Earlier this month, we hosted Performance by Launchmetrics – the first digital summit on the future of brand performance for the fashion, luxury, and beauty industries. Building brand performance is one of the most important things for any company today, because brand perception is one of the highest drivers of purchase decisions for consumers, and brand equity is what determines the value of your brand name. But, what is brand performance? Our CEO Michael Jais spoke about the future and importance of brand performance in his Keynote session, giving us a clear definition of brand performance and its significance.
A Brand Performance Definition from our CEO: What Impact Will it Have in 2021?
So, your brand performance is what should really drive your strategic decision making based on data-driven insights. This is essential because of changing consumer demands, as they look for more responsibility and accountability from brands, and data can inform future strategies by reporting on what target audiences respond to.
If Covid has taught brands one thing, it’s the need for acceleration, and more importantly that they have to build brand momentum if they want to stand out within their industry. Brands this year had to be reactive, adaptable and had to push themselves to their creative limits in order to engage consumers and keep sales afloat. Brand momentum is all about reducing costs in order to increase your impact which in turn increases your agility and the value of the assets you produce. During a time like this, brand momentum is at the forefront of any CEO’s mind, as budget constraints are tight, and proving ROI is more important than ever before.
As outlined by Michael, technology can be leveraged in three ways in order to build brand momentum – time to market cost reduction and scalability. Thus arises the need for a consolidated solution in order to measure brand performance and better inform brands on where they (and their competitors are) when it comes to their overall momentum and performance.
If you want to learn more about brand performance, and the precise ways in which you can measure it, visit this article! Additionally, if you would like to watch the sessions from our Performance Summit, in case you missed them, you can access them by clicking on the banner below.