we’re able to collaborate with your in-house resource and support existing partners to implement your Performance Plan.
Brand Performance is much more than a simple 4-step-process. It’s a continuous cycle of improvement designed to impact your bottom line. From ongoing research and strategy work to development and implementation. Constantly analysing your brand's performance across your customer touch-points and turning insight into action.