You're developing a brand. How do you know which metrics to track?

You're developing a brand. How do you know which metrics to track? Brand development is a long-term process that involves creating, communicating, and delivering value to your target audience. It's not enough to have a catchy name, a logo, and a slogan. You need to measure how your brand is performing in the market, how it's perceived by your customers, and how it's aligned with your business goals. But how do you choose the right metrics to track your brand development? Here are some tips to help you.

1 Define your brand vision

Before you start tracking any metrics, you need to have a clear idea of what your brand stands for, what it offers, and what it promises. Your brand vision is your guiding principle that shapes your brand strategy, your brand identity, and your brand voice. It's also the basis for setting your brand objectives, which are the specific, measurable, achievable, relevant, and time-bound goals that you want your brand to accomplish. Your brand vision and objectives will help you determine which metrics are relevant and meaningful for your brand development.

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2 Choose metrics that match your objectives

Depending on your brand objectives, you may want to track different types of metrics. For example, if your objective is to increase brand awareness, you may want to measure metrics such as reach, impressions, mentions, and share of voice. If your objective is to improve brand loyalty, you may want to measure metrics such as retention, churn, net promoter score, and customer lifetime value. If your objective is to grow brand equity, you may want to measure metrics such as brand recognition, brand recall, brand preference, and brand associations. The key is to choose metrics that align with your objective and show how your brand is progressing towards it.

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Ketan Kumar

Founder & CEO @ HemAster Media | E-Commerce Consultant | D2C Enthusiast | Amazon PPC Expert | Ex Chef
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You can focus on tracking metrics like brand awareness, brand perception, engagement, customer acquisition, customer retention and brand equity. These metrics will help to measure growth and success, impact your brand-building efforts and make data-driven decisions to optimize your brand development strategies.

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Katherine Hetzel
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When establishing a brand, it is essential to monitor metrics that correspond to your goals. Here are a few examples of metrics used for increasing the brand awareness: - Reach: The number of unique individuals who have been exposed to your brand. - Impressions: The total number of times your brand content has been displayed. - Mentions: The frequency at which your brand is referenced across different channels. - Share of Voice: Your brand's visibility compared to competitors within your industry. Regularly monitoring ensure continuous improvement and success.

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3 Use a mix of quantitative and qualitative metrics

Quantitative metrics are the numbers that show how your brand is performing in terms of sales, revenue, market share, and other financial indicators. Qualitative metrics are the insights that show how your brand is perceived by your customers, competitors, and other stakeholders in terms of attributes, values, emotions, and experiences. Both types of metrics are important for your brand development, as they provide different perspectives and feedback. You need to use a mix of quantitative and qualitative metrics to get a holistic view of your brand performance and perception.

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4 Track metrics over time and compare them

One of the most common mistakes in brand development is to track metrics only once or sporadically, without considering the context and the trends. To get a reliable and accurate picture of your brand development, you need to track metrics over time and compare them with your previous results, your benchmarks, and your competitors. This will help you identify patterns, changes, and opportunities for improvement. You also need to analyze the causes and effects of the metrics, and not just the numbers themselves. For example, if your brand awareness increases, you need to know why and how it affects your other metrics.

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Shiang Yee Wong

Consultant | Data-driven Digital Marketer | Growth Marketing | Brand Strategist | Change Management
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I would argue 'tracking over time' is the only meaningful way to track metrics and make it actionable. In addition to the topline metrics like brand awareness and preference (own vs competitors), also important to dig one level deeper to identify the key drivers of these metrics. Examples of key drivers for awareness: ad share of voice, message cut-thru. For preference: rational benefits (good price, quality of product) + emotional benefits (makes me feel smart, aligns with my personal values). Using statistical analysis, map out the movement of these key drivers over time to help pinpoint which areas to dial up & highlight (strengths), and which areas to fix/improve (low scores).

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5 Communicate and act on your metrics

The final step in tracking your brand development metrics is to communicate and act on them. You need to share your metrics with your team, your stakeholders, and your customers, and explain what they mean and how they relate to your brand vision and objectives. You also need to use your metrics to inform your brand decisions, actions, and adjustments. Your metrics are not just data, they are tools for learning, improving, and growing your brand.

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Shiang Yee Wong

Consultant | Data-driven Digital Marketer | Growth Marketing | Brand Strategist | Change Management
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This is really the most important step, because just looking at reports and talking about it isn't going to move the needle. Important to gain top management support, ideally via a Brand Council comprising the CEO, business leads, channel leads (sales, service, frontline), hosted by the CMO/Marketing Head. Held ideally on a monthly basis. Key message should be that improving brand metrics is the responsibility of all stakeholders, not just the marketing team, and meaningful improvements usually require value proposition enhancements, not just better marketing communications. Using the key drivers of preference which are more granular and detailed will guide the rest of the organization on which areas to invest and focus on.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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You're developing a brand. How do you know which metrics to track?

1

2

3

4

5

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1 Define your brand vision

2 Choose metrics that match your objectives

3 Use a mix of quantitative and qualitative metrics

4 Track metrics over time and compare them

5 Communicate and act on your metrics

6 Here’s what else to consider

Brand Development

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You're developing a brand. How do you know which metrics to track?

1

2

3

4

5

6

1 Define your brand vision

2 Choose metrics that match your objectives

3 Use a mix of quantitative and qualitative metrics

4 Track metrics over time and compare them

5 Communicate and act on your metrics

6 Here’s what else to consider

Brand Development

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