Launching & Building a Brand For Dummies. Amy Will
of salesSales conversion rateCustomer lifetime valueAverage order value
Net promoter score (NPS): NPS is a measure of brand loyalty on a scale of 1 to 10. NPS may be measured in return sales, referrals, or answers to survey questions (such as “On a scale of 1–10, how likely are you to recommend our brand to a friend or family member?”).
Note that metrics have no specific value attached to them; they’re just measures, like inches and pounds. To make them meaningful for tracking the success of your branding activities, you need to turn them into key performance indicators (KPIs) — specific goals, such as a 10 percent increase in brand consideration or an NPS of 8 or higher.
Collecting and analyzing data: The tools of the trade
To use metrics and analytics most effectively, become familiar with the tools of the trade for collecting and analyzing data. Here’s a list of tools to consider:
Google Analytics (https://analytics.google.com) is great for collecting and analyzing data on websites and blogs. All you do is insert a line of code into your website’s header, and Google Analytics starts collecting data, including number of users, new users, and average engagement time on the site.
SurveyMonkey (https://www.surveymonkey.com) makes creating surveys and collecting and analyzing survey data a snap. Surveys are valuable in analyzing key metrics, such as brand recognition and awareness.
Sprout Social (https://sproutsocial.com) is one of many social media management platforms. It enables you to streamline and scale engagement efforts via various social media platforms; plan, create, schedule, and publish content to your brand’s social media accounts; and analyze customer engagement data.
Asana (https://asana.com) is a full-featured project management platform that includes marketing tools for planning and tracking marketing campaigns, new product launches, and more.
Salesforce (https://www.salesforce.com) is a full-featured customer relationship management platform that includes multiple marketing-specific tools, including an email marketing platform, a Journey Builder (for tracking your developing relationships with customers), Interaction Studio (to visualize, track, and manage real-time customer experiences), and Datorama (for managing marketing data, KPIs, and decisions). It also includes tools for managing social media accounts, personalizing mobile interactions, and advertising to customers individually.
Geckoboard (https://www.geckoboard.com) is an analytics dashboard that enables you to visualize and share data, metrics, and KPIs. (Data visualization involves presenting data in charts, graphs, maps, and other graphic forms to make the data more meaningful.)
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