Measuring the success of a new brand strategy
In a nutshell.
These are the key performance indicators (KPIs) we recommend you should track and measure:
- Brand Awareness: Track website traffic, social media reach, and search volume.
- Customer Engagement: Measure social media interactions, email performance, and on-site metrics.
- Customer Perception: Use surveys, Net Promoter Score (NPS), and sentiment analysis.
- Lead Generation and Conversion: Monitor lead volume, quality, and conversion rates.
- Market Position: Assess changes in market share and competitive position.
- Revenue Growth: Check revenue, profit margins, and customer lifetime value (CLV).
- Customer Retention: Track repeat purchase rates and customer retention.
- Employee Engagement: Survey employees on their alignment with and advocacy for the new brand.
When a you are considering implementing a new brand strategy, it’s crucial to measure its success using key performance indicators (KPIs). These KPIs help track the effectiveness of the strategy and assess its impact on business objectives.
1. Brand Awareness
- Website Traffic: Monitor the volume of traffic to the website and track any increase in direct, referral, or organic visits.
- Social Media Reach: Assess the number of followers, mentions, and shares across social media platforms.
- Search Volume: Measure changes in the number of searches for the brand name and associated keywords.
- Media Coverage: Track mentions and features in industry publications and mainstream media outlets.
2. Customer Engagement
- Engagement Rate on Social Media: Analyse likes, comments, shares, and click-throughs to understand how the audience is interacting with the brand’s content.
- Email Open and Click Rates: Check if branded email campaigns are seeing higher open and click-through rates.
- Time on Site: Measure how long visitors are staying on the site, indicating their interest in the brand’s content.
- Bounce Rate: Track whether visitors are leaving the website quickly or engaging with the content, a lower bounce rate suggests better alignment with the new brand.
3. Customer Perception
- Customer Surveys and Feedback: Conduct regular surveys to gauge customer opinions about the new brand image and positioning.
- Net Promoter Score (NPS): Measure customer loyalty and their likelihood to recommend the brand to others.
- Brand Sentiment Analysis: Use tools to evaluate positive, negative, or neutral sentiments in customer reviews and online mentions.
4. Lead Generation and Conversion
- Lead Quality and Volume: Track the number and quality of leads generated through brand-driven marketing efforts.
- Conversion Rate: Analyse the percentage of leads that convert into paying customers, assessing the impact of the brand strategy on the sales funnel.
- Sales Growth: Monitor any increase in sales attributable to enhanced brand recognition and customer trust.
5. Market Position and Share
- Market Share: Measure changes in market share compared to competitors before and after the new brand strategy.
- Competitor Analysis: Evaluate shifts in the company’s position relative to key competitors within the industry.
6. Revenue and Profitability
- Revenue Growth: Track revenue to determine if the new brand strategy leads to increased sales.
- Customer Lifetime Value (CLV): Assess whether customers are staying loyal longer and spending more over time.
- Profit Margins: Analyse if improved branding enables the company to command higher prices or increase profitability.
7. Customer Retention and Loyalty
- Customer Retention Rate: Check if the rate of returning customers improves after the rebrand.
- Churn Rate: Measure whether fewer customers are leaving the brand.
- Repeat Purchase Rate: Assess if customers are making additional purchases or engaging more with the brand.
8. Employee Engagement and Alignment
- Employee Surveys: Gauge how well employees understand and align with the new brand.
- Internal Adoption Metrics: Track how effectively employees are communicating the brand and integrating it into their work.
- Employee NPS (eNPS): Determine employee satisfaction and willingness to advocate for the company.
Conclusion
Implementing a new brand strategy should be supported by a thorough analysis of relevant KPIs. Each KPI offers insights into how the strategy is performing in various areas, from customer awareness to sales and internal adoption. Consistently tracking these indicators helps ensure that the brand strategy contributes effectively to overall business objectives, adapting as necessary to achieve maximum return on investment.