January 10, 2017
Branding Strategies
A Sticky Brand delivers two key results:
These are easy to define metrics that you can you use to measure and manage your brand's performance.
Let's explore the idea further.
Customers have choice, lots of choice. When customers can't distinguish one option from the next they tend to default to one of three positions:
Relationships, price, and availability aren't very scalable or sustainable ways to grow your business.
A Sticky Brand provides you competitive immunity. When customers clearly see what makes your products and services unique they'll beat a path to your door and choose them first. Your brand helps you win the ties.
The first set of brand performance metrics are related to customer acquisition. Is your brand winning the ties? You will find these metrics in your sales data:
These metrics are easy to capture in any CRM system like salesforce.com. Using the data, you can track performance quarter to quarter or year to year. Pay attention to the trends. Is your company's sales performance improving, staying the same, or declining?
These metrics are a good early warning system to demonstrate your brand's performance.
Winning a customer once is great, but there is something wrong if they are not coming back again and again.
A brand isn't sticky without repeat customers.Tracking customer loyalty provides another set of brand performance metrics:
It's also worth questioning if your company is investing enough sales and marketing dollars into existing customers. Often a disproportionate amount of the marketing budget is invested in customer acquisition, but you may find even more growth opportunities with your current customers.
Repeating the buys is an ideal brand performance metric, because it is far more efficient and effective to serve a loyal customer than to constantly be hunting for your next one.
When you create a compelling brand experience it makes everything easier for your business:
The challenge is to quantify the process. You may have a gut feeling about how your brand is performing, but the metrics show the real picture.
You don't have to look far for the metrics. Your customers will tell you how your business is performing. Look at both customer acquisition and retention metrics to quantify your brand's performance.
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A Sticky Brand is the fastest and most effective way to grow your business. When your clients know your brand, like it, and trust it — they will choose you first! We’ll show you how!