To understand completely the importance of a brand’s performance first we should have an understanding of brand performance metrics and marketing performance metrics.
Define Brand Performance Metrics
Brand Performance metrics may be defined as the quantitative variables that are used to measure brand performance. The most important factors in deciding the performance of any brand include Top-of-mind, aided, and unaided brand awareness. The factor of brand sentiment includes brand perception which includes customer lifetime value and brand loyalty.
The performance metrics include the factors of sales, profit, return, customer happiness, customer reviews, quality, and reputation in the market.
There are three different categories of brand performance metrics which are written below:
- Behavior metrics: These metrics cover the behavior part of the employees working in an organization or a company in the way by monitoring the works of the employees when present at their workplaces.
- Perception metrics: These metrics include the reviews of the public towards any brand and also the employees and stakeholders of the organization which is the key factor in deciding the performance of any brand.
- Performance metrics: These metrics cover the businesses and programs for measuring your brand performance.
Importance of measuring brand performance
The practice of measuring brand performance on a regular basis is very important for all brands as it helps us to know whether our business is lagging or rising with the help of which we get to know whether we need to change our marketing strategy or not. It also covers the part of counting the no of people who engage and recognize the brand.
How Brand performance is measured?
The brand performance is measured using the following metrics:
- Audience growth: It is defined as a variable that measures whether the audience volume has increased or decreased from the previous day, hour, week, or month. This is the most basic factor in deciding the performance of any brand.
- Audience interactions: Some people mistakenly use the audience growth and audience interaction simultaneously at one place but here is one big difference. In the case of audience growth some people may come to see a brand and exit through it within a sec i.e. they don’t either browse or buy any product of that brand but in case of audience interactions, we cover only the people who remain active on a specific brand and browse or buy the products required.
- Brand penetration: It is a measure of brand popularity. It is calculated by the no of people who engage in a brand and buy the product in a given regular period of time divided by the size of the relevant population.
- Brand knowledge: It covers the metrics of the people who know completely or partially of a brand and takes these two types of people in different classifications.
- Brand awareness: It is the measure of no of people who recognize a specific brand or we can say a brand reach to how many people living in different parts of the world.
- Sales figures: It is the no. of sales of products and services of a company.
This is all about the brand performance metrics with its performance. Everyone can get an idea of brand performance factors by the use of this article.