Brand performance refers to the analysis of a series of elements that are related to the intangible value of your brand or what we know as "brand image". The perception that the consumer has of your brand represents a value that is much more powerful than the financial value that a company can achieve through its profits.
However, in order to measure such an abstract and intangible aspect can be a great challenge - despite the existence of multiple tools for financial or business measurement, there are few or none for brand performance analysis.
At Launchmetrics we have been working for years on our patented algorithm, Media Impact Value™, which through quantitative and qualitative analysis is able to offer a unique monetary indicator of each brand action - whether it is through social networks, online or print media. However, brand performance is not limited to a single metric but must be understood within a much broader framework of analysis and measurement and through a methodology adapted to the specificities of the fashion, luxury, and beauty industries.
In this article, we have included an infographic that compiles the 5 fundamental indicators that you should consider when measuring your brand performance, and we will tell you how to interpret them within a measurement dashboard:
The 5 indicators within a global dashboard to measure your brand performance and improve decision making
Using indicators that can give you a broader view of where your brand stands in relation to the competition is the first step in measuring brand performance. However, doing so within a dashboard capable of integrating all of this information in a consistent and unified way will allow you to better interpret these figures for more agile and effective decision making.
Whether it is through a brand performance platform such as Launchmetrics, or through more manual tools such as a Data Studio, Spreadsheets or Excel, remember that as in any marketing dashboard, it is essential to organize the information in layers, keeping in mind three essential elements: your objectives and strategy + the performance of that strategy (KPIs) + the indicators or measurement metrics (mentioned above).
As Avinash Kaushik, one of the biggest experts on measurement issues, explains in his blog, "there is a difference between winners and losers when it comes to analysis. Winners, long before they think about data or tools, have a well-structured model or measurement framework. Losers do not". This is why beyond focusing on the granular details of the number of likes, engagements or scope of your marketing activity, it will be much more important to have the data visualization framework that will allow you to read those figures in an easy way in order to make decisions about your strategy.
Measuring your brand performance will allow you to evaluate how your brand is positioned within the market or in relation to your competitors. This is a way not only to understand the evolution of your brand strategy compared to the month, quarter or last period of interest but also to analyze to what extent your consumers are perceiving that famous "brand image" that is capable of attracting them, retaining them and building their loyalty within the purchase process or customer journey.
Do you want to know more about measuring your strategy's impact or brand performance? Download our eBook with the 10 essential KPIs to measure the impact of your marketing strategies below 👇