Peter Drucker is credited with one of my favourite quotes, “What gets measured gets managed”. This is an important idea to keep in mind when you are building a brand. The metrics used by a company will shape the behaviour of employees, and thus the culture of your organization.
This is why I’m so excited to share my interview Jeremy Miller, President of Sticky Branding. A couple of months ago, Jeremy published a provocative article titled 6 Brand Metrics to Drive Sales. Jeremy’s article challenged my thinking around common terms like Reach, Velocity, Lost Revenue, Frequency, Volume and Trends.
Jeremy and I took a deeper dive into the meaning and rationale of these brand metrics and talk about how you can make them work for your company.
Total Running Time: 39 Minutes.
You can download the interview HERE or listen to the interview with the player below.
Jeremy Miller is the Brand Strategist and President of Sticky Branding. He helps mid-market companies stand apart from competition, attract customers and grow sticky brands.
Jeremy is active on Twitter @StickyBranding and has built an active LinkedIn group called Sticky Branding of over 30,000 members. Jeremy is also the author of Nobody Likes To Dance Alone: How to Grow A Social Media Community.
3 Lessons from Sticky Branding
1. Anytime your sales cycle slows down its a symptom of a brand positioning problem or area of customer doubt.
2. Discounts beyond strategic initiatives are an indicator of a lack of differentiation.
3. Build a strategic plan, and then set the metrics that build the behaviours to support the plan.
How do you define reach? (1:25)
What is velocity and how does a company measure it? (5:13)
Why is discounting bad news for brands? What can brands do instead? (10:27)
How do you define frequency? (15:55)
How does social media relate to Volume of leads? (21:19)
Are there any software services that simplify data collection and can help a company quickly gain customer insight? (26:12)
Are there any specific kinds of training, employees or leadership philosophies needed to carry out these types of metrics? (34:50)
Your turn. What metric is most important to your brand growth?