You’ve launched a new brand strategy. How do you know if it’s working?

A crucial component of any brand strategy is establishing a strong brand platform. This sets the foundation and a guiding compass for all brand initiatives. Part of the brand platform is setting vision, mission, values, and goals. Set a cadence for review and market research to keep your fingers on the pulse on how your brand is performing. There are many tools out there that can help do this in a cost effective way, such as setting up Google Alerts, ongoing built in surveys, etc.

Yes, there are certain quantifiable ways to measure brand strategy success, but they are vastly different for different brands. For instance, a CPG brand like Listerine might want to reach as many people as possible, across the world. But a brand like Nanyang MBA, where I am the VP of Marketing, will want to make an impact to a very small set of professionals who want their MBA in Singapore. So, yes, make it measurable, but measure the impact basis the target market you had in mind before launching the strategy.

Crafting a brand strategy without clear goals is akin to navigating a ship without a compass. It's not just about setting goals but anchoring them in the very essence of what makes your brand unique and indispensable. Your objectives should not only be SMART but also SPIRITED—Specific, Purpose-driven, Inspiring, Relevant, Innovative, Tangible, Emotionally resonant, and Distinct. These goals should mirror the heartbeat of your brand, connecting not just on a transactional level but on an emotional one, turning customers into brand advocates who believe in what you stand for.

Determining the success of your new brand strategy hinges on aligning your evaluation methods with your specific brand goals. It's essential to understand that the metrics for success can vary greatly depending on what you aim to achieve. Whether your focus is on increasing brand awareness, driving sales, enhancing customer loyalty, or positioning your brand as a thought leader in the industry, tailoring your assessment approach is key.

Selecting the right tools is akin to equipping yourself with the necessary resources for a successful journey. Just as a sailor relies on their navigational instruments to traverse the seas, brand strategists must utilize tools that provide comprehensive insights into their brand's performance landscape.

Engagement on social media, conversion rates for ads, CTR for emails, increase of the time on your website, increase of number of people who contact you through said website. These are the easy metrics to track. However, you should also go a bit deeper. Ask your customers how they feel about the direction of your brand and their relationship with it – ask that every few months after you deploy the new strategy. They should feel more part of the brand, they should identify with it more. Uncovering that is your goal.

If you don’t know if it’s working or not, you don’t know what you set to achieve. This isn’t an overstatement. Because something is done to bring about change, from x to y. Then you must know what x is clearly, and be able to measure it. That’s how you get to y. If you can’t measure if you’ve achieved y, then “y” the hell did you start the work?

If you are trying to shift perception of your brand, you will benchmark and track against past perception and competitors in your industry on quality, performance, bonding... You do not need to use expensive brand tracking services but you need to identify what is important to customers in your category, and get a pre-post survey of how you fare v. others on these dimensions. Then rinse and repeat on a regular basis.

In a sea of data, choosing metrics that matter is the key to unlocking real insights. It's not just about the numbers; it's about what the numbers tell you about your relationship with your customers. Go beyond the surface and look for metrics that reveal the depth of your brand's impact. For instance, engagement metrics should be seen as a measure of your brand's ability to hold a meaningful conversation with your audience. Look for patterns in behavior, shifts in sentiment, and the storytelling arc of your customer's journey. This nuanced approach to metrics will reveal the true health and vibrancy of your brand in the marketplace.

However, the sheer volume of available tools can be overwhelming, making it essential to discern which ones align best with your specific objectives, budget, and organizational needs. Instead of being dazzled by an extensive array of features, focus on tools that offer actionable insights rather than just raw data.

Tools are the telescopes through which we gaze at the stars; they should broaden our view, not limit it. When selecting tools to monitor your brand's performance, opt for those that offer insights, not just data. Seek out tools that allow for a holistic view of your brand's ecosystem, integrating consumer sentiment, competitive intelligence, and cultural trends. This approach ensures that you're not just tracking numbers but understanding the narrative behind those numbers. The right tools should empower you to see around corners, anticipate shifts, and adapt with agility.

In essence, utilizing appropriate tools isn't just about collecting data; it's about deciphering the narrative behind the numbers. By investing in tools that facilitate insightful analysis and foster agility, you equip yourself with the means to navigate the ever-evolving landscape of brand strategy effectively.

Use Appropriate Tools AI-Powered Analytical Tools: Leverage AI-powered tools to gain deeper insights from data analytics. These tools can process large volumes of data more efficiently, providing more nuanced and actionable insights. Cross-Platform Integration: Ensure the tools you use offer cross-platform integration. This enables a holistic view of brand performance across various digital channels, providing a comprehensive picture of your brand's digital footprint.

Set definitive Target with timelines Clearly come up with the Milestones expected (positive Business impact and the improvement of the Brand Score , Brand salience etc ) to be achieved over a timeline. Communicate the same to all the stakeholders

Benchmarking is crucial for brand strategists. It is a continuous process, not a one-time event. By regularly assessing your performance and learning from others, you can refine your brand strategy and ensure continued success.

Brand strategy can be divided into phase . Just life PLC product life cycle . ?????????????????? ??????????. ?????????????????????????? ?????????? ???????????? ?????????? ???????????????? ???????????? ??????????. So the result will be graded too .. A well established matrics need to be designed and linked to measurable parameters. Ex: Introducing a All together new concept or technology. Execution Phase : No of customer will be reached to showcase. Establishment Phase : No of target customers shows interest n need to repitched. Result Phase : Reinforcement convictions to numbers . Reciprocating Customer experience to other customers. To build Extended Result Phase or you can word of mouth publicity , in digital strategy gained media .

Comparison and benchmarking are not just about measuring up; they're about carving out your niche. It's essential to understand your position in the landscape, but more critical is to use this insight to highlight and amplify what sets you apart. Use benchmarks not as a ceiling to reach but as a springboard for differentiation. This perspective encourages brands to innovate continuously and authentically, ensuring they are not just keeping pace but setting the pace, defining industry standards, and leading cultural conversations.

Compare and Benchmark Real-Time Benchmarking: Advocate for real-time benchmarking against competitors. This approach allows for more immediate adjustments, keeping your brand strategy agile in a rapidly changing business environment. Customized Benchmarking Parameters: Develop customized benchmarking parameters that reflect your unique brand values and market position, rather than relying solely on generic industry standards.

Through benchmarking you will know how your competitors are performing in recent times. It will give you new perspective regarding your brand with relative to competitors strategy

Action Time -Implement ,Monitor & Course correction “ It's not the Idea but it's the Implementation that counts “ . Once the proper plan is in place it's now time for precise implementation. Regular monitoring of the important campaign parameters, impact parameters and necessary course correction would be the key to success.

Communication and celebration are the yin and yang of brand strategy. Effective communication is about weaving your achievements into your brand's ongoing narrative, making every win a chapter in a larger success story that your audience is a part of. Celebrating, on the other hand, is about creating moments that matter, both internally and externally. It's an opportunity to reinforce your brand's values, galvanize your community, and breathe life into your brand's purpose. Every celebration should be a touchstone that reminds everyone involved—be it team members, stakeholders, or customers—why they believed in the brand in the first place.

I believe setting the SMART goals and identifying the right parameters are supremely critical but We all focus on the first part a lot and sometimes fail to identify who to target to carry out the impact study and what to ask specifically for qualitative studies. Thus, as Brand Marketers we need to be mindful of the below-mentioned pointers: 1. Identify the right sample population for your study; the right mix of target and control group 2. Build the right questionnaire to ask and keep on adding to it to get additional insights

Don't be afraid to shout it out if you have a win. Obviously, don't over inflate yourself either... but if you genuinely have something great going, then your ideal customers and clients deserve to know.

Communicate and Celebrate Storytelling in Communication: Use storytelling to communicate your brand's achievements. Narratives create a more compelling and memorable message, fostering a deeper connection with your audience. Inclusive Celebrations: Ensure celebrations include acknowledging the contributions of all stakeholders, including customers. This could be through interactive social media campaigns or community events, fostering a sense of belonging and loyalty.

To gauge the effectiveness of a new brand strategy, you can track key performance indicators (KPIs) such as customer engagement, brand awareness, sales growth, and customer feedback. Conduct surveys, monitor social media analytics, and assess changes in market perception to evaluate the impact of the strategy. Regularly review these metrics to make data-driven adjustments as needed.

Ask THEM. They, your customer own your brand. Use social listening and qualitative and quantitative interviews. At the end of the day, your brand is what your customers say it is. They're the ones who'll make it or break it. So, keep an eye on what they're telling you and make sure it's in sync with what you're tracking on the inside and what your strategy had the goal to achieve.

Time for new learning & Celebration The entire journey would have been a new learning experience . Analyze things which have worked and which didn’t . Keep these pointers in mind for upcoming campaigns . And of course once the desired goals are achieved don't forget to celebrate the occasion with all the stakeholders !

Bonus tip: Let the market tell you what they want. Don't decide to shut yourself down prematurely, or put too much of an emphasis on what YOU think. It's the people who pay you - your client and customer market - whose opinions you should value the most.

Here’s What Else to Consider Sustainability in Brand Strategy: Address the role of sustainability in your brand strategy. Today's consumers are increasingly drawn to brands that demonstrate environmental and social responsibility. Adaptive Learning from Failures: Encourage a culture of learning from failures. Share insights gained from strategies that didn't work as expected, and how these learnings are shaping future brand initiatives. Fostering Brand Advocates: Focus on converting customers into brand advocates. Discuss strategies like personalized experiences and loyalty programs that turn satisfied customers into vocal supporters of your brand.