Brand awareness plays a major role in the growth of your business, so it is a crucial element to pay attention to. However, it’s not as easy to quantify and measure as say, how many new leads your business generated last month. In this post we’ll discuss the importance of building brand awareness and how to measure it, so that you can add structure and success to your brand building efforts.
The Importance of Brand Awareness
Brand awareness is all about what your ideal client thinks when they see or hear your company’s name. It plays a key role in:
• Promoting your business
• Successfully introducing new products or services
• Building your business reputation
• Helping your company to differentiate itself from its competitors
Keeping tabs on where your business stands in the eyes of the buying public can go a long way toward becoming the brand of choice. If your business doesn’t have a brand, people won’t think much of your business, as they don’t have much to work with. It is extremely important to identify and strengthen your business brand so that you can harness it for success.
Why Measure Brand Awareness?
Every marketing goal, brand awareness included, needs a plan, and every plan must be measured to determine:
• Whether it’s working
• How well it’s working, and
• How to fix what’s not working
Brand awareness is an important metric to explore for a variety of reasons—the most important of which is the fact that the greater your brand awareness, the higher your sales are likely to be.
Do people know your name, what you sell, and where your company lives, both online and off? Is there a desirable age group you’ve yet to connect with? Devising ways to gauge how recognizable your business is will not only show you what people think of your company, but also where you could be better allocating time and funds to broaden your exposure.
Measuring Brand Awareness
Vague signs of brand awareness span from social media likes, media coverage, website traffic, and more. Taking advantage of specialized metrics to measure brand awareness will help you convert these abstract indications into a solid measure of ROI. The more data you can pull to express your company’s brand awareness achievements in quantifiable terms, the more you can do to effectively promote your products and services to the right market. This is especially important when it comes to staying ahead of the competition and generating more revenue.
Brand Awareness Metrics
This is where we get down to the nuts and bolts of putting some numbers to your brand awareness efforts. How do you figure out if your business is resonating with its target market, and if it is, how much of that market is being impacted in terms of the whole? Here are some of the top brand awareness areas your business should be cultivating, monitoring, and measuring on a regular basis.
When a consumer knows enough about your business to want to find out more, that level of awareness gets demonstrated every time they use branded keywords – online search words or phrases containing your company’s name – to seek information. Direct Traffic Analyzing website traffic can help you to separate arbitrary visits from intentional ones. While there will always be people who stumble across your company more or less by accident, calculating the number of website visitors who get there directly by way of your URL is a viable indicator of the brand awareness you’ve achieved.
Analytics can also help you to track the volume of traffic the specific pages of your website are generating, as well as how they are performing in terms of shares, likes, external links, and reader comments.
How influential is your company name or logo on social media, and how often is it mentioned by your preferred demographic? Social media metrics can monitor everything from number of followers and retweets, to video views and specific brand mentions. There are also tools specific for monitoring social mentions, such as Mention.
Don’t overlook the value of leveraging paid and proprietary consumer polls and surveys to determine the reach and engagement of your company’s brand. Measuring positive responses over a specified period can provide valuable insight into the success of your brand awareness campaign.
So, what’s in your marketing toolkit? Including metrics from keyword tools, website analytics, and SOV (share of voice) indicators will let you determine just how good a job your business is doing at helping target customers remember—and ultimately choose—your brand.