5 Relevant Metrics to Determine If Your Brand Is Sticking
What is a Brand?
You can probably visualize the elements of a successful brand, and while there are many intricacies in creating a memorable brand, two components which often come to mind are the logo and slogan. You might think of McDonald’s golden arches, the minimalistic geometry in the Apple logo, or Nike’s iconic swoosh. Perhaps it’s a few words that make up a slogan, like “I’m loving it,” “think different,” or “just do it.” The reason you are likely familiar with these elements is that they are evocative and therefore memorable. To some, McDonald’s golden arches provide a sense of familiarity, as you cross country borders and state lines, telling a story of reliability, stability, and happy times as their slogan implies. Apple’s logo and slogan are layered with messages and feelings, one of them being a message of innovation and subversiveness, giving users hope that their endeavours tomorrow will be more impactful and that they will make their mark.
These visual assets and slogans carve out a space in a cluttered world by telling a story which evokes a feeling or a thought, engaging their intended audience. The effective messaging provided by McDonalds, Apple, and Nike give people a complete picture of their business, by telling a story to which people can relate and use to build their own identity, as they adopt the brands they consume, use, and wear on a daily basis. Well-built brands become intertwined with the fabric of people’s lives, but to get your business there, it takes work and a compelling story. It’s producing a feeling that tells your audience who you are, not the mission statement in the “about” section of your website.
The value of becoming a part of someone’s day-to-day life is why tracking the stages leading to brand affinity (and brand affinity itself) is vital for a business’ success. By tracking the right metrics along your funnel, you are able to start creating strategies and products that resonate with your target audience to scale your bottom line. In addition, businesses and marketers need to illustrate their brand’s effectiveness to CEO’s, boards, and investors to ensure that you are getting favourable results on their dollar. Thus, we have broken down 5 key metrics that will:
- Give you a better understanding of your brand’s affinity;
- Give you the edge on your competitors by communicating your marketing efforts more effectively;
- Close gaps in your funnel quicker;
- Start to develop effective plans of attack for growing your bottom line; and,
- Finally, answer the question, “how do you measure brand awareness?”
5 Brand Awareness Metrics
There are many different stages people enter before becoming a passionate McDonalds customer, fanatical Mac user, or Nike advocate. So, we look at several different metrics along the funnel to properly track where your customers are, the depth at which they are engaging with your brand, and how many of these people there are.
Before you can get someone to love your brand, you need to get in front of them. By monitoring the reach of your ads and content, you are able to find out where the largest audiences live and how expensive it is to get in front of them. This metric becomes increasingly important when you have a small budget and need your content to go a long way. For example, if your business is an art school, you’re likely going to engage well on Instagram, as the content that will represent you and speak to your intended audience best is probably visual examples of the art that is created in your classes. As a result of tracking this metric, you’re going to have tangible data to support this assumption, which will allow you to reassure yourself, your colleagues, and your clients that Instagram is the best way to get a higher quantity of brand awareness because it offers a larger community for your specific niche.
Engagement rate is a reflection of how well your brand is resonating with targeted audiences. Through actions such as likes, shares, comments, and clicks, you are able to see what content, ads, products, events, and features excite and interest your audience. With the right test case scenarios, engagement rate can tell you which parts of your brand and products are working. This knowledge allows you to scale your business by focusing your marketing efforts on the content that creates meaningful relationships with your customers.
Time Spent on Site
The time spent on site metric illustrates how captivating your brand is. If your audience is leaving the site too quickly, it likely indicates that the digital execution of your identity, aka your brand, is not working for your target audience. Creating sites that people are excited about spending time on is vital to communicate why your product fits their needs, lifestyle, and personality. For example, a health and beauty product may show that they provide numerous health benefits, but it might take time and education for the person to truly understand how it aligns with their lifestyle. When a person explores a site, they are actively looking for these answers and are probably already interested in your products. This extended discovery phase and extra time on site are going to reinforce their knowledge of the brand, which is why time spent on site is a good indicator of brand awareness.
The conversion metric represents the event that happens as a result of brand awareness. It measures a significant action which explicitly shows that your brand is resonating well with the customer. An example of a conversion could be purchases, form submissions, phone calls, or subscriptions. Tracking these conversions and the events leading up to them is highly beneficial as it can inform you which types and pieces of content align best with your audience to help you reach your goals. Ultimately, you can reverse engineer your funnels to find the optimal path to your main business objective by understanding your conversion path. This metric ensures that your brand awareness campaign is evoking valuable action.
Customer Lifetime Value (CLTV)
Attributable to effective marketing and a good product, the brands that become a part of consumers’ daily lives will inevitably get the most use. Therefore the businesses with the most compelling brands will have the highest CLTV’s within their industry. In many cases, you have become a staple of your customers’ livelihoods, in the same way, Netflix or Apple has to their own customers. So, if you are seeing a CLTV above the industry average and you’re seeing that it’s growing, your brand is working at gaining new customers and keeping your old ones. You’re giving people a sense of belonging and your product is aligning with their philosophy. These people are living and breathing your product.
Start reflecting on the assets you need to build to reinforce your digital identity, using the right metrics at each stage. Set up your goal tracking by using Google Analytics, Facebook Pixel, and numerous other free tools. Once you begin tracking your audience, you will be able to understand their beliefs, needs, and desires, allowing you to communicate and align your product to your customer in a memorable way. By using these metrics, you’ll be able to communicate with your CEO, board of directors, and clients more effectively showing them the success of your campaigns and the impact of your brand.
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