Measuring Your Brand Marketing Return-on-investment (ROI)
With the ever-growing competition in online retail branding is more important than ever. Businesses with high brand relevance have the power to strongly influence consumers' buying decisions. This is because consumers are more likely to make a purchase - and even pay a higher price - with brands that they recognize trust and have an emotional connection with. But while many eCommerce brands realize the value in strong brand equity accurately tracking eCommerce branding return on investment can be a challenge.
The return on investment for branding is an important metric to track for numerous reasons. For one having quantifiable data on the value of branding will enable buy-in for brand-building in the budget. With only 73% of CEO's reporting a lack of trust in the ability of marketing departments to generate sales and increase customer conversions marketers need to be able to prove the value of branding. Keeping track of branding return on investment also enables marketing teams to effectively plan and budget.
Below are four actionable steps marketers can take to ensure they capitalize on every brand interaction in order to measure and build their eCommerce brand:
Gather valuable insights from your brand website
A brand website is key to not only building brand relevance but also measuring it. Metrics such as direct traffic brand name searches and content performance can all uncover insights on branding return on investment. This is data that doesn't require brand tracking software and can easily be obtained through Google Analytics.
However while it is important to build your brand with a website 45% of shoppers still prefer to shop with third-party retailers. When optimizing your brand website it is important to ensure these customers are also considered - particularly when purchase intent is high. A 'Buy Now' button such as the Where to Buy solution ensures these consumers can easily be guided to the product at the retailer of their choice.
Increase and track shoppable moments
Enabling more shoppable moments is a great way to capitalize on brand interactions with consumers which will also increase a brand's recognition. Providing a seamless path to purchase also means customers are more likely to associate the brand with ease and convenience.
The below questions can help you understand if your brand is offering enough shoppable moments:
Are all marketing assets shoppable?
When a consumer views a video or over-the-top ad how easy is it for them to buy the product?
Has a cross-channel path to purchase approach been incorporated into strategy planning?
If you answered 'no' to one or more of those questions try adding some shoppable media to your strategy. Not only can shoppable media increase the amount of shoppable moments and brand recognition but it also provides valuable data. This data can be a key metric in understanding your current digital marketing and brand performance.
Gain visibility across all retailers
One of the most important ways for eCommerce brands to build brand equity is through consistency. By offering a consistent experience customers will learn to view the brand as reliable and familiar. However once brands begin to partner with third-party retailers they lose an element of visibility and control over their content. However this doesn't have to be the case. With technology such as the Digital Shelf solution brands don't have to give up visibility over brand and product performance on retailer sites. This solution helps brands ensure their products are displayed in the best possible way on the digital shelf - which is crucial for brand-building.
Visibility into your brand's entire digital shelf will not only allow you to optimize your brand's presence but also to track brand relevance through detailed data. Monitoring metrics such as ratings and reviews can all provide detailed insights into brand relevance. As this type of social proof is vital for branding it is a key metric to monitor.
Brands that partner with Amazon have further opportunities to measure their branding efforts through Amazon's new-to-brand metrics. These insights allow brands to have visibility over the number of first-time customers and sales over the past year. The Amazon Attribution solution goes a step further to allow brands to view their marketing performance from non-Amazon channels. This gives brands the ability to not only track how their advertising and marketing efforts are driving customers to their brand site but also to their product listings on Amazon.
Increasing brand relevance in the age of eCommerce is no easy feat. However through leveraging data and insights you have the ability to measure the performance of branding efforts and optimize return on investment. On your brand website you can leverage data and optimize the path to purchase for customers. Through digital marketing you can create and track more shoppable moments which leads to increased brand recognition. And through gaining visibility across all retailers you can ensure your brand and products are consistent and accurate. Branding may not be the most straightforward investment to measure however following the above metrics will set you on the right track for success.
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