Before I figure out how to measure, let me notate the key important factors about branding power:
· It starts with customer service. I cannot stress that enough. The positive and memorable impact a brand makes on existing or potential customers is crucial because statistics indicate two-thirds of people feel conflicted and need to be reassured on multiple occasions and through numerous touch-points before they trust a brand and make a purchase.
· Staying up to date with the decades is extremely important because the audience changes. A brand needs to be able to generate consumer confidence directly with mass communication strategies and availability that needs to stay updated and nurtured through multiple direct and indirect communication routes. What you might consider “spam” is actually nurturing. We don’t “spam” them, we send them valuable updates about the brand they love, the company they love doing business with.
· Top brands are known, visible, trusted, liked by the primary audience.
What are direct ways we know when our brand is failing?
1. Loss of profits/declining Sales
2. Poor customer service
3. Poor activity in seeking our new leads
4. Decline in social media traffic/activity
5. Our marketing strategies are not converting into sales/leads.
6. High RMA rates/returns
Ultimately if you know your weaknesses then you will recognize your strengths and will notice where improvement can be implemented.
How do we measure brand growth? Going back to what was previously highlighted, it all centers on our customer service department and how they are interacting with our customers, taking care of their needs and being quick to fix the bad and praise the good.
Surveys, as well as personal feedback, is how one should measure the growth of a brand name, as well as visits to posts/comments, visits to social media platforms, etc. Numbers should be documented on a weekly basis once a good marketing approach is approved and implemented faithfully.
At the end of every week, have a spreadsheet where we input these numbers.
How do we get into the millennial’s mindset? Good news! Research has been done on them by their seniors!
Studied by the Cambridge Group, they interviewed 2,500 millennials and non-millennials. It identified six mindsets that define millennial consumer behavior and they are:
· Social circle: Do my friends and acquaintances advocate for a brand?
· Self: Does a brand’s purpose align with my personal beliefs and my sense of self? (ME ME ME).
· Innovation: Does a brand constantly improve and reinvent?
· Trusted: Do I rely on a brand to put consumers first?
· Purposeful: Does the brand add well to self, society or the planet? (Duane’s inspiring thought)
· Accessible: Is a brand useful and convenient for me?
Millennials were raised in a digital age, unlike those before them. It sparked these shifts in mindsets and has somewhat of an infectious drive that can alter the mindsets of non-millennials as well. Millennials are the first generation to influence UP. Fact.
Out of all of the newly discovered mindsets, the one rated the most important for a brand was focusing on the “Social Circle” mindsets. “Social Circle” was the factor that most drove spending behavior when looking at derived importance. “Self” and “Innovative,” were both ranked relatively low in importance but were the next most important factors in spending behaviors considering actual consumer spending.
Their study shows that the millennial mindsets account for up to 50 percent of a brand’s performance when they take that into account.
Remember, we are living in a new consumer market where a target audience does not exist. Rather, a group of like-minded consumers who may range in demographics and backgrounds but are within the same mindset will be what drives brand performance across industry verticals.
Ask yourself: What’s your brand's strength? How can you develop that?