Digital Marketing Training – Below are all the Brand Measurement Techniques used by Marketers: –
- BRAND AWARENESS: –
Digital Marketing – The best way to know about brand and measure it is through brand awareness measurements. The business can conduct surveys and use other research tools to find out how aware customers are about a brand and then they can get to know how effective their marketing campaign actually is.
The more the customers are aware of the brand means the more successful the marketing campaign has been. Thus measuring brand awareness is critical for measuring the brand influence and efficacy of the marketing campaign.
- THE FINANCIAL METRICS: –
The financial metrics which surround your brand equity will be directly tied to the sales performance.
Thus if these indicators which are related to the financial value of the brand are increasing then the businesses revenue will also increase.
Some ways of measuring brand equity with the related financial aspects are:
- Average transaction value
- Customer lifetime value
- Price premium over competition
- Rate of sustained growth
- THE PREFRANCE METRICS: –
The preference which the customers exercise is a powerful aspect and factor in regular and daily purchase decisions.
If the customers are really fond of a product and really like its quality then they can go that extra mile for that product too.
The aspects of customer preference which can be measured through sales data, focus groups and surveys include:
- Emotional Connection: This measures the amount of emotional connect which you have made with your customers and how fond they are of your brand.
- Brand relevance: this includes the relevance of the brand in the minds of the customers and how they compare your products with that of your competitors.
- Accessibility: this includes the ability of your company and business to provide a good enough supply to the customers and the target market.
- Brand Value: This is the amount of value which the customers are willing to pay for your brand, products and services.
- LOCAL MARKETEER PERFORMANCE METRICS: –
For distributed management teams it makes sense to think of your local marketers as your customers too. Definitely your local representatives affect the brand equity and brand perception of your brand in the local market. They have complete knowledge of what the customers want and what is right or wrong with your products.
Thus it is critical to measure how good the perception of your brand is in the eyes of the distributors and retailers and how well they perceive the products of your business.
The customer experience comes from the local outlet and it is the brands responsibility to make it pleasant for the customer and the target audience.
Some ways of measuring the local perception of the brand are:
- Software adoption rates
- Surveys
- Campaign deployment rates
- Focus groups
- OUTPUT METRICS: –
Many times companies find that the effort and toil they are putting into the product is not converting to sales. Now, output is a measure of marketing activities which measures the marketing assets which get released to the customers. The type and how often a product is released to the customer is measured by this metrics.
Only assets which are being influenced and promoted by the store owner will get the edge as he is the touch point of the customer.
Your product should be good but so should be the influence of the store owner.
Some ways through which to determine how your assets for local marketers are translating into actual output are:
- Local marketer campaign and asset utilization
- Customer adoption of loyalty programs
- Sales on promoted products
- COMPETETIVE METRICS: –
If your competitors brand equity is higher than yours then you have a serious problem at hand. If the competitor gives offers and schemes and also lowers the price of its products then your brand and business will also be impacted.
Thus it is critical and important to stay one step ahead of the competition and outdo all his efforts to capture your target market.
Some Competitive Metrics here include, but are not limited to:
- Customer Acquisition Rate
- Sales Lift
- ROI of Channels of Distribution
- Market Share
If you want to measure the online Brand presence then the best way is to enroll for Digital Marketing Training Gurgaon and learn all the techniques to measure the online brand presence with Digital Marketing Training Gurgaon.