Brand Metrics: What To Measure And Why

Have you ever thought about what makes you, you? It's that special mix of traits that defines who you are and influences how others see you. Brands are a bit like that as well.

Just like people, brands have their own public image. It's how the average person views your business. Are you trustworthy? Do you make great products? Or maybe people haven't even heard of you yet!

These are big questions, and knowing the answers can make a world of difference. But how do you find out? That's where brand metrics come in handy. In this article, we'll explore what brand metrics are, why they matter, and how you can use them to boost your business. So, let's dive in!

Key categories of brand metrics

Brand metrics cover many different areas, so tracking them can be a bit overwhelming if you're new to analytics.

We've split them into four main categories that you can explore further if you think they'll be helpful for your business. For a complete picture of your brand's health, you might want to look at bits from each category.

Brand awareness

Before people can form an opinion about your brand, they need to know you exist! If most have never heard of your brand, you're lacking brand awareness.

Brand awareness metrics give you an idea of how many people know about your brand and how popular you are in your market. This could include things like how many social media followers you have, how many people visit your website, or how many times people see your ads.

There are two types of brand awareness: aided and unaided. Aided awareness is when you give people a hint, like asking, "Have you heard of SmartSurvey?" Unaided awareness is when people remember your brand without any prompts, like asking, "Name three survey companies you know."

At SmartSurvey, our software can help you measure brand awareness with simple survey questions.

Brand perception

Once someone's heard of you, the next step is understanding how they feel about you. Brand perception is more about feelings – do they like this, do they not like that? These metrics help you know what customers think about your brand.

Surveys are brilliant for figuring out brand perception. You can ask questions to gauge how much people trust you, if they think you're relevant, and what emotions your brand stirs up.

There's emotional brand perception (how your brand makes people feel) and rational brand perception (what people think about your products or services). Both are important to understand.

Brand loyalty

These metrics are for the people who are already your customers. They've bought something from you or are actively engaged with your brand. Brand loyalty is all about understanding how likely customers are to keep coming back to you. It could include things like repeat purchases, customer referrals, and how many customers stick around over time.

Customer satisfaction surveys are great for understanding loyalty. You can also use something called Net Promoter Score (NPS). It's a simple way to measure loyalty by asking, "On a scale of 0-10, how likely are you to recommend us to a friend?" People who give you a 9 or 10 are your biggest fans, which we call "promoters." Those who give you a 7 or 8 are "passives," and anything below that is a "detractor."

Use our NPS calculator to give it a try!

Brand equity

This one's a bit trickier. Brand equity is about the value your brand name adds to your products or services. It's built up over time as people get to know and trust your brand. You can measure brand equity through customer surveys, too. The results give you insights into how much extra value your brand name brings.

For example, brand equity metrics might look at how much more people are willing to pay for your brand compared to others (price premium) or how much of the market you control (market share).

That brings us to our next point.

Quantitative metrics: Data-driven insights for brand performance

Beyond the categories of questions you can ask, there are also two different types of answers you might receive. We call these quantitative and qualitative. Quantitative research is easily recognisable by the fact that the answers are essentially numbers. On the other hand, qualitative answers are more subjective, targeting opinions and feelings.

We have a full article on quantitative versus qualitative research if you want to learn more, but for now, let's look at some quantitative metrics related to branding.

Market share

Market share tells you how much of the total market your brand controls. You can calculate market share based on sales or number of customers. Combining this with survey data helps you understand why your market share might be changing.

Customer acquisition cost (CAC)

CAC refers to how much it costs you to get a new customer. It's important because it shows how effective your branding efforts are.

Surveys can help you understand why customers choose your brand. For example, you might find out that most of your new customers heard about you through social media, which could help you focus your marketing efforts.

Customer lifetime value (CLV)

CLV looks at how much a customer is worth to your business over the long term. Surveys can help you identify your most valuable customers and find ways to increase their value. For instance, you might discover that customers who buy a particular product tend to stick around longer. And so you can put some extra effort into retaining them.

Purchase intent

Purchase intent shows how likely people are to buy from you. It's a great way to predict future sales. Survey questions like "How likely are you to buy from us in the next six months?" can help you understand purchase intent and what drives it.

Qualitative metrics: Understanding brand sentiment

Now, let's look at qualitative metrics. These are geared more toward understanding the feelings and opinions behind the numbers.

Brand associations

Brand associations are the things people think of when they hear your brand name. Surveys can help you uncover these associations. You might ask, "What words come to mind when you think of our brand?" The answers can tell you a lot about how people see you.

Customer satisfaction

Happy customers are the backbone of any successful brand. Measuring customer satisfaction helps you know if you're meeting (or exceeding) expectations.

CSAT surveys (to monitor your Customer Satisfaction Score) can help you measure this. You might ask, "How satisfied are you with your recent purchase?" and use the answers to improve your products or services.

Brand differentiation

Brand differentiation is about what makes you unique. It's your special sauce! Surveys can help you figure out what sets you apart in customers' minds. Then, you can use that as your Unique Selling Point (USP) across your marketing material.

Measuring the impact of brand metrics on business outcomes

Brand metrics aren't just interesting – they can have a tangible impact on your bottom line. Strong brand metrics often lead to better financial performance. Brands with high awareness and positive perception often find it easier to launch new products successfully.

You can use brand metrics to guide your long-term strategy too. If you know that customer loyalty is key for your business, you might focus on improving your Net Promoter Score over time.

Wrapping up

Tracking brand metrics is like having a superpower for your business. It helps you understand how people see your brand, what they like (or don't like) about it, and how likely they are to choose you over the competition. And surveys are your secret weapon for understanding the 'why' behind your brand metrics. They give you the inside scoop on what your customers are really thinking.