𝐀𝐜𝐜𝐨𝐫𝐝𝐢𝐧𝐠 𝐭𝐨 𝐅𝐨𝐫𝐛𝐞𝐬, 𝐦𝐚𝐫𝐤𝐞𝐭𝐢𝐧𝐠 𝐚𝐬𝐬𝐞𝐭𝐬 𝐜𝐚𝐧 𝐜𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐞 𝐨𝐯𝐞𝐫 𝐡𝐚𝐥𝐟 𝐨𝐟 𝐚 𝐜𝐨𝐦𝐩𝐚𝐧𝐲'𝐬 𝐭𝐨𝐭𝐚𝐥 𝐯𝐚𝐥𝐮𝐞 𝐢𝐟 𝐭𝐡𝐞 𝐢𝐧𝐟𝐥𝐮𝐞𝐧𝐜𝐞 𝐨𝐟 𝐛𝐫𝐚𝐧𝐝𝐢𝐧𝐠 𝐚𝐧𝐝 𝐦𝐚𝐫𝐤𝐞𝐭𝐢𝐧𝐠 𝐞𝐟𝐟𝐨𝐫𝐭𝐬 𝐚𝐫𝐞 𝐚𝐜𝐜𝐮𝐫𝐚𝐭𝐞𝐥𝐲 𝐞𝐯𝐚𝐥𝐮𝐚𝐭𝐞𝐝.
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 campaigns’ 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.
📌 How to Measure Branding ROI: 3 Simple Steps
1️⃣ 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.
2️⃣Define 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:
“To 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).”
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.
3️⃣ 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.
📌 Start Marketing Effectively Now!
As shown, it can be complicated and overwhelming to effectively track the effectiveness of your company’s 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 year’s trends? Contact us now for a digital consultation!
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