Branding can go a long way when it comes to a customer’s buying habits. This can vary from anything such as impulse purchases, and larger purchases that might be based on brand loyalty. Therefore, no matter what market you’re in, it’s important to know how your brand is performing. There are of course many aspects to a brand, as well as many ways in which to measure how well a brand is performing. In this article, we’ll be looking at three different types of brand metrics. Specifically seeing how these different metrics can provide different types of insights to how your brand is performing.
Firstly, a widely-used metric is net promoter score (NPS). Simply put, this score measures how willing consumers are to recommend your brand. It’s very useful to have an accurate NPS, as word of mouth suggestions can be one of the hardest things to get an accurate picture of. Plus, unbiased recommendations from friends or family can have a much larger effect on a consumer than any type of marketing campaign. It’s quite simple to calculate: Ask a large number of people how likely they are to recommend a brand to friends on a scale of 1-10. Then divide those who said 9 or 10 with the total amount of people asked, and you’re left with your net promoter score.
Knowing how much your brand is being recommended is one thing, knowing how likely each consumer is going to actually buy from you is another. Purchase intent is a metric that allows you to do just this. Recommendations are great and a powerful form of brand loyalty, but purchase intent makes customers put their money where their mouth is. Which means purchase intent scores can often be more reliable than NPS. It’s scored in a very similar manner, with options varying from ‘very unlikely’ to ‘very likely’, instead of a numerical 1-10 response. The amount of ‘very likely’ answers is then divided by the overall number of answers to give you a purchase intent metric.
Finally, you may wish to know other aspects of your brand though, such as how well known it is. Unprompted brand recall can help with this. This measures how often customers refer to your brand when naming brands within your industry/market. If you’re a relatively small brand, you may wish to use prompted brand recall instead, which offers a list of different brands within a market. Then customers circle which ones they’ve heard of.
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