A company survives on its name and brand recognition. But how do you know if your branding efforts are really achieving what they’re meant to?
Let’s start at the beginning - what is branding anyway?
Oxford defines the word branding as “the promotion of a particular product or company by means of advertising and distinctive design.”
Once you have a good understanding of your brand identity and begin your branding efforts, you'll need to have a way of measuring them. Here are five measureable ways to make sure that you’re on the right track.
1. "Blind" Testing Recognition
Branding is all about connecting with your audience in a recognizable way, in an effort to gain long-term brand loyalty of the customer. If a complete stranger recognizes your logo, that means they feel some sort of connection to the brand. Remember that the most important part of brand recognition is all about getting your customers to know, like and trust you. If you can achieve that then it’s likely they’ll purchase from you when the time comes.
2. Are people talking about it?
One means for gauging the effectiveness of your branding efforts is documenting what percentage of your leads are outbound versus inbound. Do you find yourself having to reach out to potential customers to educate them about your brand or are you getting more inquiries from potential customers who are curious to know more about it? Again, recognition will be your key to a positive brand response.
3. Seek out Feedback
Poll your hot leads, current customers and potential business partners about how they came to find you. What have they heard and from whom? Was the information they heard positive or critical? It’s also important to provide a means of giving feedback for every piece of creative material that your business sends out to the public. If something generates a negative response then you know it’s not quite aligned with your branding goals.
4. Track Everything!
Your brand is geared towards a specific demographic audience. Each time you reach out and introduce a new aspect of your brand, every event should be categorized and tracked. When releasing a press release, article, ad, news report or otherwise, you need to track it and any events that surround it. By doing this you can better implement business decisions based on performance and according to what’s suitable for your target audience.
Tracking Leads is equally important. A good sign that your branding is working is when the number of opt-ins, subscribers, and/or referrals from potential or existing customers is growing. If these groups of people are promoting your brand to those around them, you're well on your way to branding success.
5. Success and Business Growth
Perhaps one of the best ways to measure your branding efforts is to identify whether your business is growing or remaining stagnant. Do you notice higher conversion rates, or quicker closing rates? Is the level of income of your customers growing?
Your brand’s reputation should be of utmost importance to you. But discovering the best ways to measure your branding power is only part of the equation. Having the right tools available is critical to achieving branding success. Having an online brand management platform can be very helpful in achieving one’s branding initiatives in a limited amount of time.
If you’re goal is to improve your brand’s positioning and reputation, get in touch with the experts at Social Life Management.