Figuring Out How Your Brand Value Stacks Up
If you don't measure your brand value, how else will you know how well you're doing?
Your investment in branding, marketing, and design is more measurable than ever before - and that’s a good thing! We tell our clients to invest in branding because your brand is the expression of your company’s character, its intentions, actions, and goals. We tell our clients to engage in marketing because marketing is how they let the world know what it is they have to offer (and brand is what gives those efforts an identity). We tell our clients to invest in design because it’s the grout that seals the foundation of a brand and the fuel that makes marketing work. Design, one should never be mistaken about this, is at the core of both branding and marketing. But, after we tell you to do this these things, how do you measure how effective they’ve been?
Well, it’s both hard and easy.
Measuring your brand is about measuring your branding and marketing efforts and looking at the picture as a whole. You measure your brand to learn where you stand with your audience. You measure your brand to evaluate the direction you’re heading in. You measure your brand to learn if your investments are paying off.
Here are some simple things you can do to start measuring your brand:
Track your efforts on social and the web. Use social media analytics/insight tools to monitor how often your profiles are visited and what kind of engagement your posts are receiving. Similarly, use native and other tools to track traffic flow to your website. Are they visiting your site from a desktop device or a smartphone? How long do they stay on your site? Where do they come from?
Check in with yourself. No, really. As the business owner/leader/brand strategist/CMO/whatever, you have a responsibility to hold yourself accountable and to take time for introspection. Have you been working steadily toward your (and the brand’s) goals? Would you describe that work as dedicated? Taking stock of where you are and where your projects are is important. It can help you determine when and where things need a lift, or to keep running smooth as can be.
Set your own bar high. Measurement to track data is valuable, yes, but so is measurement compared to a standard. Setting your own standard for quality design, or traffic to your online store, or mentions on social media, is important. It gives you and your team something to work toward, every day, and, your competition something to feel anxious about.
Whether you’re trying to gauge whether you’re earning a return on investment for your branding and marketing; or gauge an audience’s reception of a new product or service; or gauge how well your brand is received in comparison to your competitors, implementing a measurement plan and making it part of your routine is a wise move.