๐๐๐๐จ๐ซ๐๐ข๐ง๐ ๐ญ๐จ ๐ ๐จ๐ซ๐๐๐ฌ, ๐ฆ๐๐ซ๐ค๐๐ญ๐ข๐ง๐ ๐๐ฌ๐ฌ๐๐ญ๐ฌ ๐๐๐ง ๐๐จ๐ง๐ญ๐ซ๐ข๐๐ฎ๐ญ๐ ๐จ๐ฏ๐๐ซ ๐ก๐๐ฅ๐ ๐จ๐ ๐ ๐๐จ๐ฆ๐ฉ๐๐ง๐ฒ'๐ฌ ๐ญ๐จ๐ญ๐๐ฅ ๐ฏ๐๐ฅ๐ฎ๐ ๐ข๐ ๐ญ๐ก๐ ๐ข๐ง๐๐ฅ๐ฎ๐๐ง๐๐ ๐จ๐ ๐๐ซ๐๐ง๐๐ข๐ง๐ ๐๐ง๐ ๐ฆ๐๐ซ๐ค๐๐ญ๐ข๐ง๐ ๐๐๐๐จ๐ซ๐ญ๐ฌ ๐๐ซ๐ ๐๐๐๐ฎ๐ซ๐๐ญ๐๐ฅ๐ฒ ๐๐ฏ๐๐ฅ๐ฎ๐๐ญ๐๐.
Even so, the value of a brand is often not reflected in financial reports. Although there are now many tools and technologies available to analyse it, Adweek found that many companies struggle to explain and measure the significance of branding in order to effectively justify their marketing budget requests. In fact, only slightly more than a third (37%) of marketers surveyed knew how to measure their campaignsโ ROI.
In this blog post, we want to give you the tools you need to precisely measure the success of your branding campaign. This way, you can be fully confident that your investment in branding is both practical and justifiable.
๐ How to Measure Branding ROI: 3 Simple Steps
1๏ธโฃ Define your overarching goals
First and foremost, defining your objectives and their metrics is important in ensuring that you keep track of relevant metrics from the very start.
For example, as a new startup, you may want to improve brand awareness so that more people know about your services. Metrics that can measure brand awareness include website visits, social media reach and impressions.
Other metrics that your company may be interested in tracking include:
Customer Acquisition Cost (CAC): A measure of how much it costs to acquire a customer on average.
Lifetime Value of a Customer (LTV): A measure of how much you can make from an average customer. When measured with CAC, you can determine whether you are spending too much acquiring new customers or not.
2๏ธโฃDefine KPIs
After establishing that, it is time to establish tangible KPIs. To make them well defined, use the SMART framework, which stands for Specific, Measurable, Achievable, Relevant, and Time-Bound. Continuing with the previous example, KPIs can look like this:
โTo improve brand awareness, we aim to increase average website visits
and social media reach and impressions (Measurable & Relevant) by 20%
(Specific & Achievable) in the next 6 months (Time Bound).โ
Defining KPIs in such a way, provides a clear tangible goal marketers can work towards and a common understandable language that marketers can use to present to other business functions.
3๏ธโฃ Utilise tracking and measurement tools
Social media platforms such as Meta have made it easier to track some relevant metrics for your campaign with their business account functions. However, it may not be comprehensive enough and provide you with the deep insights you need to further make effective marketing decisions.
Alternatively (or in conjunction with in-built social media analytics), SEMRUSH is a comprehensive tool that can measure marketing metrics across different platforms. More than that, it can even help your company with SEO, market research, and content marketing.
๐ Start Marketing Effectively Now!
As shown, it can be complicated and overwhelming to effectively track the effectiveness of your companyโs marketing efforts. Let VKT do it for you!
VKT is a data-driven strategic consulting & digital marketing agency. We are obsessed with performance and helping businesses turn ineffective digital marketing campaigns into visible, measurable results, in the form of lead generation and revenue growth. In the last 6 months, we have achieved 120% revenue growth and 21x ROAS for our clients, leveraging customer insights and data analytics to formulate our marketing strategy and optimise our campaigns.
With our experienced MRA & EDG Certified Consultant, VKT boasts a proven track record in achieving a high EDG application success rate that grants your business up to 70% funding for SMEs and 50% for non-SMEs. Looking to leverage the upcoming yearโs trends? Contact us now for a digital consultation!
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