Brand health is an important measure that a business should track. An all-around view of the health of your brand comprises quantitative and qualitative brand health metrics. After dealing with several clients, we are here to share with you the right KPIs to include in your tracking efforts. They are significant in evaluating and computing the health of any brand.
OvationMR is a company that has more than ten years of experience in developing more than two hundred online panel sites and communities. It is known for the best-known brands and highly prestigious market research firms in the world. It is an ideal place for tracking key performance indicators for your brand.
Brand awareness and its KPI’s
Brand awareness is defined as the extent of consumer consciousness about a specific company. It comprises the ability of a consumer to identify a brand and associate it with any given service or product. Here are some KPI’s that you should include while measuring brand awareness:
- Top of mind awareness
- Brand recognition
- Advertising recall
Brand associations and their KPI’s
Brand associations are determined as the feelings and emotions that a consumer has towards a specific brand. These feelings could be either emotive or functional. The following KPI’s needs to be included while measuring brand associations:
- Functional associations, and
- Emotive associations
Brand intent and its KPI’s
Brand intent provides information that whether a consumer would use a specific brand or would prefer a different brand over that brand. Here are the KPIs to include to measure the brand’s intent.
- Consideration, and
Brand experience and its KPI’s
Brand experience comprises the measurement of likes and dislikes about a business brand. This includes the likeliness of recommending a brand to their family and friends and their levels of contentment based on a recent experience. The following KPI’s needs to be included while measuring the brand’s experience:
- Net Promoter Score
- Customer Satisfaction
- Customer Effort Score
- Net Trust Score
Engagement and its KPI’s
Engagement measures show how people engage with a business that falls outside of their core purchase behavior. Include the following KPIs to measure customer engagement with the business.
- Website activity
- Ad click-through rate
- Email performance
- Social mentions, and
- Share of voice
Purchase and its KPI’s
Computation of purchase focuses on how people will interact with a specific business in regards to buying behavior. This factor is mostly related to the conversion funnel of the brand. Include the below KPIs to measure purchase behavior.
- Value, and
- Conversion rate
Financial performance and its KPI’s
Financial measures represent the materialization of the impact of the brand on the revenue generation of the company. Following KPIs should be included to measure the brand’s financial performance.
- Market share
- Sales volumes
- Sales revenue
- Cost per acquisition
- The lifetime value of a customer.
- A long-term value of a brand to a business
It is beneficial that you learn the KPIs as well as analyse them regularly. It would help you get a slew of insights that one can feed into their future strategy as well as verify the effectiveness of the current efforts. Make sure you include the above KPI’s to ensure effective outcomes from your brand tracking efforts.