Measuring the Brand
For those agencies and marketers with a total focus on ROI, sometimes branding campaigns can be confounding. How can I measure the effectiveness of my branding campaign to optimize performance? The answer is something we call a “Brand Metrics Calculator”. A Brand Metrics Calculator will convert all brand touch points into a common unit, and thus a common financial value. This way the marketer can determine the effectiveness of multiple brand touch points and shift budget accordingly, as they would say in determining that a paid search campaign generates leads at a lower cost than say a banner campaign. While this is not by any means an exact science, it allows the marketer to make data-driven decisions on how to invest marketing funds.
Brand Metrics Calculator
So how does this work? Let’s say the following is a list of potential brand touch points that could be achieved by multiple online marketing channels:
- website Visit
- Banner Ad View
- Video Views
- Lead Submission
First, let’s take the value of the most valuable touch point, usually a lead inquiry or transaction. Then we assign a value. Let’s assume that the value is $100. Next we try to figure out the rough conversion rate of each touch point to our highest value conversion such as the following:
5 Video Views = 1 Lead Submission
200 website Visits = 1 Lead Submission
10,000 banner views = 1 Lead Submission
Now we have a common denominator, and we can determine the value of these touch points:
$20 per Video View
$.50 per Website Visit
$.01 per Banner Impression
From here, we can determine how to best spend our media budget to generate brand touch points. Long-term, the objective is to constantly measure performance, incorporate historic data and recalibrate brand metric values to determine how to best allocate budget. Happy branding!
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Tags: brand, brand metrics calculator, conversion, display, metrics, ppc, ROI, seo
Great post, Howard!
To your points above, I like to think of the Brand Metric Calculator as a relative scale for measuring the "engagement" ratio of prospects to a website. For example, if you benchmark your "engagement" rate for a set time period by determining a relative value using the brand metric calculator, you can see how your "engagement" ratio changes over time to assess whether prospects are interacting with your brand at increased or decreased levels. One of the advantages of the brand metric calculator concept is that you can easily refine the value of the touch points over time to ensure that your estimates of intangible values back into actuals as closely as possible.
I think this concept will really help brands apply scales to campaigns that they know have value over time, but can't be quantified in terms of being tracked directly to a conversion in the short term.
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