In defining KPIs for brand marketing, we have to first look at what a KPI is.
A Key Performance Indicator (KPI) is and achievement indicator that measures if a business is reaching it’s business goals.
By using KPIs you’re keeping track of your progress and how it’s effecting your goals.
In fact, KPIs are a key growth factor in most businesses to reach their fullest potential.
Let’s take a look at how this can be placed in a brand, so that we can bring awareness to it and help it grow.
Defining KPIs in Brand Awareness
When marketing a brand you should focus on one keyword most importantly The “Buzz“.
How often are people speaking about your brand name or a product in your catalog.
Are they sharing their experiences about your product? Are they sharing their opinions?
Do they have positive / negative comments to make about it.
These questions lay the foundation for our KPI structure for increasing our brands awareness.
7 KPIs for your Brand Development Strategy
The following are some Key Performance Indicators that I believe would help in the growth of a brand.
1. Opinions Matter
What’s the beating heart of a brand, your customers opinion on it of course.
Identify what your users are saying about your brand. Do they have something to share?
How to Take Action
You can start heading over to social media channels and start looking at what users of your brand are talking about you.
Find out what they like, talk to them and respond for their queries. Post in relation to subjects that please their viewing.
Doing this will not only help to grow your brand, but also assess what has been displeasing your users all this time.
2. First to think of
Which brand do you think of when you want to buy a watch? Chances are that most people would say, a Rolex.
If your brand is not the first to come across your ideal customers mind, then you’re not marketing it right.
The ultimate goal of a brand is to make itself the first out of all.
But this is not to say that everyone in the world should think so.
But rather, what the ideal customer for your brand should do.
How to Take Action
Make sure you’ve got a customer persona and that you’ve selected your ideal group of customers.
This helps to have a much more defining understanding, of your growth related kpis that are taking effect.
Diversify your outlook on who you’re selling to, don’t try to market to everyone, it’s the biggest mistake a marketer could do.
Dig deeper into the negative comments that flow around the internet about your product.
Always ask yourself how you can make your product / service more available to your consumer.
Lastly, don’t let your concerns over your customers end after the purchase has been made.
Deliver good customer care and improvements to your product / service, make sure to keep the customer faithful to your brand.
3. They did / didn’t mention you
Similar to the kpis before, but this indicator has a much more defining characteristic to it than the other kpis mentioned here.
Social Mentions is a major factor of growth these days.
If your product doesn’t get recognized by social media and you don’t get mentions on Facebook, Twitter or Instagram.
Then you’re creating an opportunity for competitors to take over your audience and create a better buzz.
How to Take Action
Campaigning is key to creating buzz.
You have to let everyone know that you’re on social media, and a poster on your store entrance is not going to help.
Let your audience engage with your social media wall, by allowing them to take part in it.
Promise to promote your audience, make them apart of your campaign and let them know how important they’re to your brand.
4. It’s tiring from all this Hiring (Hey… i had to put a dad joke there, sorry 😁)
Ever wondered what would be the single most important defining indicator of business growth out of all kpis.
Well it’s when you go on a hiring spree and start collecting employees like you’re Christmas shopping.
Whether you’re at this place right now or not, you need to have a good strategy, let’s take a look at how.
How to Take Action
Remember, if it wasn’t for your current employees / partners contributions you wouldn’t have gotten here.
If you were a sole enterprise up until now, and only recently started hiring. Then you should think on how you worked on your product / service up until now.
Try to find those who diversify from that concept.
That’s right, don’t just stick to where you were. Look for a better way to do things, hiring can be exciting when you meet fresh talents and ideas.
But also be sure to allow your existing Eco-system to co-exist, you don’t want a toxic newcomer to act like the boss and takeover.
Let your employee feel at ease, so that the product too feels that way.
5. Wait don’t leave
Bounce rates are a defining kpi that accurately tells how customer interest is flowing, in contrast to other kpis this is more direct.
A Bounce rate tells us if a visitor is staying in our website or a specific page for long, or if they’re just not being captivated by our content.
If you’re an online e-commerce store, this is one of the key defining kpis to use in your business.
Stay alert, on how users are paying attention to your content and get feedback on how you can improve
How to Take Action
Work out the reason why your visitors aren’t showing an interest on your product.
Find out how you could improve, if there’s any feature or additional service that they’re looking for, which you haven’t provided in yours.
Be approachable, let your audience feel comfortable with chatting with you. Place a chat bubble on your site to answer queries immediately.
Make sure to provide an FAQ (Frequently Asked Questions) section on your site to make answers readily available.
Overall, remove the unnecessary distance between your brand and them.
6. Came to visit, went with a purchase
If your goals are sincerely to boost sales, production and etc.
There’s only one defining kpi of all kpis that i can recommend to you for sales.
Now that your site has grown and is ranking in the top pages on google searches for popular keywords.
How are you supposed to convert your site visitors into buyers of your product or service.
What kind of user journey can you set them across to help them mature their understanding of your product, so that they would decide to purchase.
How to Take Action
Identify the complexity of your product, look at analytics reports on the demographics of your visitors.
Is your product too complicated for your visitor to make a decision on.
Does your product not self-explain itself to the user.
If so, you can start building content and multiple materials explaining how your product works and the benefits of using it.
And also mention what your product does differently than your competition, don’t just highlight on the price.
Give an outlook of the feature-based difference between your competitors product and yours.
7. The tale of a customers journey
User Experience (UX) is one of the most important kpis, it basically gives you an outlook on what your product is.
A Net Promoter Score (NPS) is a kpi that tracks the user journey to identify if your users are willing to share your products with others.
You can identify the NPS in your user journey by creating action steps across their journey.
This, encourages them to promote your product, such as a Share as a Post feature or Recommend to a friend via SMS.
By doing so you can encourage your customers to share their opinion and bring in more prospects, you can even encourage them with coupons to do so.
And that is considered as one of the defining kpis, that help to ensure that the customer satisfaction is met.
If you’ve got an errored product, which is flawed down to it’s core. It’s not going to become successful.
You have to figure out how your product is going to look in the customers perspective. Figure out how they perceive your product.
How to Take Action
Implement a testing strategy to standardize your product / service throughout.
Plan together with your team the best ways to come across a solution to your user journey and troubleshoot your problems.
Along with this you can also implement scoring mechanisms such as NPS, CSAT, SUS and etc. There’s an interesting article i found from Testing Time, which elaborates more on this subject.
Summary
Using a key performance indicator for many factors of your business can be deeply helpful.
But implementing a kpi for a brand is a defining instinct for the entrepreneur. In this modern age of technology there is no way an organization is going to become successful without branding itself.
One of the core goals of digital marketing is creating brand awareness, and if you’re not familiar with how your brand is gaining traction. You cannot accomplish your goals in time.
Some kpis are less defining and requires constant effort, but can be predicted, these are called Lagging Indicators. The others are well defined, but cannot be accurately predicted, which are known as Leading Indicators.
Overall, ensure that you build your marketing strategy so that you can move your brands success further ahead. Good luck with your journey to come, hope you’ve enjoyed the read.