Vents MagaZine Music and Entertainment Magazine
Related Articles
One of the most important metrics you can measure for your business is brand awareness KPI. Why is that? Well, because if no one recognizes the name of your business, it practically doesn’t exist. A little harsh it may be, but there are proven statistics, that clients pick up the products of brands they recognize. So what do?
Increasing brand awareness is the way to go. There are a variety of marketing campaigns you could do to reach the needed level. But what metrics to track? Let’s dive deeper.
What Is Brand Awareness?
Let’s start with a proper definition. Brand awareness measures how much people recognize your product, your business, and your service. Whether it’s the name, logo, or overall identity, potential customers will have a certain image in their heads attached to it. The key is not to just make that image look good but to make it pop up quickly. That’s good brand awareness.
Brand awareness also establishes trust. An obscure business that nobody heard about will raise some suspicion. And on the contrary, if the name of a company is well known in the industry market, your prospects will be more likely to become your converted clients.
A high level of brand awareness is also associated with the company being trendy, popular, and buzzworthy. The earlier in the development of your business you can establish the recognition of your brand, the better.
People have a subconscious bias toward names they can quickly recall from memory. Plus, if they ever need to recommend a brand to a friend, guess who they will gravitate towards. The first three names that appear in the head are usually the answer.
Which Metrics to Measure
The KPI of brand awareness is important to monitor. Depending on its state, you’ll have to decide, whether the level is satisfactory or not. If the answer is no, for example, there are a few promotional campaigns awaiting you in the near future. And to make sure they do not go in vain, you’ll need to your brand awareness and its KPI on the back of your mind constantly.
There are a few main metrics to track. Here’s the shortlist:
- recognition;
- recall;
- identity;
- web traffic;
- social media engagement.
The recognition of your product by customers is a straightforward one. Testing this factor typically involves gathering the main elements of it and showcasing them to prospects. Your target audience needs to have a good idea of your business. Their recognition is one of the KPIs of your brand awareness strategy.
Prospects also need to be able to recall your product or service fairly easily. You can test this by asking about the relevant category. If it is quickly associated with the product in question, that’s a good sign. So that’s easily one of the metrics to pay attention to when it comes to brand awareness KPIs.
Identity is the general opinion that comes to mind when a consumer is met with your brand. Ideally, it should be positive, cohesive, and correlate well with the image you want to project. There are a variety of questions you could ask clients to check this. Those can be both aided and unaided, if performed by professionals, like SmartyAds, for example.
You can perform a web traffic search as another KPI metric of your brand awareness. With a tool like Google Trends, it’s easy to check the current interest rate for a specific topic or name. Moreover, it’s among the best practices to check the related keywords. The recent search volume and its fluctuations over a time period should give you some food for thought.
Needless to say, social media engagement is another big one. Around 67% of consumers bought from brands on social media, that actively post and develop their platforms. A big chunk of online shopping consists of people buying various stuff on websites like Facebook marketplace. Not to mention the whole other beast that is TikTok nowadays. Or Instagram, for that matter.
There are more metrics you can track. The ones listed above are good to start with. Generally, it is recommended to delegate this undertaking to a professional team, like SmartyAds. They will know what to look at, not to mention will have an efficient workflow in place.
Useful KPIs of Brand Awareness to Check
The amount and quality of mentions of your brand across the internet can be an incredible metric in itself. The platforms can include various websites, such as blogs and forums, and any other digital space.
Brand awareness KPIs you should track closely include:
- brand mentions, divided into categories by positive and negative;
- the overall number of mentions;
- share of voice (SOV).
Gathering all of the brand mentions across the internet might be a colossal task. It’s best performed with some sort of help, like any monitoring tool or app, created for this exact purpose. Of course, manual tracking is possible, but it will take a whole lot of time to perform it thoroughly.
Share of voice can be calculated, if you compare your brand mentions and those of competitors. This involves web traffic, social media engagement rate, and followers, as well as paid advertisements you have going on against your competitors in the same industry. Generally, it’s a neat metric, and there’s a lot to learn about it if you are curious.
Final Thoughts
Brand awareness is always a good card to play. Customers buy mostly from companies whose names and logos they recognize. And rarely anyone picks past the top three choices. This is exactly the reason why businesses continue to fight for recognition. Your brand awareness on the market should be one of the aces in your sleeve.
That being said, no promotional campaign is effective without metrics. Clear and defined brand awareness KPIs help you to keep your hand on the pulse. Product identity, recall, and recognition are among the primary points of reference. Bundle them up with traffic search, and social media engagement levels, and you’re up for a good start.
