It is very important to have Brand touchpoint metrics – that is, goals and measurements to determine your Brand's effectiveness when it comes into contact with customers. It's important to know for certain whether your insurance Brand building efforts are paying off for the Brand; but ultimately, you're not building a Brand for it's own sake. You're building a business. With that in mind, we're going to add a few more insurance Brand metrics to your measuring goals.
Brand metrics measure how healthy the Brand is and how that Brand is impacting business growth. Metrics are essential to charting an appropriate course of action; you need to assess your Brand's strength to effectively measure its impact on your bottom line.
Why should it matter to you? Well, Brand metrics help you compete against your own past performance, you'll be excelling where many companies are slacking. So without further ado, let's consider some Brand metrics that we look at when planning for Brand success:
Stretch: If you expanded into new territory – be it a new product, category, or even geographical market, how would customers receive it? If your Brand's positive reputation precedes you in those uncharted waters, you'll have a much better chance at winning over new customers. It's how Arm & Hammer sells toothpaste and health plans attract patients from untapped regions.
Measure it: Ask existing customers what other categories your Brand can meet needs in. Maybe it's renting products in addition to selling them; maybe it's selling artisan jam from the same fruit that produces your award-winning wine. If you have specific ideas about where to expand, ask whether they would buy that new product or service.
Premium: When this metric measures well, you can really give yourself a pat on the back. Premium asks: how much more would customers pay for my Brand over a competitive product? What we're really addressing here is trust and reputation. It happens in grocery stores every day; will you risk your money on a cheaper knock-off Brand, or will you pay extra for that reassuring product label that has never disappointed?
Measure it: There's no beating around the bush on this one. Ask customers: what price premium would you pay before going to a competing Brand, and why? What do competitors at a higher premium offer that we don't?
Loyalty: In other words, are new customers likely to become repeat customers? Loyalty is coveted in marketing because it keeps the cash flowing without the financial investment of convincing and attracting a new customer. No metric better reveals whether your Brand promise is being delivered, so if you're too heavy on the one-time customers, it's time to start asking questions.
Measure it: Simply ask, “Would you buy our Brand again?” Then seek to understand the reason behind their decision.
Acquisition: On the flipside of retention, this metric looks at how well you're acquiring new customers through the Brand. Of course, before this can be measured, you'll need a reliable system in place to differentiate new customers from repeat customers. Because tracing a new customer back to your Brand development efforts can be complicated, this metric needs to be highly customized for each business.
Measure it: Your best bet is to provide specific choices when asking customers why they chose your Brand. Tie these choices with Brand development efforts, like: “I felt that this Brand was more knowledgeable than competitors due to the information they provided on their blog.”
Whether you're analyzing a Brand's health or its impact on your business, metrics are the only way to ensure your Brand development investment is paying off. We've seen it over and over again: a company with solid goals and a system to track them is a force to be reckoned with. So, don't put it off – setting up Brand metrics will add clarity to the roadmap that drives your business to higher growth and profitability.
Let's chat and put the Hult Team’s experience to work for you. Feel free to reach me at 309-673-8191 or firstname.lastname@example.org, and together, we can grow your insurance Brand.