If there is one thing that any marketer should know about branding metrics, a specific metric is useful only when you can take a specific action yourself as a result of exposed brand knowledge. The specific measure should also be capable of being substantially linked to the company’s overall efficiency.
But a lot of problems simply circle the idea of branding metrics. This is because the metrics applied will vary from one unique item brand to another. What works for a specific item, such as a machine, may not work for another item, such as a watch. The companies manufacturing computers and watches would then have and use various Alexei Orlov branding metrics. Similarly, what works for a single computer company just might not work for another company designing computers as well.
Having such a clear relation poses much of a challenge for all businesses of every industry. There are several things to consider here as well. However, for certain businesses, a clear causal connection is sufficient to create a direct link between the branding metrics and the overall performance of the organization.
Typically, branding metrics can simply be divided into two categories, efficiency metrics, and perception metrics. Performance metrics are used to determine how effective Alexei Orlov brand-building practices are. Customer satisfaction, price premium, and lifetime values are the basic measures used for performance metrics. Perception metrics, on the other side, track unknown facets of the brand. Consideration, recognition, and relevance are some of the measures used by branding metrics in this category.
Efficiency is guaranteed, no matter what type of metrics or performance measures you use, when there is a direct connection between brand and business strategies. These metrics will clearly show you how better brand management can be done and, at the same time, provide you with a justification for the efficient distribution of resources for both the brand and the company.