Corporate brand reputation affects everything from customer retention to staff satisfaction. Reputation is hard to quantify without the correct criteria. This post discusses the top 10 brand reputation measurements and their benefits for your firm.
The concept of "brand reputation" is one that needs little introduction. The term refers to the reputation of your brand in the minds of all of the people who have a stake in the company, including employees, shareholders, customers, partners, and audience members. It is what comes to people's minds when they see your brand, how it makes them feel, and what kinds of actions it makes them want to take as a result of seeing it.
Reputation of a brand may be somewhat of a personal experience, which makes it challenging to assess and quantify with analytics. This is especially true for multinational corporations or bigger organizations operating on a worldwide scale that have millions of stakeholders. Having the appropriate key performance indicators (KPIs) in place, on the other hand, makes it easier to obtain a decent picture of how various audiences respond to your brand. It is well worth the time and effort to measure the reputation of your brand since doing so provides a solid grasp of how your new campaigns, product launches, press releases, and reports, as well as your firm in general, are performing in your market.
Both positively and negatively, being often mentioned in the media is a blessing and a curse for corporations. You can swiftly garner positive news and mentions, but just as soon, your business could be embroiled in a situation that involves public relations. It is only through the analysis of these indicators over the course of time that you will be able to gain an idea of what connects with your consumers and how they desire for your brand to evolve.
Before we get into the measurements that you may use, I think it's important to point out that the reputation of your brand will be put in jeopardy if the messages about your brand are inconsistent. Being inconsistent with your brand is a certain method to lose an audience as well as confuse existing ones. Your firm is more likely to have irregularities as it continues to expand. Your brand is managed by people, after all, and the more varied the crowd, the greater the likelihood that your messaging, tone of voice, visual style, or other components of your carefully curated brand essentials will be misunderstood, rendered obsolete, or simply ignored. This makes perfect sense.
If your target audience is uncertain about your goals or does not recognize your brand, you will not make much headway when attempting to measure the reputation of your brand. Check out our comprehensive guide to the various options for brand management if you are interested in learning more about how you can automate brand consistency and gain access to your digital material more quickly.
Now that your brand reputation metrics are a top priority and your content is consistent, it's time to get down to business and start making some real progress. Here is a list of the top 8 brand reputation metrics that should be monitored. It is not necessary for you to begin with all of them right away. Consider your top priorities, the information you seek, and whether or not you are prepared to take action based on the findings you obtain. If you do not take action based on the findings of your metrics, they are useless. Check out this post if you're interested in learning about metrics and key performance indicators (KPIs) for brand strategy.
First up, loudness. By measuring volume, you can determine how much attention a particular piece of content, launch, or campaign receives over time. While volume alone does not indicate the temperature and tone of comments/shares/mentions, it does indicate whether people find the topic you are discussing to be engaging enough to warrant a response.
Sentiment analysis (also known as opinion mining) is a sort of natural language processing that provides insight into the tone of responses to your brand. Are individuals positive? Negative? Somewhere in between? You will discover this if you focus on evaluating sentiment.
Share of voice compares your stance on a certain subject to that of the rest of the market. It indicates how much of the market's discourse you control. It may be a useful indicator of how successfully your brand material is garnering debate among your target audience and how visible your brand is.
This indicator measures the frequency with which your material is shared or mentioned in the news. There are programs, such as Meltwater, which can monitor press activity and provide you with information on who is writing about you and in what tone.
Tracking customer lifetime value is particularly interesting for corporations that have (SaaS/PaaS) customers or clients who have been with them for a long time. Are your clients getting a good enough return on the money they spend with you that they want to continue doing business with you? They believe in your company, do they? Are you able to successfully upsell your products? If customers leave immediately after their contracts are up, it is highly likely that this indicates that your proposition is flawed, which will, in turn, have an effect on the reputation of your brand.
Referrals are the highest form of praise that can be received. Your clients or business partners are so pleased with you that they are not only willing to brag about how great you are, but they are also eager to persuade people whose professional concerns are comparable to their own to consult with you. When you keep track of where, how, and why you get referrals, you can do two things: identify potential brand ambassadors and monitor whether or not your reputation as a company is improving or deteriorating.
For instance, how many people follow you on the various social media platforms that you use? Do you notice a general upward trend or a general downward trend over time? It is beneficial for a corporation (regardless of the sector in which it operates) to keep track of the number of people who follow them and who those people are. Are you attracting your target audience? Have you seen a surge in the number of new followers since the most recent launch of your product? These are important aspects of the reputation of your brand to keep an eye on.
In conclusion, a reliable method for assessing your reputation is to perform regular monitoring of your success via emails, newsletters, and your website. How is the traffic where you are? What kinds of web pages are drawing in the most visitors, and do those visitors turn into leads? If, for instance, you are getting a significantly higher number of unsubscribes than usual after the launch of a particular campaign, this might be an indication of a negative reaction among your fans.
I really hope that this provides you with a comprehensive understanding of the various avenues that are open to you regarding the reputation of your company. If you want to get the most out of reputation, or any other notion, measure, or KPI for that matter, you should think about how all of those things play a role in your strategy for managing your brand. If you see that your reputation is slipping, develop a plan of action to improve the situation. To achieve the highest possible level of success, you should give some thought to how and where you communicate and have an open mind to receiving criticism. Start a free trial of Backlink.Watch that will equip you all you need to know about monitoring a brand, including keyword mentions in social media and website that are essential for a corporate brand manager: