Market Metrics
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The Importance Of Brand Metrics And Company Brands
Article by Sam Miller
Brand name is an important strategy when it comes to product marketing. Well known brands are those that have lasted over the years and it usually follows that the longer a brand has been standing the higher the quality it offers. This is viewed as so because of the logic that: No Brand Can Last if it is Not Well Loved by Its customers.
Companies have either one brand under them or multi brand that they monitor closely. The brand could be the name of the company itself or it could be something different. An example of this is that of a famous car company that has been around practically since the time cars were invented. They market their cars under their brand name which is the same name as the company itself. They have lasted as long as they have because people associate their name with experience and quality, and of course, the company has never faltered in the quality that they offer their clients.
The company also has several other products that they sell with different brand names. The brand names of their other products have become well known in their target markets because of their association to the company name. In short, this company has marketed itself not only with the use of their long years of experience, but also with the strength that their main brand name has built.
Like Brands and product Brand Names, Brand Metrics are also a very important strategy in marketing. Brand Metrics can be made to measure how a certain company brand is doing in general or how it is fairing with the competition. Most of the time, companies neglect the importance of brand metrics. Brand Metrics often melt into the Company Performance Metrics as a whole. Some companies think that their general performance would be enough to gauge their success. What they don’t see is the fact that different brands under the same company can perform differently.
An example that presents the need for the implementation of brand metrics is one of a Publishing House. This Publishing house can have several brand names under it. These brand names may cater to different demographics. One brand could be that of a women’s magazine while the other is a sports magazine. These are two completely different markets and the company’s performance cannot be quantified as a whole. Each Brand has to be reviewed in order to get a good idea about how that brand is performing. Brand Metrics could also be established to compare one magazine brand to competing brand names in the same market.
Brand names and Brand Metrics should not be taken for granted. A good brand name could be made to sell itself. But, no matter how good a brand name seems to be faring, performance reviews for it should never vanish into the computation of the company’s performance as a whole. It should have its own set of Brand Metrics in order for the company to have a specific view of its strengths and weaknesses.
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Market Metrics question by jamesny: What are the top Marketing CRM success stories?
What are some examples of marketing CRM success stories, where companies have experienced sustainable benefits? Please quote specific metrics and include aspects of strategy, database marketing, technology and analytics where possible. Please do NOT quote a simple response rate improvement using a model.
Market Metrics best answer:
Answer by John R
An interesting thought to your question, and one I have struggled with for years…is what would your metrics have been (sales successes) without CRM, and even deeper without the Salesman. I think people have to start to show statistically significant gains by using CRM (and Salesman) over the baseline that a given customer set would produce without either…then compare the investment. If they have those metrics they should add them when responding to your question. And, they should show whether the customer set is new accounts or existing customers and if existing what is the normal turnover (loss rates) and natural revenue projections which can be negative (this is especially true for some industries like software where it is shifting from a revenue growth per seat to a revenue decline per seat). Without the context the metrics tell an incomplete story.
