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Inês Tito
– Copywriter –

There are many brands. However, only a few are successful!

Developing a brand requires much more than creating a catchy design. You have to know the company, the product or service, and, above all, the customer. A brand is the voice, soul, and personality of a company.

Today, brands like Apple, Google, and Amazon are among the most valuable in the world, not only for the quality of their products and services but for their ability to establish a close relationship with customers. A relationship of trust.

Inês Tito
– Copywriter –

There are many brands. However, only a few are successful!

Developing a brand requires much more than creating a catchy design. You have to know the company, the product or service, and, above all, the customer. A brand is the voice, soul, and personality of a company.

Today, brands like Apple, Google, and Amazon are among the most valuable in the world, not only for the quality of their products and services but for their ability to establish a close relationship with customers. A relationship of trust.

What is the recipe for success?

There are several, and none is better than the other.

The best “ruler” to measure success is the one that fits the objectives of each brand. Therefore, it is important to know which indicators matter and can help improve the connection between brands and their customers.

How important is the relationship between brands and customers?

  • Customers prefer trusted brands

study developed in the U.S.A. revealed that 46% of the surveyed consumers prefer to pay more to buy products from brands they trust. The same happens in other countries, such as the UK, France, or Germany.

Thus, brands that develop long-term relationships with their customers gain their trust, leading them to share their experiences with other consumers.

Source: Consumer Research Report: The value of building brand trust (2022), Salsif
  • Authenticity is important

Today’s society is constantly besieged with commercial proposals that promise to solve all its problems. Due to the enormous flow of information – sometimes of little relevance – authenticity becomes a precious commodity.

According to a report by the company Stackla, 88% of consumers say that authenticity is a decisive factor.

This means that customers prefer brands that care about moral values rather than monetary values. In this sense, transparent and assertive communication will be the key to demonstrating the authenticity that consumers crave.

The consistency of a brand is evaluated by harmonizing its products or services, its image, and its communication with the customer.

By maintaining a consolidated image, consumers find it easier to recognize and associate the company with the brand. A survey by Lucidpress reflects this: brands considered consistent by consumers see their profits increase by 33%.

  • Consumers want to know where brands stand on social and political issues

Today, society has at its disposal all the tools necessary to express its opinion on any subject, at any time.

Our position on a social or political issue can even affect our circle of influence, transforming it completely.

The same happens with brands. According to a report by the consultancy PWC, about 64% of consumers around the world may prefer or boycott a brand depending on its position on controversial issues.

However, this does not mean that all brands are “forced” to take a position. As mentioned earlier, the important thing is to maintain authenticity.  After all, a customer can always tell when a position statement is due to moral or financial factors.

  • Brands that improve customer experience stand out more

In an increasingly automated world, human contact can be the key to success.

The quality of customer service leads 73% of consumers surveyed by PWC to prefer brands that invest in customer experience. They want to be heard and treated with appreciation. Therefore, brands that invest in close and personalized contact can attract more customers, standing out from their main competitors.

The chart below demonstrates how important the customer experience is when choosing which product or service to purchase.

  • Consistent brands show higher profits
Source: Future of Customer Experience Survey (2018), PWC

The means to the end

These results show that the customer-brand relationship is quite complex. Throughout the buying process, the consumer considers several factors, many of which are not directly related to his needs or the product’s features.

So how can brands anticipate their customers’ behavior and present them with exactly what they are looking for?

Through Key Performance Indicators (KPIs), it is possible to collect information and analyze the brand’s alignment with the company’s goals.

The business world is familiar with strategic, operational, or functional KPIs.  However, these indicators are too focused on the financial management of the company.

To find the KPIs that measure the success of brands, it is necessary to go further. You need to know what people think and how they behave toward the brand.

Essential indicators to measure the success of brands

In a highly competitive world, where new products, services, and brands emerge at every moment, it is essential to identify changes in consumer thinking and behavior.

What consumers think

Customers’ perception of brands is divided into four essential factors: awareness, association, intention, and experience. Each of these reveals a distinct level of customer thinking.

  • Brand awareness

Refers to the degree to which a brand is recognized by potential customers. This includes their ability to associate a product or service with a particular brand, just by hearing its name.

This KPI can be assessed by the customer’s ability to think of a brand about a product category, recognize the brand when presented with a logo, or accurately describe an advertisement for a specific brand.

  • Brand Associations

These are related to customers’ feelings about a brand.

To analyze this indicator it is necessary to consider functional associations (characteristics that consumers identify as logical, such as the level of quality or price of the product) and emotional associations (feelings such as nostalgia or anger associated with the brand or its products and services).

  • Brand Intention

Reflects the customer’s willingness to use a particular brand or to prefer one brand over another.

The indicators to evaluate this stage of the consumer journey should separately assess their consideration (percentage of customers who have considered using the brand) and their preference (number of customers who use the brand).

  • Brand experience

It is a broader indicator that involves the preference for a particular brand, satisfaction with it, and the likelihood of recommending it to family or friends.

Customer satisfaction analysis is one of the most widely used KPIs to assess brand experience, as it is a powerful tool to collect consumers’ opinions and their reactions to contact the brand at different stages of the buying process.

How consumers behave

Behavior is a reflection of consumers’ beliefs, feelings, and desires. After gathering information about their perception of the brand, the next step is to understand what influences the way they act.

  • Involvement

Brand engagement is related to the emotional or rational relationship that consumers establish with the brand, including their buying behavior.

Thanks to digital marketing, brand engagement is now easier to evaluate.

For example, through social mentions, it is possible to analyze what consumers say. These allow you to evaluate how often a brand is identified in posts on the various social networks where it is present.

Alternatively, data collected through Google Analytics, such as website activity or the number of clicks on an ad (click-through rate or CTR), can be used to analyze customer preferences, the length of time from viewing to purchasing a product, or the duration of a page visit.

  • Acquisition

The acquisition behavior is directly related to the brand funnel, more specifically to the preference and usage phases.

To analyze acquisition behavior, you can evaluate indicators such as the use of the product or service, the frequency of use, and the value of the customer’s purchases over time.

These indicators can be an inexhaustible source of information. However, the overwhelming amount of information collected can become difficult to manage.

For this reason, it is important to reduce KPIs to the bare essentials. Why?

– To reduce operational costs;

– To eliminate irrelevant data;

– To keep the focus on the most important information;

By investing more time in the right KPIs, you can get important information that can quickly be turned into practical strategies.

Source: Freepik

The right boost brands need

Consumer perceptions are constantly changing. This phenomenon requires brands to adapt strategies to meet their needs.

Identifying the KPIs that measure the success of brands is an important step in driving them forward. However, without constant monitoring, these precious indicators become obsolete.

Thus, through long-term monitoring of these indicators, it is possible to assess the degree of brand recognition, guide marketing campaigns, and analyze their impact on consumers. In addition, it is important to take into consideration customer satisfaction and their recommendations of the brand.

By adopting a holistic view, brands can focus on key KPIs, and correlating indicators, and thus identify opportunities to boost and improve their market positioning.