Skillshare’s Four Ways to Measure the Impact of Your Brand Marketing
To help identify and communicate the impact on social, Skillshare Director of Brand Marketing, Cara Meiselmen shared its top four ways to measure the success of your brand marketing initiatives at #SMWNYC.
It’s no surprise that brands who wish to stay relevant in today’s digital economy must invest in a strong social media presence – but is it possible to determine ROI for a brand’s “cool factor” on social?
Traditional brand marketing metrics typically involve terms such as customer acquisition cost, lifetime value, repeat purchases, and more.
Although brand value on social media seems immeasurable, Cara Meiselman, Director of Brand Marketing at Skillshare, provides an alternative take when she proposes that brands “need to think about new ways to measure ROI by taking a look at different metrics.”
To help identify and communicate the impact on social, here are Skillshare’s top four ways to measure the success of your brand marketing initiatives:
Site Traffic & Brand Awareness
Site traffic is a strong top-of-the-funnel metric in measuring the impact a brand marketing initiative has on awareness. For example, spikes in site traffic following a brand event portrays an impact on brand awareness.
“Word of mouth is hard to track, so traffic and timing of things serve as a great indicator of how successful your brand event or campaign was,” said Meiselman.
User-Generated Content = The New Brand Loyalty
Are your most loyal customers the happiest customers? Or do they feel like they’re stuck with you? Traditional metrics for customer retention and lifecycle allowed executives to determine whether or not their brand can keep customers loyal.
User-Generated Content is an equally strong indicator of brand loyalty.
“Having a ton of USG at disposal is powerful. The more customers proactively create content for you and talk about your brand, the less internal resources you use. Besides cost savings, people love your brand so much that they create content for free. They love you that much!” explained Meiselman.
Stand out from Competitors Using Share of Voice
“It’s important for executives to know what people are saying about their brand compared to competitors,” says Meiselman.
Share of voice is a measure of reach and brand exposure relative to a set of competitors. If your brand marketing initiative increases press mentions, impressions, engagements, and consequently, the share of voice, it gives your brand a huge competitive advantage.
Give Yourself a Benchmark to Determine ROI
The objective of brand marketing is to grow brand awareness and bring potential consumers closer to making a purchase decision. “If a person is at the top of the funnel, where they have never heard you before, brand marketing brings them to that awareness bucket. Thinking about ways your brand marketing can move people down the funnel.”
Brand awareness surveys can be used as a benchmark to provide a clear measure of success.
“If we were giving an aided brand awareness survey as Skillshare, we would list 5 different online learning communities and ask ‘How many of these have you heard of?” explained Meiselman.
“Every time you host an event, invest in a piece of content, or activate ambassadors or influences on behalf of your brand, putting out these surveys can tangibly show impact on awareness.”
By using these metrics to measure impact, you can place value on brand initiatives and help identify the right areas of investment for the growth of your business. Meiselman puts it best when she says “We must make our best case possible in order for executives to invest in these hard to measure areas.
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