If you’re not growing you’re not living. This translates for brands as well; we all want our brand to grow at a sustainable pace and thrive in the market. Just like anything else in life, what you invest into your brand will determine the output you receive starting with these 5 key metrics.
How are you attracting new customers?
How are people finding you and how much are you investing into acquiring new customers? Are you getting the kind of customers you want, the ones who will be happy and become brand advocates? Although gaining new customers is important, most companies spend too many resources on gaining new customers when they should be spending more time and energy strengthening their relationships with existing customers. When brands approach finding new users they need to consider quality of the acquisition over quantity for sustainable brand growth.
Do you make a good first impression?
This stage is the key. Is your website converting? Are you pleasantly surprising customers and making them want to create an account with you, sign up for your newsletter or blog posts, or reach out for an estimate or quote? In other terms, did you score the digits? Contact information is gold for you, and it’s the start of turning visitors into leads. The goal is to get them to act on the call to action you have defined as a success, before they leave your site.
Are they coming back for more?
This is going to be a different measurement of brand growth for every industry and business. For an app developer it might be active daily users, for E-commerce it could be the number of customers who are ordering from you a second time, and for a tech company like us or Software as a Service (SaaS) we measure in renewals of our products and services. Are they coming back on their own or are you re-targeting customers with social ads and email promotions? What are you doing right? Are they leaving positive feedback? These are all questions you should be asking so you can back you can determine what is effective and what isn’t, and be able to back it up with data.
Are you making money?
Of course making money is the name of the game, but it can’t be attained without the other metrics. You should monitor your revenue but don’t let it blindside you from your goal of growth. Determine where your revenue is coming from and if there are products, services or features holding you back from achieving brand growth. Short-term gratification will never outweigh long-term value.
Will they put in a good word for you?
Don’t be afraid to ask for testimonials and reviews. If customers like your product enough to tell others about it, you’ve made it! Word of mouth is one of the most convincing factors in a customer’s purchase decision. Showcasing customer referrals on your website and sharing successful case studies can be a successful selling point. People trust reviews from others more so than they do brands even if they are from a stranger.
Take a swing at implementing these five key metrics into your marketing tactics to hack your brand’s growth. Oh and if you would be so kind as to let us know how you think we’re doing over here at 101domain!