RETHINKING BRANDING METRICS: HOW TO TURN BRAND CONSIDERATION INTO A PERFORMANCE METRIC
Many companies struggle with the balanced allocation of their marketing budgets between performance marketing and branding. The interaction between these two is very important; each department can benefit from and reinforce the results of the other. Whereas performance marketing investments are often easy to justify, the return on branding investments is sometimes more difficult to measure. Brand-focused marketers often rely on standardized metrics like consideration or awareness that are straightforward to measure using questionnaires, but not always trustworthy or profound enough to drive long-term results. The impact of activities like branding campaigns to increase brand consideration, for example, is not easy to isolate and a clear return on investment (ROI) cannot always be determined.
But what if this could change?
What if branding could become a performance indicator and results could be measured according to a weekly or even daily metric? We carried out research into measuring the effect of brand consideration campaigns and gathered new insights by adjusting existing variables to develop innovative proxy metrics. This resulted in a whole new way of looking at campaigns. It allowed us to model long-term brand consideration and media spend in a relatively simple manner to incorporate branding in media budget allocation calculations.