Measuring brand awareness and justifying marketing budgets with concrete ROI indicators are two tasks often at odds with one another. It can be incredibly difficult to link an investment in brand awareness with business revenue, and communicate these results to important stakeholders.
Fortunately, it is possible.
Here are five ways you can measure brand awareness and how it impacts the ROI of any marketing campaign.
- Measure the Number of People Exposed to Your Brand
This refers to the number of people who have been exposed to your brand both directly and indirectly and is a valuable metric in showcasing the ROI of your marketing campaigns. Exposure to your brand can result in direct interactions, such as:
- Direct traffic to your website
- Blog shares (if you have a blog and actively curate content)
- Social media engagement
It can also result in indirect interactions such as:
- Earned media
- External links
- Community reach
Regardless of whether it’s a direct or indirect interaction, both should be measured. This will provide a full impression of the number of users who were exposed to your brand as a result of the campaign. Note that it’s critical to demonstrate how this is impacting key business indicators, such as sales.
- Measure the Number of People Talking About Your Brand
Whether you call it social media listening or online monitoring, brand monitoring tracks conversations about your company, product or industry across platforms on the web and on social media by monitoring specific keywords. Tracking what’s being said about you, by who and in what tone (positive, neutral, negative) provides both qualitative and quantitative insights into the success of your marketing campaigns.
Perhaps most important is to track what your customers are saying about your brand. Take the time to discover and listen to specific discussions on the platforms where your customers are most active. It’s also a good idea to monitor market trends and be mindful of your competitors' mentions.
- Quantify the Value of Your Website’s Traffic
While statistics and website metrics aren’t the most glamorous, insights gathered from this data can prove immensely valuable when demonstrating the ROI of your marketing campaign. The most basic, top-level metric is website traffic, which is the total number of visits to your website. Measuring both unique and repeat visits will give you a good overall indication of the success of your campaign.
Arguably the most important metric is your website’s conversion rate, which typically has a significant impact on the profitability of your site. Conversions can include anything from a sale to a subscription on an email list to a social share. Make sure to benchmark your pre-campaign conversion rate in order to see if your campaign is sending the right kind of qualified traffic to your website.
- Compare Yourself to Your Competitors
While monitoring your competitors might not be seen as a priority, it can be a useful tactic to better plan, budget and execute your marketing campaigns. Using media monitoring software can streamline this process and provide you with valuable insights because it can:
- Help you discover and react to relevant mentions the moment they’re published, including on your competitor’s social media channels
- Help you understand your competitor’s weak spots by monitoring what their customers are saying about their brand or product
- Inform you of key web platforms on which your competitors are active, as well as track advocates and influencers working with them, which provides you with information on why customers are choosing your competitor over you
Understanding the competition can be vital to having a baseline to compare yourself, and help you prioritize your effort for future campaigns.
- Track All Conversion Sources Through a CRM
A customer-relationship management (CRM) tool is used to manage a company’s interaction with current and potential customers. Among its many useful capabilities, your CRM can help you track the URLs of all of your marketing campaigns. Tracking parameters can be added to any URL as part of a digital marketing campaign, and this information is then fed into a tracking system, such as a CRM.
These metrics will be recorded into your system every time a user clicks onto your link. This can provide further quantitative metrics to reveal the ROI of your marketing campaigns. More specifically, having a CRM that has attribution modeling is one of the most concrete ways you can demonstrate the ROI of a marketing campaign by directly linking a platform to sales.
When reporting on any marketing campaign, remember that benchmarking is key. It’s important to show, in concrete, quantitative terms, the kind of impact your campaign has. Having the right tools at your disposal to measure these metrics easily enables you to prove the effectiveness of your campaign and will help you budget for future campaigns.
To learn more about our solutions for marketers, contact us via email. We’d love to help you drive greater success from your campaigns.