A brand ROI can be difficult to measure, but don’t let that stop you. It’s essential work that can’t be put off till later.
Developing or evolving a brand is expensive. It’s a significant investment of time and money. So you have to do it for the right reasons, do it properly and maximize its impact. The buck stops with you.
You have to commit for the long term because a well-designed brand should last a long time.
Nike introduced its iconic “Just Do It” in 1988. The slogan and their signature swoosh logo have been the same for decades.
Invest wisely.
Always start with measurable goals
Measuring after the fact (after the act?) is difficult because it means backtracking, trying to find old benchmarks and making some things up.
Instead, begin with some clear goals for what you want to achieve. Do the hard work of figuring these things out before you launch into the fun
creative part of the work. That's the road to success.
Do not pass GO. Start with clear goals and benchmarks before making a move.
Key areas you can measure and document to assess the return on investment of your rebrand:
Audience perception and awareness measurements
- Brand Awareness: Track how many people recognize your brand before and after the rebrand.
- Brand Recall: Measure how easily people can recall your brand when prompted with relevant cues.
- Brand Image: Assess how your target audience perceives your brand's personality, values and positioning.
- Brand Love: Measure the emotional connection customers have with your brand.
- Brand Loyalty: Evaluate the likelihood of customers choosing your brand over competitors.
- Brand Advocacy and Referral Rates: Measure changes in the rate and quality of customer referrals.
Envista Credit Union
Envista consistently wins “best of” awards in its state and by external reviewers like Forbes.Impressia Bank
At Impressia Bank, they state a measurable desired impact right on their website: “Connecting women in business with more than bank products. We measure our impact by the improved financial health of women, their businesses and their families.”
Measure employer brand and culture
- Employee Morale: Measure employee morale and engagement with the new brand.
- Turnover Rates: Track employee turnover to assess the impact of the rebrand on retention.
- Brand Advocacy: Evaluate employees’ willingness to promote the bank and its values.
- Internal Brand Adoption: Evaluate how well the new brand is integrated into internal communications, activities, events and materials.
- Board and Advisory Board Engagement: Evaluate board members’ willingness to refer and recommend your institution.
Establish baselines on the things you want to measure for progress. This provides a “before and after” that makes the reporting you do later smart and compelling.
Monitor financial outcomes
- Sales: Analyze changes in sales revenue and growth rates.
- Financials: Compare your bank’s performance to industry averages and competitors.
- Market Share: Track your market position relative to competitors.
- Customer Acquisition Cost: Measure the cost of acquiring new customers.
- Customer Lifetime Value: Assess the long-term value of customers.
- Cost Savings: Calculate the cost savings achieved through the rebrand (e.g., efficiencies that reduce marketing expenses).
Track online metrics
- Social Media Engagement: Track likes, shares, comments, followers and community growth. Evaluate the tone and emotions of people engaging with the brand.
- Search Engine Rankings and Web Traffic: Analyze keyword rankings and organic search traffic.
- Lead Generation: Measure changes in inbound loan and deposit inquiries.
- Conversion Rates: Measure website visitor conversions such as sign-ups, content downloads, forms filled out or inquiries received.
- Branch Traffic and Usage: Monitor changes in the foot traffic to physical branches and usage of in-branch services, special events and offerings.
Other external considerations
- Media Coverage: Monitor the frequency, volume and quality of media coverage about the new brand—whether you’ve generated it or not.
- Community Engagement and Impact: Measure the impact of community engagement and corporate social responsibility initiatives. Track participation rates and public response to these activities.
- Competitor Analysis: Track competitor actions and responses to your rebrand.
Climate First Bank reports measurable impacts including its positive environmental impact, solar lending platform, diversity, B Corp certification, impactful lending and financial growth. (2023 Impact Report ) Read it here.
This is an excerpt from Martha Bartlett Piland, CFMP's bestselling new book, Don’t Just Brand There, Do Something that dropped March 11 and hit Amazon's #1 New Release in Financial Services and #1 New Release in Advertising. It’s a first-of-its-kind book for credit unions and banks who want to make their brand promise unique, concrete and actionable.
For more info on all my books, click here. To get your copy of the newest in epub or print versions, go to Amazon or any of your favorite booksellers.
photo credits: $100 dollar bill on the highway by Nathan Dumalao and Monopoly board by Stock Birken—both on Unsplash.
