Millions of brands exist globally, and you even hear about new brands launched daily in the modern competitive business environment. However, few brands achieve long-term success, and many fail but the question is how to measure brand growth.
Success word is directly related to your brand growth. You can’t discuss brand growth without knowing how to measure it. There is no single method to calculate brand growth as it depends on various factors.
While looking into how to measure brand growth, a renowned metric called “Key Performance Indicators,” referred to as KPIs, is used. These indicators keep on analyzing and tracking crucial factors for organizational success.
Most KPIs are focused on measuring the Return on Investment (ROI). However, you need a lot of other metrics to measure your brand growth effectively. So let’s look into these brand measurement metrics.
Brand Metrics Categories
Brand metrics track and evaluate brand performance regarding customers’ expectations and responses against the competition. A brand owner can understand the market strength after calculating these key metrics.
Let’s discuss some of the crucial categories of brand metrics:
- Behavior Metrics
Behavior metrics are linked with what you do to measure brand growth. How employees are contributing to building the brand. This includes external (market) and internal (team management) factors. If the employees are enthusiastic, it indirectly impacts the brand’s external growth. Motivation and brand knowledge play a key role in developing your brand.
- Perception Metrics
Perception metrics analyze the customer satisfaction related to your brand. For example, do they like your brand and wish to remain your loyal customers? You will get the answers to these questions while calculating these metrics.
In the modern era, there is aggressive competition among different brands, and you can witness numerous brands operating their marketing efforts through social media. Nowadays, different brands use real-time data to track their online actions and examine their impact on brand awareness, performance, and other crucial metrics.
- Performance Metrics
It examines the results of the implemented efforts to scale the brand. The crucial elements that are included in these metrics are revenue growth, lead generation, profit margins, conversion rates, etc.
Check whether the performance matches the targeted goals of the organization. Performance metrics cover results from both financial and customer perspectives.
Important Metrics to Measure Brand Growth
- Web Traffic
Creating your brand website has multiple benefits, especially in the modern digitized world. Every brand wants people to visit their website online to build brand awareness and sales.
It’s fascinating for brand owners to know how much traffic is landing on their website. They can learn about their brand awareness statistics. However, choosing the right tool to measure web traffic is crucial to having accurate insights.
Google Analytics can help you analyze your website’s direct, organic, and referral traffic. One can decide the suitable strategies for their brand accordingly to the results. If you are getting more traffic from social media pages, then it’s a need for your business to increase marketing efforts on social media platforms.
- Blog Conversions
Content marketing is one of the compelling ways to generate maximum traffic on your website. But, first, you need to analyze how many visitors are converted into customers through your blogs.
Check the sources and blogs helping to create conversions and information consumed mostly on your website. After knowing what information is mostly being consumed by the audience, you can promote that content effectively.
Moreover, you need to write SEO-friendly content to get a good ranking in popular search engines like Google. Working with effective SEO strategy results in generating more traffic to your website.
- Social Media Sharing
One of the influential things that help your brand awareness to increase dramatically is the content sharing of your brand. It analyzes how many people have shared your content on social media to create a positive perception of your brand.
You can analyze the platforms on which your content is being shared and practice the best way to promote those posts. People recommendation is a fundamental metric to check how many people like your brand. It also analyzes the loyal customer base that your brand is creating for long-term success.
You need to create engaging and informative content that covers the maximum pain points of consumers. If people get the answers to their questions from your social media content, they will recommend your brand to others.
- Referral Traffic
Social media is a powerful catalyst to increase brand awareness and an excellent platform to drive traffic to your website. You can check the top performing posts that brought maximum traffic and social platforms directing relevant traffic by looking into bounce rate or average session duration. Social referral traffic is linked with marketing and sales goals and hence very important. You can easily track those efficiently by using Google Analytics.
- SOV and SOI
SOV stands for “Share of Voice, ” a measure of your brand’s market compared to your rivalries. It analyzes the conversion rate you are holding within your industry. If you own more market share, it indicates tremendous consumer popularity.
You can see numerous social media competitors who successfully convert visitors into buyers. After analyzing their conversion strategy, you can quickly examine the strategies you should choose to get market share.
SOI stands for “Share of Impression,” which is the percentage of impressions your advertisement receives compared to the total impressions your advertisement could get. If you have a low SOV but high SOI, then it indicates that you aren’t getting much coverage compared to your competitors, but you have a high level of readership and consumption of content.
In the End
Before analyzing how to measure brand growth, you must apply useful and productive strategies to scale your brand. Afterward, you can choose the most relevant and effective metrics to calculate your brand’s performance.
Every organization is working to achieve specific goals and objectives. Metrics will play a significant role in measuring your brand success and evaluating the effectiveness of your implemented strategies. Choose the most relevant and practical metrics to measure your brand growth and ensure they are aligned with your goals and objectives.
What is brand growth?
A simple definition of brand growth is taking significant market share, growing brand awareness, and enhancing reputation, usually in the long run.
How to measure brand growth engagement?
You can measure brand engagement by looking into these metrics:
- Social engagement
- Email subscribers
- Branded search terms
- Website Traffic
- Quality backlinks