The worth of your brand can be seen and felt in consumer reactions and feedback.
Building a brand requires you to appeal to the cultural, religious and even moral beliefs of many.
There are certain ways to measure your brand’s worth in sentimental value, but let us tell you five ways you can determine the worth of your brand without carrying out tedious calculations and how you can leverage on it to guarantee continuous growth.
1. Reception: When carrying out digital or offline marketing, you can tell the worth of your brand by studying how receptive your audience and potential customers are to your marketing strategies. Do they welcome your strategies with open arms or do they resent it? If they welcome your strategies, then you know that your brand is worth something at least, so you can be sure that no matter what you market, you can make one or two (or even thousands) sales right there and then.
2. CTA Obedience: In brand and product marketing, you should never leave the face of your audience and potential consumers without dropping a Call To Action. This call to action is what tells your audience what you want then to do. Do you want them to buy from you or refer someone or just look at your amazing products? It all depends on you. Some specific audiences will go ahead and do these things without a call to action but it is absolutely necessary that you include a call to action in marketing. Now, when trying to leverage your brand’s worth, it is important to take note of how soon your consumers obey the calls you put out to them. If they are pretty quick to click your link or buy your products, it means your brand is worth a lot in the market and you can leverage on that by putting out a “2-in-1” CTA like “Tell a friend to register with your link then purchase” or “Buy for yourself and your friend and get a 30% discount”. Because your brand is worth a lot, the chances are high that these calls to action will be obeyed without question and revenue will be made for your brand.
3. Swift Referrals: We know that a huge part of the brand success depends on consumer referrals. Marketing has transitioned from what brands tell consumers what consumers tell potential consumers. This is so because human beings are more likely to trust the words of a fellow human being or a friend higher than the words of a television advert. This is why brands make use of influencer marketing strategies. You can know that your brand is worth a lot if you get as much “referred customers” as swiftly as you ask for them. This is leveraging on your already existing customers ability to reach out to more people on your behalf. When you ask to be referred as a brand, the swiftness in the response tells you how much your brand is worth and how you can leverage on this to get an even more loyal customer base.
4. Engagement Translation: In online brand marketing, one of the criteria to measure the success of your online campaign is how much engagement the campaign returns. How many hashtags usage, likes, shares, reposts, saves, comments, and so on does your marketing campaign return to you. When measuring brand worth, you then check out how much of that online engagement translates into offline sales. If your marketing gets about 80% engagement and you notice a spike in sales, then you can be sure to leverage on your campaigns because your brand is worth a lot to the people you’re targeting. Next time, you can market CTAs and other things in addition to products. This is how you can leverage engagement translations and make the most out of it.
5. Audience participation: In creating a marketing strategy that works, you should be sure to include a section where your audience and proposed customers will participate in this marketing process. It could be a brand promotion that involves giveaways or an appreciation program for customers. Either way, once these audiences are included in your brand marketing, it is your duty to note how they participate. What is the level of participation like, do they participate with zeal or are they hesitant to play your games to win prizes. Watching the level of participation will give you a sense of your brand’s worth and tell you if it’s time to change something or add something to your marketing strategy.
In marketing, brand success hugely depends on customers and potential clients that is why before you carry out background calculations, you can determine your brand’s worth by these five easy steps. It’s important to know that your perception of your customers may not always be right but you can’t put the idea away either, give it a try and hope your brand is worth a lot.