Metrics for Brand Managment
1. Brand Identity
A brand is represented by the physical and metaphysical aspects that create a visual, auditory, and sometimes olfactory brand identity. For example, a brand’s logo, color palette, marketing materials, letterhead, signage and messaging are all tangible representations of the brand that make up its sensory identity. These aspects come together to essentially convey who you are and what you do. If you have a clear idea of what your brand wants to achieve (your mission) and how you want to achieve it (your vision), you should be able to use that to market your brand in a way your target market will identify with.
2. Brand Commitment
Everyone knows that bad reviews and a bad reputation can ruin a brand’s image. Making commitments that you cannot deliver can tarnish a company’s image beyond repair. A single disengaged customer will share their negative experience with many others and the bullwhip effect will hurt your business’s long-term sales pipelines, further damage your reputation and disengage customers even more. If anyone gives your services a 1-star rating on Facebook, Yelp or any other review platform, it’s important to take the time to ask them why and figure out how you could help them which will ultimately lead to a better rating.
3. Brand Awareness
When you are thinking about marketing, you cannot just get into advertising, first, you may want to create an awareness about your products or services in and around your business. Once your local community has bought into the idea of your brand’s existence, it is then time to expand. And if you expand without the local community knowing about you, you will likely lose customers, simply because they could not find credibility in your brand’s offerings.
4. Brand compliance
Your customers care about a lot of compliances that you may not know about. For example, if you’re in the manufacturing industry, you potential customers may be disengaged if they find out that all your products are not made in America. Or if you’re in the service industry, outsourcing may lead to people questioning your mission. The concept of Corporate Social Responsibility is not new to many businesses, but you may want to invest a little time showing your customers, clients and prospects about how your business is helping the community, the people and/or the environment. One strategy is to use Renewable energy, another may be to use the sustainable waste disposal.
5. Brand Resonance
Last but not the least, how your brand impacts the lives of others and what they associate with it is essentially what brand resonance is. Think about the first work that comes to mind when we talk about brands such as Coke and Pepsi. Many people would say – THIRSTY. How about Facebook and Twitter – SOCIAL. Maybe Exxon and Tesla – ENERGY. If your brand represents what you do, your customers and clients have already bought into your argument!
We hope you enjoyed reading this as much as we enjoyed writing it! If you need a curated strategy for your brand, email us at firstname.lastname@example.org and we would be happy to consult you on how to make your presence stronger!
By: Rahul Anand