Can you measure the success of your brand, being an advertiser? Yes, you can! But not with amazing services or products or advertisements.
You need some definitive key success metrics to see how well your brand is doing. But here’s the catch; there are numerous metrics to pursue and tons of data to sort through.
To make it simple, we have narrowed it down to 5 Key Success Metrics for an Advertiser Focused on Branding. These metrics are focused primarily on branding.
Importance of Key Success Metrics
At times, it gets quite difficult to differentiate your products from competitors. This is where success metrics come in handy. They are essential in determining where your brand stands in the market. Metrics help you figure out:
– Whether the audience remembers your brand?
– If potential customers know what your brand stands for?
– Are the customers willing to buy your product?
– Would they refer your brand to others?
Based on this information, you can course-correct your brand, come up with winning strategies, make effective decisions, and adjust advertising campaigns. Moreover, leveraging key success metrics gives you a round-up of your brand’s annual budget.
But with so many success metrics out there, which ones should you look out for?
We have short-listed 5 Key Success Metrics for an Advertiser Focused on Branding that really matters.
Key Success Metrics for an Advertiser Focused on Branding
1. Reach and Frequency
Reach and frequency are some of the most crucial metrics when it comes to branding.
Reach indicates the number of people exposed to your message, while frequency denotes the number of times each person comes across your message.
Let’s say you’re using email to advertise your brand of skincare products, and you send an email to 5000 people. That’s 5000 in terms of reach. But if you shortlist the receivers to 500 people and email them three times, your frequency would be 3.
For a successful branding campaign, these two key success metrics go side by side because reach without frequency is a waste of money. So, maximize your reach and frequency to increase brand awareness and equity successfully.
2. Clicks and Impressions
Another important set of key success metrics to measure your brand’s success are clicks and impressions.
An impression is the number of times an ad appears in front of a user, while a click is when the user engages with the advertisement by actually clicking on it.
For example, if you’re browsing Facebook and see an ad for a clothing brand, it would be considered as an impression. However, if you actually click on the link to check out the product or other similar products of the same brand, or even go ahead and purchase something, that would be counted as a click.
Although clicks represent an interested customer, impressions are equally important as they help advertisers measure how far their campaign has reached. The percentage between these two metrics brings us to the click-through rate.
3. Click-Through Rate
Click-through rate is a significant factor in measuring the success of your branding campaign.
It measures the ratio between the number of people who viewed the ad and the number of engagements or clicks.
For instance, if your ad has 100 impressions, out of which 15 people engaged with the ad by clicking on it, your CTR would be 15%. (15/100 * 100 = 15%)
While advertisers aim to know the emotional reaction of users when they view an ad and its effect on the brand, it is impossible to quantify these terms currently. Keeping an eye on the click-through rate is the closest alternative to determining the efficacy of an advertisement.
4. Bounce Rate
A website’s bounce rate is also an integral metric in determining how well your brand is doing.
It shows us the percentage of people who leave the website without performing an action, like clicking on a link, filling out a form, purchasing something, etc.
If a website has 500 visitors, out of which 200 leave without clicking on a link or visiting another page, the bounce rate would be 40%. (200/500 * 100)
According to Semrush, a high bounce rate, anything between 56% to 70% or higher, indicates that users did not find anything interesting on the site or did not have a good user experience. A bounce rate between 41% to 55% is considered average, while 26% to 40% is optimal. It shows that people are visiting your website, spending time scrolling, and clicking on links.
5. Conversion Rate
Another key success metric for advertisers focused on branding is the conversion rate.
It represents the percentage between the number of people who visited the website and the ones who took the desired action, like purchasing a product or clicking a link.
For example, if your eCommerce website gets 600 visitors a month and 250 visitors purchase something, the conversion rate would be 41.6%. (250/600 * 100)
WebFx reports that a good conversion rate is above 10%, with some brands averaging 11.45%. Keeping track of the conversion rate helps you gauge your brand’s success and identify loopholes that require improvement. Once you fix the areas of concern by implementing effective branding strategies and optimizing your website, you can improve the conversion rate and get more sales with the same amount of traffic.
Monitoring key success metrics from an advertiser’s perspective is paramount to understanding how effective and impactful your advertising campaign is. Not only does it give you a clear view of where your brand stands in the market, but it also helps you figure out the areas that need refinement.
So, keep a close watch on the success metrics that we have narrowed down, and help your brand grow.
You can also go through our tips to write a killer ad copy to boost your advertising.