Measuring and quantifying achievements is essential in business. By keeping a close watch on your data, and analyzing it carefully, you can discover your strengths and weaknesses, and react accordingly. Some important elements of business, however, are hard to measure precisely. Take branding, for example, which can be a major contributor to business success. An article in Entrepreneur magazine looked at the three best ways to measure branding success. Here, Chicago Vision review the article, and look at how to create a brand identity.
“Careful planning and analysis can come down to mathematical equations, and comparisons between results and projections”, said Matthew Goodchild. “Sometimes, though, an entrepreneur needs to accept that not all things can be so easily measured. Branding is very important to all businesses, but you have to use your own skills and judgements when determining whether your brand growing initiatives are working or not.”
Business itself has changed dramatically in recent times, with many companies adopting lean principals of starting small, and growing organically. Attitudes to branding haven’t changed as much. Some businesses simply think they can brainstorm and create a brand on a piece of paper, rather than growing a brand organically like the business as a whole. The article examines the three key elements that are essential for brand building: interaction, engagement, and participation, and how entrepreneurs can use these metrics to gauge how successful their branding is.
Interaction is the first metric to be considered. Social media interaction can be easily measured, by looking at the numbers of shares, likes and click throughs. It’s important to look deeper than these computer generated figures, and find out why consumers are interacting with you, and what results from the interaction. The second factor looked at is engagement. Are customers engaging with you by signing up for newsletters, or providing an email address? If so, it’s essential that the relationship is developed, rather than ending there. The final stage to look at is participation. Do customers have a real loyalty to your brand, do they tell others about it, post about it on social media, and act as an unpaid ambassador?
“Having customers who participate in your brand is the ultimate goal, as it brings with it true loyalty”, said Matthew Goodchild. “Social media isn’t the only way to create brand participation. Direct marketing can be even more effective, as it works on a human and emotional level.
Return on investment is the perfect way to measure the success of a marketing campaign. Chicago Vision provides significant ROI in addition to increasing brand awareness and acquiring customers.