Blaming your competitors could be the easy way out when your sales take a nosedive, regardless of your spirited marketing campaigns. Shoot, maybe it's because you've blown your budget on low funnel search and were never able to scale up your demand. Instead of your marketing growing your brand, it could be achieving the exact opposite. It may be time to scrutinize your campaigns and find out if they still align with your brand growth.
What do you measure in brand marketing?
- Brand awareness: Refers to an investigation of how customers are familiar with your products or service. You'll know whether they recognize it or relate the brand to any other similar item on the market. This is crucial in determining customers' behavior based on their current and potential state.
- Brand consideration: Helps you weigh whether a customer would buy your product when placed with other competing items. This is essential in understanding the position where customers place your brand compared to similar items from competitors.
- Brand association: Customers can develop an emotional bond with your products. When you know how customers are attached to your brand, you'll identify parts that require improvements, such as customer service, marketing strategy, and product design.
Is your marketing growing your brand?
While it may seem challenging to tell if your marketing strategies are growing your brand, some common signs can help you. Here are common indicators your growth marketer can check to see if your marketing is growing your brand:
1. Data and analysis
You'll need to measure data sales and web traffic to understand the results of your applied marketing techniques. Investigate specific areas on the website that post more clicks than others. You can also deploy advanced tools that calculate its metrics to understand whether you're wasting money or could get more value in the future.
As you look to stay ahead, determining the average income you've gained from the traffic in the target market is also important. It lets you compare the income and investment to see if your marketing strategies are worthwhile.
Apart from investing in technology to analyze your data, you may opt to use social media platforms. This will be suitable as they have an analyst to tell you the results of your specific campaigns.
2. Look into your brand name mentions
Brand name mentions can help you to know how the customers view your brand, depending on what they're talking about. You can understand this by looking at their comments on Twitter, blogs, or reviews on their past purchases.
You can make a follow-up to these responses by engaging directly with the audience. Respond directly to their comments on social media platforms or your blogs to gain more insight into their view of your brand. You can then adjust where necessary to ensure you meet their expectations.
3. Launch brand awareness surveys
You won't really need to optimize conversions blindly if you can launch brand awareness campaigns. You can accomplish it through online surveys, and all you require is to ask targeted questions and wait for customers to list their responses. This is an effective way to communicate with your customers.
Note that the survey of the target audience allows you to identify the general performance of your business without spending too much time. And since survey reports are independent, the results you get are genuine and ideal to the performance of your marketing efforts.
4. Focus on groups feedback
To understand audience perception towards your brand, and to weigh its growth, you may consider listening to their opinion and ideas on your brand. This is effective in telling whether your marketing is working because it dives deeper into the customer's interaction with your brand since it reaches more people at the same time.
The feedback will determine the effectiveness of your marketing strategies. You may need to change the non-performers or retain those that continuously post great results. It may also be necessary to refresh or improve on some strategies to boost their efficiency in reaching the target market.
5. Track KPI (Key Performance Indicators)
You'll need to track the specific KPIs for your business depending on the various stages of the customer's journey:
- Awareness stage: KPIs at this stage include sentiment, social mention, and top-of-mind brand recall. These KPIs measure how many people out there engage your brand, and how they perceive it.
- Consideration stage: The KPIs to track here are purchase intent and bounce rates. They measure how much your prospective clients would be willing to buy your products.
- Decision stage: You'll consider cost per acquisition and conversion rates, and you're comparing the cost of your marketing campaigns against the sales.
- Delight stage: You measure the Net Promoter Score at this stage. This KPI measures how much your client will be willing to refer or promote your products to other people.
6. Feedback from current or past customers
You should always provide room for feedback from your past and current customers on your website. This can be achieved through the integration of a review section, where visitors can make comments on their experience with your business.
Read their comments, and take them seriously since they present a clear insight into their perception of your brand. Have room for negative comments as well, because they'll help you identify areas that need improvement.
7. Conversion rates from paid search
Evaluate targeted traffic to determine the progress of your performance marketing. The evaluation will give you an overview of your paid search results, and help you determine if it's worth all the trouble. You're essentially looking at conversion rates for digital advertisements and can compare their return against costs.
8. Email marketing response
Find out how many people are subscribing to your newsletters and blogs, or simply sign up for email marketing. Also, determine how many of them respond to the emails, and what their response entails. This important feedback will tell you whether your email marketing strategies are helping your brand to grow.
Social media engagement
Use social media platforms to determine how many inquiries occurred and how many came through content marketing. Compare the number of total leads against total conversions to measure the success of your top-of-funnel advertising.
Direct contact with consumers through these platforms may help you understand specific measures you should consider to increase customer retention. For instance, a 50% customer retention rate means you need to do more to convert more leads on social media.
Partner with the best growth marketer
If you don't know if your marketing strategies are growing your brand, you may need to reach out to someone you trust to dig into your situation with you. You might want to reach out to a passionate and experienced growth marketer based in Little Rock (wink, wink). Hit me up and we'll grab an IRL or Virtual coffee.
You can contact me here.
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