Improve Your Marketing ROI With a Brand Performance Model

Did you know that 46% of consumers are more inclined to purchase from brands they are familiar with⁽ⁱ⁾?

In a marketing world where competition is fierce, building brand awareness is crucial for businesses to thrive.

But here’s the catch – being a successful brand goes beyond having top-notch products or services. It’s about becoming a brand that people are familiar with and trust wholeheartedly.

So, how do you build a strong brand and measure its performance to know if your brand is strong or needs a little push?

That’s where the brand performance model comes in!

It’s the secret sauce that helps businesses to improve their marketing campaigns, establishing themselves as memorable and preferred choices in the marketplace.

Let’s take Nike’s example.

Nike’s brand performance model showed that its brand awareness was declining among young customers. Using these metrics, Nike launched a new marketing campaign called “Nike React”. The campaign featured young athletes who were using Nike React shoes to achieve their goals.

And, they nailed it! The campaign was successful in increasing brand awareness among young consumers.

In this blog post, we will delve deeper into the brand performance model, explore more examples, and understand how it can help your brand become memorable among your target audience.

Understanding Brand Performance Model

A Brand Performance Model (BPM) is a framework that helps businesses measure and improve the performance of their brands. BPMs typically include a set of metrics that assess brand awareness, brand image, brand loyalty, and brand equity.

There are many different BPMs available, but they all share some common elements. First, BPMs typically measure brand performance over time. This allows businesses to track the progress of their brands and identify areas where they need to improve.

Additionally, BPMs typically use a variety of metrics to assess brand performance. This helps businesses to get a comprehensive view of their brands and identify the factors that are most important to their success.

Popular Brands Using a Brand Performance Model to Achieve Their Business Goals

The goal of the brand performance model is to create a strong brand that drives sales and revenue through data-driven branding activities. If you’re looking to solidify your brand presence, attract more customers, and increase customer loyalty, consider using this approach.

Here are just a few examples of popular brands that have successfully used a brand performance model.

• A telecommunications company⁽ⁱⁱ⁾ used data-driven performance branding to track how different brand interactions influenced customer decisions, from watching TV ads to visiting their website to calling their customer service line. They found that this approach helped them increase brand consideration by 20% and marketing-driven gross ads by 15%.
• A consumer goods company⁽ⁱⁱⁱ⁾ used a method called MROI measurement to determine the best way to rotate their creative across channels. The output of the new MROI model showed that the company could optimize their creative mix across selected channels, resulting in a 14% increase in the advertising impact on sales.

Benefits of Using a Brand Performance Model

Using a brand performance model helps businesses measure and optimize their brand’s effectiveness, leading to increased customer loyalty, market share, and financial performance. Check out these benefits of a brand performance model.

• Improve Decision-Making: Enables you to understand what’s working and what’s not, so you can improve your marketing campaigns and strategies.
• Increase Brand Awareness: Tracks how many people are aware of your brand and what they know about it.
• Enhance Brand Image: Evaluates how people perceive your brand, so you can improve your brand’s personality, values, and associations.
• Boost Brand Loyalty: Analyzes how likely people are to repurchase from your brand or recommend it to others.

How the Brand Performance Model Can Help You Achieve Your Marketing Goals

The Brand Performance Model (BPM) serves as a strategic tool to evaluate and enhance your brand’s performance, ensuring your marketing goals are aligned and measurable. By utilizing this framework, you can effectively manage brand perception, increase customer engagement, and drive overall marketing success.

It can help you achieve your marketing goals in a number of ways. Here are a few of them:

1. Identify Your Target Audience

Using BPM you can understand – who is aware of your brand, what they think of your brand, and how likely they are to consider or repurchase your brand. This will help you to create target marketing campaigns.

2. Measure the Effectiveness of Your Marketing Campaigns

By tracking the changes in brand awareness, brand image, brand consideration, and brand loyalty over time, you can see which marketing campaigns are working and which ones need to be adjusted.

3. Improve Your Brand’s Overall Performance

By making changes to your marketing strategies based on the data from the BPM, you can improve your brand’s awareness, image, consideration, and loyalty, which will lead to increased sales and profits.

4. Identify Opportunities for Growth

By tracking the data from the BPM, you can identify areas where your brand is performing well and areas where there is room for improvement. This information can help you identify new opportunities for growth.

5. Get a Competitive Edge

BPM helps you to track the performance of your competitors, to see what they are doing well and what they are doing poorly. This information can help you stay ahead of the competition and maintain your market share.

6. Better Decision Making

The data from the BPM can help you make better decisions about your marketing strategies. For example, if you see that a particular marketing campaign is not performing well, you can use the data from the BPM to make informed decisions about areas of opportunity or identify any gaps.

Conclusion

The Brand Performance Model provides a framework to measure and enhance your brand’s performance. Utilizing surveys, focus groups, and social media analytics enables you to gauge brand awareness and cultivate customer loyalty.

Armed with these insights, you can identify areas for improvement, such as investing in marketing, enhancing customer service, or implementing loyalty programs.

By leveraging the power of this model, you can attract new customers, boost your brand image, and foster lasting customer relationships.

Ready to Unleash Your Marketing Potential With a Brand Performance Model? Talk to Us!

Statistics Reference:

⁽ⁱ⁾ Salsify
^{(ii) (iii)} McKinsey Company