Your website and social media analytics are a goldmine of information to track and learn how to grow your brand. Everything you need is in the data. Before you start analyzing your marketing efforts, you have to decide what’s most important for your brand.
What’s a KPI?
Key performance indicators or KPIs are tools or metrics that give you insight into how your brand is performing. Want to check your conversion rate? How many people are visiting your site? What pages they’re visiting, and how long they’re spending on each page? You can find everything you need by analyzing your KPIs.
What you can analyze:
- Marketing metrics
- Blogging metrics
- Social media metrics
- Email marketing metrics
As you can see, marketers have their hands full when deciding what to track. You don’t have to dive into every single metric. Set clear goals and determine what matters most to your business. Otherwise, you’ll get buried in the data.
In this post, we’ll focus on essential KPIs for evaluating a successful marketing strategy and the best metrics for measuring brand relevance.
What are the elements of brand strategy?
We’ll get to the metrics shortly, but first, we want to cover a few basics about brand strategy, otherwise known as a long-term plan for your business. A powerful brand strategy is what makes your brand relevant among the competition.
To create a comprehensive brand strategy, you need to figure out:
Why are you in business?
How are you solving people’s problems?
What are your customer’s needs?
What makes your business unique?
Keep in mind, brand strategy is not your product, logo, website, or business’ name. Here are some metrics that will help you understand how to achieve your goals and objectives.
What are the KPIs to evaluate a successful marketing strategy?
If you’re going to go to all the effort into creating a cohesive brand and researching keywords for your content marketing strategy, you’ll want to evaluate what’s working and what isn’t.
If you’re not monitoring your KPIs, how will you know when it’s time to change course?
Here are some of the top metrics your brand needs right now.
Brand Awareness: Is your brand resonating with your audience? Are people connecting to your message? Get to know how your social media posts are performing. Take note of how often your brand is mentioned by scheduling a Google alerts and checking your referrals on Google Analytics to see if you’re earning more backlinks.
Related: Understanding your data: Powerful ways to measure brand awareness
Conversion Rate: Whether you create an opt-in for your email list, or want people to make a purchase on your website, keep track of how often people are doing what you intended them to do. If you’re noticing a low conversion rate, you may want to freshen up your lead magnet or landing pages with better copy. Focus on both the design and message of your CTAs.
Leads Generated: Want to know if your marketing efforts are working? One way to see if your marketing strategy is successful is to see how many leads your business is getting. Is that number aligning with your goals? If the answer is no, then it may be time to switch things up.
Return on Investment (ROI): Whether you’re spending top dollar on ads, or using your budget on influencer campaigns, make sure that money is being well spent. By analyzing your ROI, you can see if it’s worth doing what you’re doing or pulling the plug. If you’re getting a high ROI, keep moving forward, because your marketing techniques are getting your business results.
Related: 4 steps to start developing a brand strategy
What are the best new KPIs for measuring brand relevance?
People are loyal to brands they trust. Achieving brand relevance doesn’t happen overnight, but it helps set your business apart from the competition. To create brand relevance, you have to provide value.
Here are some of the best ways to measure brand relevance.
Brand mentions: The goal here is to get people to mention your brand to their friends and followers. Track the number of times your business is tagged on social media. Every time your brand is mentioned and shown positively, it’s an opportunity to grow your brand awareness.
Reach: Have you noticed a recent trend in influencers and content creators asking people to save their posts? It’s another way to boost your metrics and increase your reach.
You may also want to note the number of times your content is being shared on social media. Test different types of content like video, photos, and graphics to see what keeps your audience engaged.
Earned media mentions: Tracking media mentions is another way of measuring brand relevance. If you want to get more exposure for your brand, start pitching ideas to different media outlets. Earned media helps get your business out there without spending money on advertising. If you’re launching a new campaign, or have a unique hook for your business, start building relationships with editors and reporters to get your product in the press. Track how many leads you get from those articles.
Every business has its own personality; that’s why it’s essential to track KPIs that are relevant to growing your brand. If you don’t focus on KPIs, you won’t know if your marketing efforts are effective. You may end up spending time and money doing things that you won’t drive results.
Set clear goals and guidelines, so you know where to invest your time. Schedule audits for your marketing techniques and pivot when necessary.
Want to learn how to build a brand? Sign up for our free course. You’ll learn the key concepts, best practices, and branding pitfalls that should be avoided. We’ll also dive into how to build an identity and what kind of technologies and tools can make your branding efforts consistent. Sign up today!
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Originally published at https://insights.lytho.com.
