Measuring brand marketing and performance
Due to globalization and to the development of the World Wide Web, new markets have become available. In this situation, the brand has gained a significant value. The brand is represented by a logo, a slogan, the company’s overall image.
The desired result from branding is to project this image into the mind of a customer. When a client starts the purchase decision making process, the first things that should come into his mind are the organizational brand, the logo and the products.
Creating the brand should be a permanent effort. It begins early in the company, with the production stages (quality products must be associated with the company brand) and it continues with customer service and public relations.
Spreading the message and projecting the brand onto the world require tedious and careful planning. An extensive marketing campaign would include posters and banners at every point of contact with the customer, commercials on prime-time television, a catchy slogan and a very distinctive logo.
Brand Marketing requires finesse and intelligence, a meticulous market research and a constant feedback from the environment. This can offer a competitive edge on how to manage the brand and increase its strength and performance.
Performance measurement of brand marketing can be done with the help of KPIs covering 2 areas:
1. Visibility- to measure the contact level between potential clients and the brand. Here are included the expenditure with the marketing campaign and the income generated by the campaign. Relevant KPIs from this area may include:
- # Ads placed
- % Advertising expenditures on TV local stations
- % Broadcast network advertising cost variance
- $ Outdoor advertising generated revenue
- % Advertising recall
Measuring the visibility of the brand in local areas is important for companies for many reasons: to establish if there is enough brand exposure, to focus more on the desired customers and to keep track of allocated marketing budget.
2. Market penetration- in this category the focus is set more on clients and on the advertising campaign success. Relevant KPIs for market penetration are:
- % New clients
- % New customers from existing clients’ referrals
- # Marketing focus group scores
- # Loyalty programs
- # New market segments entered
From this points of view, measurement is important for a company, as it offers solid feedback on the performance of the advertising campaign. This helps better assess customer satisfaction and it also provides insights on how to continue to improve future advertising campaigns.
As the struggle for acquiring new customers continues, a powerful brand has become crucial. It is very important for a company to build, define and reengineer its image. The brand is the most valuable part of a company, representing the promise it makes to customers.
Worldwide recognition is the result of quality products associated with a powerful brand. But maintaining brand visibility and ensuring its success, lays in a constant brand management effort.
- Lake L. (2013), What is branding and how important is it to your marketing strategy?
- Reibstein D. J., Bendle N. T., Farris P.W. and Pfeifer, P. E. (2006), Marketing metrics: Understanding market share and related metrics
- Brand Marketing: The Ultimate Guide To Spellbound Customers
The KPI Institute (2013), Marketing & Communications KPIs