Brand marketing metrics play a critical role in eCommerce. For a business functioning online, these metrics act as a bridge to measure the performance of your brand marketing strategy.
There’s, however, a myriad of available data that can be overwhelming, as well as data that are unnecessary to be even considered. KPIs, for instance. They’re not the same as metrics and not all KPIs are any good at measuring your brand marketing performance.
That’s why we need to hone in on the most impactful metrics. Let’s get right into 13 of such key brand marketing metrics that actually matter for a data-driven decision for your branding strategy.
What Are Brand Marketing Metrics?
These kinds of branding metrics are a selected number of qualitative and quantitative data that can most accurately measure the performance of a brand’s brand marketing strategy.
This includes the measurement of brand awareness, brand advocacy, financial performance, and a lot more other data.
Metrics vs. KPIs
Before we proceed to the key brand marketing metrics, you need to know how these metrics are different from Key Performance Indicators (KPIs). Yes, they’re both used to measure performance, but there is a slight difference between the two.
Metrics provide detailed data (qualitative and quantitative) on various aspects of operations, while KPIs focus on the most critical metrics (strictly quantitative data) that align with strategic goals.
So, in this case, the below metrics can measure a brand’s branding strategy. KPIs cannot fully measure this since these indicators have a more narrow purpose of quantitatively measuring the performance of specific business objectives.
It’s also worth knowing metrics include the measurement of KPIs as well, while KPIs do not include the measurement of qualitative metrics.
13 Key Brand Marketing Metrics
For this blog post today, we’ll look at the 13 key metrics that are most suitable for measuring your brand marketing strategy.
These metrics will provide a comprehensive view of how your eCommerce brand is performing across various dimensions, from awareness to engagement and loyalty.
Each metric offers unique insights and, when combined, they form a powerful toolkit for driving your brand's growth and success.
1. Brand Awareness
Brand awareness is the extent to which consumers are familiar with your brand. It’s a crucial first step in the customer journey, as customers must know about your brand before they can consider purchasing from you.
When measuring brand awareness, include these sub-metrics to get the bigger picture:
Reach: The total number of unique users who have seen your brand content (helps to understand the potential size of your audience).
Brand Recall: Measures the ability of consumers to remember your brand without prompting. To be assessed through surveys.
Brand Recognition: Unlike brand recall, brand recognition measures the ability of consumers to recognize your brand when presented with it. This is also measured through surveys.
You need high brand awareness for a successful branding strategy. You need a strong logo, colors, and overall brand aesthetics for better brand recall and recognition.
2. Brand Perception
Brand perception reflects how consumers view your brand, which directly impacts their purchasing decisions. This can be influenced by marketing efforts, customer service, product quality, etc.
To fully understand rand perception, you need to measure Brand Sentiment and Net Promoter Score (NPS).
Brand sentiment analyzes the emotion (positive, negative, or neutral) associated with your brand mentions. Positive sentiment indicates favorable views of your brand, while negative sentiment highlights areas for improvement.
Net Promoter Score (NPS) measures customer loyalty and satisfaction by asking customers how likely they are to recommend your brand to others on a scale of 0 to 10. Respondents are categorized into Promoters (9-10), Passives (7-8), and Detractors (0-6).
A high NPS indicates a strong likelihood of word-of-mouth promotion and customer loyalty.
3. Social Media and Website Metrics
Probably, two of the most important aspects of any eCommerce brand are social media and website. That’s why you need to measure metrics associated with them because they give away a lot of valuable data.
KPIs to measure include:
Follower growth, engagement rate, and reach for social media.
Traffic sources, conversion rates, and user behavior for the website.
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4. Top-of-Mind Awareness
Top-of-mind awareness measures how readily your brand comes to mind when consumers think about your product category.
For example, the brand that always comes to your mind when you think about pizzas means they have a high top-of-mind awareness. Domino’s comes to my mind, btw.
This can be assessed through surveys and spontaneous recall tests. High top-of-mind awareness indicates strong brand recognition and recall, which are crucial for influencing purchase decisions.
5. Brand Equity
This refers to the value and strength of your brand in the market, driven by consumer perception and loyalty.
Brand equity is measured by calculating:
Brand Value, the financial worth attributed to your brand, influenced by market share, profitability, customer loyalty, and brand strength.
And Brand Strength, which means the effectiveness of your brand in the market, influenced by brand loyalty, perceived quality, and brand associations.
6. Brand Engagement
How actively does your audience interact with your brand? Brand engagement measures just that, and it’s crucial for building a loyal customer base.
Brand engagement includes the calculation of social media engagement, website engagement, and content interaction rate.
A higher number on these means you have a strong content strategy going on.
7. Brand Loyalty
Brand loyalty indicates how consistently customers choose your brand over competitors. It’s measured by these three KPIs:
Repeat Purchase Rate: The percentage of customers who make repeat purchases within a given period.
Customer Lifetime Value (CLV): Calculating CLV gives you the total revenue your business can reasonably expect from a single customer over their lifetime.
Customer Retention Rate: Indicates the percentage of customers who continue to do business with you over a specific period.
Ultimately, good brand loyalty means you’ve developed a lasting bond with your customers. Creating such a relationship is not easy in eCommerce but you can keep that up by continuing to provide good quality and effective customer service.
8. Brand Advocacy
This is the extent to which customers promote your brand to others. It’s measured through the referral rate of your brand and user-generated content (UGC).
Referral Rate is the rate at which your customers refer new customers to your business.
And UGC means content created by your customers, such as reviews, testimonials, and social media posts. The volume and sentiment of UGC can provide insights into how your customers perceive and promote your brand.
9. Market Share
Market share represents your brand’s portion of the total sales in your industry. It’s a key indicator of your competitive position.
The more market share you have than your competitors, the better you are doing with branding and overall marketing.
10. Financial Metrics
Financial metrics provide a direct link between your marketing efforts and financial performance.
The KPIs to include are revenue growth, Return on Marketing Investment (ROMI), and profit margins.
Ultimately, your financial metrics will communicate how good of a job your branding strategy is doing, by uncovering the efficiency of your operations and pricing strategies.
11. Competitive Metrics
Competitive metrics help you understand how your brand compares to your competitors. This is often measured by taking into account your brand’s Share of Voice.
Share of voice is the percentage of total market advertising or conversation your brand occupies compared to competitors. It is tracked through advertising spend analysis and social media monitoring.
If your competitive metrics aren’t satisfying, you need a competitive analysis. It’s about regularly evaluating your competitors’ strengths, weaknesses, marketing strategies, and market positioning to identify opportunities and threats for your brand.
12. Customer Insights
Insights from your customers will provide a deeper understanding of your customers’ preferences, behaviors, and expectations.
You can gather their insights through direct customer feedback, surveys, and focus groups.
It helps to identify how your customers feel about your brand and what their expectations are of it. You could pivot your strategies according to these insights.
13. Brand Association
When you think about your favorite automotive brand, what attribute or quality do you associate it with?
Safety? Reliability? Service?
That’s basically what brand association is; the attributes and qualities that consumers connect with your brand.
You need strong, positive brand associations, which help to enhance brand loyalty and differentiate your brand from competitors.
Conclusion
Understanding and tracking these 13 key brand marketing metrics can significantly enhance your eCommerce brand’s performance.
By leveraging these insights, you can make informed decisions, improve your marketing strategies, and ultimately drive business growth.
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