5 Important Brand Health Metrics to Track in 2021

Beautiful brand? Have you ever packed your lunch in a Ziploc bag? Getting a band-aid when you have a small cut? When you have a cold, do you try to keep a box of Kleenex close by?

If you understand all three questions, you understand the power of a beautiful brand. But even the best marketers are a little unsure about the value of a strong brand.

It’s not easy to feel the impact of brand initiatives, and in today’s data-driven marketing environment, it’s not ideal. With senior management increasingly needing metrics to justify an investment in a campaign, the brand’s role in monetization is often underestimated.

There is an answer to this challenge. Marketers must follow brand tracking supported by metrics that measure brand health. Let’s take a closer look at what brand metrics are, why they matter and provide ten examples to help you.

What are trademark statistics?

Brand metrics provide marketers with a measurable way to monitor brand health and the overall performance of their campaigns. Many of these metrics can be directly linked to the campaign’s long-term marketing ROI, which provides compelling evidence of your brand’s true value.

This is usually achieved by leading indicators, which are predictive and prospective variables. Think of them like a canary in a coal mine. By analyzing data points, you can predict how a 2% increase in brand awareness will affect your overall revenue. Providing this level of analytics requires an advanced marketing analytics platform, but it’s the most reliable way to demonstrate the value of brand campaigns.

Why are brand metrics important?

Branding methods help marketers determine how well their brand is performing against competitors while providing insight into customer perceptions. Using metrics to create KPIs can also help determine a campaign’s success as it runs. This information can be crucial in informing future campaigns or correcting campaigns if they don’t meet expectations.

It also helps demonstrate the success of brand leadership initiatives, especially if you can link brand strength to revenue. If the entire management team sees the long-term value of a great brand campaign, your team can justify the investment in a more robust strategy. Overall, it clearly shows not only the value of brand campaigns but also the overall efforts of the marketing team.

5 Brand Health Metrics for Your 2021 Strategy

Business statistics can help you track many aspects of your branding strategy. If you’re curious to know what people think of you, how people buy from you, or how your brand contributes to sales, branding methods have the answer. Marketers tend to measure these metrics through surveys, but they can also be obtained from marketing campaigns.

Ready to get started? Here are 5 stats that will help you track your brand’s success:

  1. Brand awareness

Marketers can track brand awareness by conducting surveys, extracting engagement insights from social media, and tracking overall campaign impressions. It refers to how easy it is for a consumer to recognize you. Brand recognition is an important metric for detecting and increasing the value of your brand and should feature regularly on every marketer’s list of brand metrics.

  1. Market consideration

If a customer already knows you, brand consideration determines how likely they are to buy from you. You can measure this through surveys or by paying attention to your market share after your brand campaigns. Brand consideration is an excellent measure of a brand’s health as it measures popularity relative to a generic or competitor brand.

  1. Brand associations

These metrics describe which brands customers associate with and how strong they feel. Mapping these associations can give you an idea of ​​whom your “brands” are, helping to identify potential competitors and partnerships.

  1. Customer satisfaction

Customer satisfaction is the key to any positive brand movement. To measure customer satisfaction, it’s best to conduct a brand health survey that requires customer feedback. If customers are not satisfied with their purchases, they are unlikely to buy from you again and actively mock your brand.

  1. Brand awareness

Brand recognition describes what customers think of your brand. Are your products always profitable? Do you offer unrivaled quality? Do you support a good cause with your purchase? The overall perception of your brand is usually measured through survey data and can be supported by metrics such as customer satisfaction score or promoter net score.

Final thoughts

A good brand is no accident. It takes time, effort, and constant refinement of your strategy to reap the many benefits of a strong brand. Metrics provide the basic building blocks for understanding the impact of brand strategy, but many marketers lack the basic framework needed to maximize brand value.

The answer lies in a marketing analytics platform that focuses heavily on brand tracking. A solution like Marketing Evolution can link marketing ROI to your brand campaigns, track your reputation and gain insights to maximize your brand value. Tracking brand metrics gives your organization a clear understanding of exactly what your target market needs to hear.