This is the final post in a series on rebranding. Read the previous posts, (1)"How to Allure Ideal Clients With Stellar Rebranding", (2)"Put Your Stellar Rebrand Into Play: Personas", (3)"Put Your Stellar Rebrand Into Play: Personalization and Presence", (4) "Stellar Rebranding for Ideal Clients: Monitoring Your Brand"
You're in the home stretch and now it's time to see the numbers on how your rebrand is paying off. In this post we will discuss,
- Closed loop reporting tools and their importance
- How to attribute leads to your marketing efforts
- What to measure and analyze
CLOSING THE LOOP –
THE ROI OF BRANDING IN THE INBOUND AGE
If someone Likes your Facebook page, how much revenue does it translate into? If someone retweets your brand’s tweet, does that make the cash register ring? When someone visits your website, reads your blog, and downloads your ebook, do you know if they ultimately bought what you are selling?
Without closed-loop marketing metrics, you cannot know the answers to any of these questions. They are isolated incidents which may be related, or they may not. Closed loop marketing lets you see what happened from the first click at the top of the funnel to the Buy Now click at the bottom of the funnel, and everything in between. It tells you how your inbound branding and marketing efforts are paying off!
If you’ve ever asked yourself, “What’s the return on investment for these branding efforts?” and you were unsure of the answer, or said something like, “To increase awareness,” then you’re not alone.
But awareness is not enough. Awareness, unless followed at some point by consideration, intention, and purchase (the typical sales funnel model), is worthless.
Unless you can correlate the awareness you create to purchases people make, you will never understand the ROI of your branding initiatives. And if you don’t understand the ROI of your own branding initiatives, you’ll never be able to demonstrate their value.
NOTE: This is not to say that every Like needs to translate into a sale in order to matter. A large social reach means larger social amplification, which gets your content out there to the people who will eventually contribute to your bottom line. Additionally, maintaining an e-mail list of evangelists—people who love your brand, will forward your content, but will never buy it—is similarly valuable.
Faced with the same challenges most marketers face, HubSpot developed a tool to help marketers gauge the value of those seemingly fluffy social media actions, that don’t directly result in leads and customers. Visit Valueofalike.com to assess what your social media presence is worth and put actual dollar amounts to fluffy social sentiments like “awareness” and “engagement".
Understanding last-touch attributions is especially useful in optimizing landing pages, fine-tuning e-mail campaigns, or any other content source that helped put the ball over the goal line to convert a prospect into a customer. It’s great bottom-of-the-funnel information.
In contrast, understanding first-touch attributions are extremely useful in improving your top-of-the-funnel marketing efforts. Knowing whether a lead came to your client’s website as the result of an organic search (and for what term) or because they were tipped off to one of your Facebook posts by a colleague will help you concentrate your marketing and it's messaging where it will resonate best.
Finally, Hubspot’s Conversion Assists tool is excellent for measuring the overall impact of branding campaigns, letting you analyze:
• How the lead first found your client
• What the critical touch points were that led to conversions
• Which marketing campaigns generated the most sales
• What actions generated the highest quality leads
WHAT TO MEASURE AND ANALYZE
Here are some specific metrics you can use to measure individual aspects of your branding efforts.
• Determine which keywords, short and/or long-tail, result in the most click-throughs to your landing pages. If you’re running paid campaigns, these are excellent venues to experiment with new brand elements, such as a new tagline, or a new value proposition, to see if it resonates and drives revenue.
• See which blog content drives the most comments, social shares, and inbound links. While leads are great, the content that is commented on and shared the most is often an indicator of success.
• Find out which e-mail content drives the most forwards and reconversions, and to what segment of your list that content goes, so you can better align future e-mail campaigns with other content that elevates your brand.
• Learn which landing pages result in the highest purchase volumes and most lucrative average sales per customer.
• Determine the correlation between the number of Likes you generate for your Facebook page during a given campaign and the sales results for the same time period—or subsequent months, in the case of businesses with long sales cycles.
• Find the type of social media content which results in the most engagement, and track whether that engagement ever leads to revenue-driving behavior in the future, and at what rate.
Everything you know about brands and brand management in the real world holds true in the inbound age. What’s different is that now your brand extends far beyond the world over which you have traditionally had control. Before, when a customer had a complaint about your brand, only you, they, and perhaps a small circle of their friends and family knew about it. Now, anybody with an Internet connection knows how to find—or memorialize—that complaint forever.
In the inbound age, there are so many moving pieces to managing a brand, from the website to the call center to the Facebook page, to the LinkedIn group, to whatever that brings. As a result, you need to be more active, more vigilant, and more knowledgeable than ever to realize and prove maximum return on the investment of establishing a knockout brand.
Closed-loop marketing software, mixed with excellent branding created to drive the results you want, is the magic combination to show off your branding chops to customers.
source: This post was adapted from the ebook "Branding In The Inbound Age", www.hubspot.com