Nurturing a brand after launch is as important as the work that goes in to developing it in the first place argues Mobas CEO Robin Bryant.
A brand launch is an important moment for any company. It’s a chance to establish a new identity, reach new customers and make a lasting impression on the marketplace. However, before launching a brand, it’s essential to define what you want to achieve.
Are you looking for customer engagement? Customer acquisition? Market penetration? Market share? Impact? Awareness? Vision? Purpose? Internal culture? Growth? Performance? Relevance?
Once you’ve identified your goals, you can develop a launch strategy that will help you achieve them. By clearly defining your objectives, you can ensure that your brand launch is a success.
Identify your key performance indicators (KPIs)
Growth is a KPI that measures how well a company is doing in terms of growth. Growth can be measured by looking at sales, market share, brand recall and stakeholder engagement.
Engagement is a KPI that measures how well a company is doing in terms of internal engagement. Engagement can be measured by looking at employee satisfaction, turnover, internal communication and other factors. Sales is a KPI that measures how well a company is doing and can be measured by looking at revenue, number of products sold, number of new customers and customer retention.
Market share is a KPI that measures how well a company is doing in terms of share, and can be measured by looking at the percentage of the total market that the company has. Brand recall is a KPI that looks at the number of people who can remember the brand after seeing it or hearing it mentioned.
The stakeholder engagement KPI measures engagement by looking at the number of stakeholders who are engaged with the company, the level of engagement and the quality of engagement.
Create a baseline against which you can measure your brand’s success
Before launching a new product or service, it’s essential to establish a baseline against which you can measure your brand’s success. This means understanding the market landscape and identifying the challenges and opportunities that exist. It also means being aware of the competition and understanding what differentiates your brand.
Additionally, it’s important to have a clear understanding of your sales goals and how business development will be used to achieve them. Finally, you’ll need to establish metrics for brand recall and digital footprint. By taking the time to establish a clear baseline, you’ll be in a much better position to measure your brand’s success over time.
Set realistic goals for your brand launch
When launching a new brand, it’s important to set realistic goals. All too often, businesses launch a new brand with grandiose aspirations that are ultimately unattainable. This can lead to frustration and disappointment within the team, and can damage the brand’s reputation in the marketplace.
Instead, focus on setting pragmatic goals that are realistic and achievable. Be clear about what you want to achieve, and make sure that everyone on the team understands the goals.
Create a system for reporting and analysis, so that you can track progress and adjust your strategy as needed. By taking a pragmatic approach, you’ll stand a much better chance of achieving your goals.
Track and analyse your KPIs over time to see how well your brand is performing
Any business owner knows that it’s essential to track key performance indicators (KPIs) in order to gauge the success of their brand. However, simply tracking KPIs is not enough – it’s also important to analyse them over time in order to identify trends and areas for improvement. For example, let’s say that you’re tracking two KPIs: website traffic and conversion rate. If you see a sudden spike in website traffic but no corresponding increase in conversion rate, that could be an indication that your website needs further optimisation.
On the other hand, if you see a gradual increase in both KPIs over time, that could be a sign that your branding efforts are paying off. Either way, by closely monitoring and analysing your KPIs, you can gain valuable insights into the health of your brand and make informed decisions about where to focus your energies.
Final thoughts
Launching a brand is no small task. There are countless things to consider, from the initial planning stages to the day-to-day operations of running your business. But if you want to be successful, it’s important to measure your success against KPIs.
Mobas has over 20 years of experience in delivering successful brand launches and ensuring that our clients track and analyse their KPIs on an ongoing basis. We understand just how important it is to transform your brand and measure its impact in the marketplace. So if you’re looking for help launching or transforming your brand, contact us today – we’d be happy to help!
