What is brand metrics?
” Brand-Metrics are the characteristics of a brand that we measure to determine the strength of the brand.” (HALO branded solutions, 2012)
Brand metrics are different characteristics of a brand and there is many ways to measure. It is wise to only choose a few that you think would suite your brand.
I found an article that tells you how to keep the measurement simple. According to Peter Minnium the “bigger is better” scenario doesn’t fit when measuring. If you measure everything the possibility is that one metric is going to shine more than the others. That’s why you should think with me “less is more” mindset.
Minnium has also listed 10 metrics that will be relevant for measuring brand-success: Viewable impressions, in-view time, visibility, brand linkage, universal interaction rate, universal interaction time, persuasion, brand favorability, retransmission and sales.
I also found a pdf that HALO has put out. According to them it’s even more simple to measure with only four top categories: brand promise, brand attributes, brand equity and brand management.
Brand promise tells you what the customer expects from your company. What do they get in the exchange for your money and time? As an example, they have FedEx who promises that your package will be there in the next day. The brand attributes are the elements that your brand is built on, brand name, brand visual aspects, brand personality and brand pricing. Brand equity is a wider conception and includes brand awareness, brand loyalty, perceived loyalty, brand associations etc. You can measure brand equity by customer retention which leads to brand net worth. A strong brand 65-90 % of their customers. The last category is brand management and that is the techniques of the marketing.
When I first started to read about brand metrics is seemed messy and a handful to take in. There is many ways to measure and it can easily lead to focus on the wrong things. You can make it simple by knowing what you company is aiming for and use that to choose the right metrics.
Sources:
https://marketingland.com/keep-simple-10-digital-brand-metrics-matter-193531
https://www.halo.com/data/default/content/promotional-marketing/brand-metrics-definition.pdf
//tack o hej
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