When it comes to your marketing efforts, saying that you need metrics behind them is a given. But for every marketer out their tracking their endeavors, there’s a handful who doesn’t know what to do with them. Learning to analyze your metrics allows you to keep a finger on the pulse of your overall brand as well as the campaigns you run to support it. Which we should note, are two completely different things. Today we’re diving into the importance of distinguishing the two, comparing their metrics, and how to position your marketing efforts so that those metrics make sense.
What is a Brand?
It seems like an asinine question, but there are many companies out there who have confused their brand with a whole heap of things, like what they sell, who they sell to, or even the campaigns they run. But unlike all of those factors, a brand is an ever-constant element. Unless you’re gathering your team around you to brainstorm a very intentional and much thought-out rebrand, your brand always stays the same. It is the core of your company, from the inside (think the employees you attract and the culture you create), to the out (how buyers and potential buyers perceive your company). Your brand includes details like your company colors, your values, your tone of voice, and a few other factors that work together to create the unique experience people have when they encounter your business.
What is a Campaign?
A campaign, on the other hand, is something you launch to support your company or promote a program or product to a targeted audience. If the brand is the body, the campaign is the outfit it puts on. Campaigns come in all shapes and sizes, durations and styles. You could launch multiple campaigns that all feel different, speak differently, and even target different people in the same month. But each of these campaigns would have been created to support the overall brand. Are you with us? Good, now let’s look at how their metrics work together.
What are Brand Metrics?
Your brand metrics are indicators of how your brand is doing in the world. Do people know who you are? Have they heard of you? How familiar are they with your company? The answers to these questions come in number form, and they’re called brand metrics, friend. Typically garnered through research, your brand’s standing with your audience can be discovered through conducting surveys that ask these exact questions.
Discovering the strengths in your brand or the places it needs to improve might lead to awareness campaigns, a style guide for company use or partner use, or fine-tuning of the associative messaging that the public interacts with highlighting your mission, vision and the impacts your organization makes. A healthy brand is one that understands how it is received and how it is perceived outside of the inner workings of the organization.
What are Campaign Metrics?
Campaign metrics are quite a different thing. They specifically measure how well a campaign performs with its target audience. Did it prompt a lot of general hits? Was your lead capture good? How were your conversion rates? If the answer is not great, you simply test, stay agile, and keep trying different angles until you find what works.
Campaign metrics can also speak to your market penetration for a specific goal, product or service. In general, a good goal for market penetration on a consumer product is between 2% and 6%, and between 10% and 40% for a business product. Knowing your market size will give you understanding beyond the stats as well. If you have reached 20% of a 200,000 size audience, growing that impact to 40% and beyond may be a harder task than the initial effort. Whereas, a 2% piece of a 2,000,000 size audience has a bit more opportunity ahead, due to the potential engagements.
Putting the Two Together
Having a strong understanding of the difference in a brand and a campaign allows you to create strong campaigns that better support your brand. Let’s say you have multiple demographics that you’d like to target for a new product. Each demographic could respond to a separate kind of messaging. Maybe one is older and appreciates messaging that gets to the point. Maybe one is younger and responds to a casual tone that provokes trust.
Instead of changing your brand every time you go to speak to one of these target markets, you simply segment out your campaign to better target each demographic. This makes sure that your messaging resonates the way you want it to, without having to recreate your brand every single time.
Your brand should be consistent and unwavering, making it easy for people to recognize it quickly, building familiarity, and subsequently, trust. That can’t happen if your brand looks different each time someone encounters it. However, if a brand they recognize targets them with specific messaging they relate to, that brand has a greater shot at a successful outcome.
Marketing may not be a science, but the efforts to broadcast your message to those who might engage has come a long way since the "Mad Men ad firm" model from the '60s. Being able to say who you are and how you engage others works together with each campaign effort you put forth. Experienced marketers do a lot of research into understanding what makes your brand tick and can create a variety of analytics to make sense of who you are engaging.
Let us know some of your challenges in going to market with your product or service. We would be happy to have PRIME partner with you in your marketing needs.