When evaluating the impact of an effective brand identity, most of us focus on sales figures. However, you can also measure the after-effects regarding customer inquiries, retail footfall, job inquiries, and competitor response.
If your competition is motivated to act, it is a result of their belief that you have upped your game.
Showing your new logo to potential clients, partners, suppliers, and coworkers would benefit if you are a start-up developing a new brand.
Of course, you should evaluate those opinions in light of the initially planned brand message. If your belief in the logo and brand identity surrounding it is strong, you shouldn’t be swayed from your decision, but some outside objectivity is typically appreciated.
So, how are designs for brand logos evaluated in terms of their success? How can you tell how much improvement they have made to a company’s financial situation? What metrics should you use besides gauging engagement levels to determine success?
In this article, we will discuss how marketers can quantify the beneficial effects of brand logos for both online and offline advertising campaigns.
1 – Customer Feedback Survey
The first method is to start an online poll with your customers. This is a great method to gauge the success of your logo.
They should offer you some suggestions for questions to pose to find out how customers feel about your company’s logo.
You can conduct this study on social media or hire a professional market research firm to do the work for you, including analytical data of the results.
If you have a solid justification for thinking that your brand’s emblem design will encourage customers to spend more, conducting a consumer survey might be worthwhile.
Customer surveys are used for more than just estimating how much more money they would spend on one product
Consumer surveys are frequently employed as part of company strategy formulation tools like SWOT analyses to understand a brand’s existing position in the market and what it should do to succeed.
2 – Online and Offline Conversions Tracking
Monitoring offline conversions is another effective technique to monitor how your brand logo affects sales.
Use a special coupon code that can only be used once per visitor to accomplish this, and then include some tracking parameters in the URL so you can identify the source of each new transaction.
With this strategy, you can monitor your website’s revenue and keep track of all beneficial consumer behavior, such as items viewed or added to their shopping cart.
Businesses often monitor internet conversions to gauge the success of their brand logo. The most widely used metric is the number of website visitors who complete the desired activity, such as filling out a contact form or making a purchase.
How long visitors stay on your website is another crucial metric. They probably would have found what they sought if they had departed immediately.
Nonetheless, it strongly indicates that you’re offering pertinent information and products if people stay on your website and browse.
The effectiveness of your logo can also be evaluated by keeping an eye on social media activity. The number of likes, shares, and comments are potent markers of how well the public receives your branding efforts.
The effect of your logo on brand awareness may also be measured by monitoring online traffic on social media.
Another excellent indication of how interested people are in what you have to offer is web traffic. If there is a sudden increase, it can be the result of a successful marketing effort or strategy that brings more people to your website.
Whether your branding efforts impact and entice clients and potential customers to learn more, measuring online traffic by month will show you its stats.
More conversions equate to more favorable exposure for your company. The secret is identifying the measurements that, while being within budget and simple to monitor, best signal the success of your brand.
3 – Aided Brand Recognition and Recall
Brand recall is a crucial indicator of how well a brand logo works. This gauges how frequently customers can recall the name of the good or service when prompted.
If individuals can easily recall a brand, branding has been successful in sticking in their minds. This metric can be measured in a variety of ways.
A brand’s lifespan should also be considered when gauging brand recall. Monitoring how effectively your branding performs over longer periods and following its introduction is crucial because brand recall typically decreases with time.
When evaluating the benefits of a brand logo, brand recall is only one factor to consider. But it’s a crucial one that might help you determine how successful your logo design and branding efforts have been.
4 – Brand’s Notoriety
One of the most important aspects of brand recognition is logo design. People will remember your brand and its name more readily if it has a well-designed logo.
According to a University of North Carolina study, recall rates for old and new logos immediately fall once a company changes its logo. The range of the recall drop-off rates was between 16% – 50%.
If you’re unhappy with your present logo or are thinking about altering it, make sure to do so properly because if you don’t, your brand awareness may suffer greatly.
You can use surveys or focus groups to gauge brand awareness by having participants rate their familiarity with your company’s name and logo. You can use this to determine whether changing your logo has affected how people perceive your brand.
Another significant component that may be assessed through surveys or focus groups is brand recognition.
5 – Blogging
Blogging can also be a great tool to gauge how well an organization’s image and reputation are perceived.
When people blog about your goods or services, search engines pick them up, raising brand recognition among current and future customers.
This makes your name or logo more recognizable. Nevertheless, this kind of marketing creates favorable connections, more crucially since it presents the general public as authorities who freely share their ideas online.
When someone blogs favorably about something, others will notice, especially if the blogger has a big following and regularly reads their postings. This is because people appreciate other people’s experiences.
You can gauge your brand identity’s strength if you have yet to redesign it by speaking with your customers.
Ask them to describe it to you after ensuring they are not observing any aspects of your brand identity. If people need help remembering who you are, your sales performance might be enhanced.
If you’d like more detailed information on how your brand identity is doing, you can use a research agency or hire professional logo designers to revamp your brand for you.