Millions of dollars are spent every year by businesses looking to increase brand awareness and help grow the bottom line. Being able to measure your return on investment (ROI) when it comes to branding can be a challenge. Branding is more like running a marathon than a sprint. You can’t expect to see any return on investment in short term.
Building brand equity is the result of consistent delivery of your brand promises. Having said that, there are strategies to help measure your return on investments when it comes to branding. Here are a few suggestions to help you measure your brand’s ROI:
Set Long Term Goals
Take a corporate snapshot of where your brand currently sits in the marketplace and then set realistic objectives. For example, if you would like your business to become the leader in certain markets within a year, then you can focus your branding dollars towards achieving this objective.
Use Inbound Techniques
By implementing an inbound marketing strategy throughout the year, you can measure any chatter related to your brand on social media platforms and start developing campaigns to compliment any insights. You can also compare your online traffic and observe trends. For example, if you were developing an awareness campaign, you could measure any spikes in online traffic or chatter on social media. If the results are not what you had hoped for, you can adjust the campaign to hopefully reflect your desired results.