What do you do if your brand strategy performance lacks benchmarks?
When you're knee-deep in brand strategy, realizing that your performance lacks benchmarks can be akin to sailing without a compass. Benchmarks are critical for gauging the success of your brand initiatives, providing a clear standard against which you can measure your efforts. If you find yourself without these valuable metrics, it's not the end of the road. Instead, it's an opportunity to reassess and recalibrate your approach to brand strategy. Let's explore how you can navigate this situation and steer your brand towards success.
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Rajiv WaliaHead -Marketing Communication, Brand, Digital, & PR | Versatile MarCom & Strategic Communication Leader | LinkedIn Top…
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Rubban Kunasakaran🔥20,000+ Branded Content Delivered! 👨🎨I'm a Creative Director & a Brand Consultant. 💥Your brand's first impression…
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Imaan A.Helping SMEs grow with Strategic Brand Positioning | Digital Marketing Strategist | Personal Branding Consultant for…
To begin addressing the lack of benchmarks in your brand strategy, start by conducting a comprehensive gap analysis. This involves scrutinizing your current performance metrics, identifying areas where benchmarks are missing, and understanding the impact of this absence on your strategy. Consider what metrics are most crucial for your brand's success and how you can establish relevant benchmarks. This step is about understanding where you are versus where you need to be, setting the stage for informed decision-making moving forward.
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Rubban Kunasakaran
🔥20,000+ Branded Content Delivered! 👨🎨I'm a Creative Director & a Brand Consultant. 💥Your brand's first impression is EVERYTHING!
Simply, talk to those who understand your idea and what you're trying to achieve. Let them give their honest opinion, see what resonates, and then use that to set some clear goals you can track.
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Imaan A.
Helping SMEs grow with Strategic Brand Positioning | Digital Marketing Strategist | Personal Branding Consultant for CEOs | Tech Enthusiast | B2B SaaS | 🏆Youngest Woman in Tech Award at National forum
When my brand strategy lacks benchmarks, I take a step back and reassess. First, I identify key performance indicators (KPIs) relevant to my goals using tools like Google Analytics or HubSpot. Then, I establish benchmarks based on industry standards or past performance. If data is limited, I conduct competitor analysis to set realistic targets.
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Rajiv Walia
Head -Marketing Communication, Brand, Digital, & PR | Versatile MarCom & Strategic Communication Leader | LinkedIn Top Content Marketing Voice | 20+ Years in Driving Business Growth Through Brand & Digital Transformation
Benchmark Building Approach:Enhancing Brand Strategy Metrics; Gap Analysis: Scrutinize current performance metrics & identify benchmark gaps Strategic Impact: Understand implications of missing benchmarks on your brand strategy Essential Metrics: Determine KPIs crucial for brand success Setting Direction: Establish relevant benchmarks to bridge performance gaps effectively I will say by this approach organizations can enhance their strategic capabilities, drive informed decision-making & align brand strategies with measurable goals for sustained success & growth. It sets the foundation for strategic improvement, enabling brands to track progress, make data-driven decisions &optimize performance in alignment with their strategic objectives.
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Debajyoti Banerjee
Founder, Director & CEO of Seven Boats - India's Premier Digital Agency & Institute, TEDx Speaker, Digital Marketer, Trainer, Brand Strategist, Digital Marketing Consultant, Entrepreneur, Motivational Speaker & Mentor
-Identify Key Metrics: Define success for your brand (brand awareness, engagement, sales). Choose relevant KPIs to track progress. -Industry Research: Look for industry benchmarks or competitor data to understand average performance ranges. -Set Realistic Goals: Use industry data & past performance to set achievable yet ambitious goals. -Track & Analyze: Monitor your chosen KPIs regularly. Analyze data to identify areas for improvement & refine your strategy. -Focus on Improvement: Don't get discouraged by initial gaps. Focus on continually improving your brand strategy. Remember, benchmarks are a guide, not a rigid target. By establishing metrics, tracking progress, and iterating your strategy, you can achieve impactful results.
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Kasun Chamara
Design Lead | Brand Management, Creative Problem Solving
Jumping into the gap analysis without benchmarks can feel like navigating without a map. In my experience, it's crucial to look at what you're currently tracking and ask, "What's really impacting our results?" This isn't just about finding where you lack data; it's about pinpointing what matters most to your brand's growth and focusing your efforts there.
Once you've identified the gaps, it's time to set clear, achievable goals for your brand. These should be specific, measurable, achievable, relevant, and time-bound (SMART). Without benchmarks, you won't have a reference point for success, so creating goals becomes your new benchmark. Think about the long-term vision for your brand and what key performance indicators (KPIs) will help you track progress toward that vision. Your goals will act as the north star guiding your brand strategy.
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Yuanita Ayu Pratama
Marketing Manager | Cloud ERP | Oracle NetSuite Partner | SaaS
I often utilize the OKRs framework, which offers distinct advantages over the traditional SMART criteria, particularly in a scenario where benchmarks are lacking. OKRs foster a more dynamic and adaptable approach, aligning teams around ambitious objectives while enabling flexibility in key results. Our primary objective will be to enhance brand visibility and engagement. To achieve this, we'll establish key results focused on metrics like website traffic, social media reach, and customer engagement rates. By embracing OKRs, I can foster a culture of continuous improvement and innovation, ensuring that our brand strategy remains agile and responsive to changing landscapes, thereby mitigating the risk of performance gaps.
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Rajiv Walia
Head -Marketing Communication, Brand, Digital, & PR | Versatile MarCom & Strategic Communication Leader | LinkedIn Top Content Marketing Voice | 20+ Years in Driving Business Growth Through Brand & Digital Transformation
Goal Setting for Brand Success: A SMART Approach; 1. Specific Goals: Define clear & specific objectives for your brand. 2. Measurable Targets: Set goals that can be quantified & tracked effectively. 3. Achievable Objectives: Ensure your goals are realistic & attainable. 4. Relevant Aspirations: Align goals with your brands vision & strategic direction. Time-Bound Deadlines: Establish deadlines to create urgency & accountability. I will say this SMART approach not only provides a reference point for success but also empowers brands to measure progress, stay accountable & work strategically towards long-term success in a competitive & dynamic market landscape.
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Kasun Chamara
Design Lead | Brand Management, Creative Problem Solving
In my view, setting SMART goals is the game changer here. You're essentially crafting a roadmap where there was none. It's like saying, "Here's where we want to go, and here's how we'll know we're getting there." Each goal acts as a mini-benchmark, making it much easier to measure success in tangible ways.
Understanding your competitive landscape is crucial when you're without benchmarks. By conducting a competitive analysis, you can glean insights into industry standards and how similar brands measure their performance. Use this information to inform your own strategy and set benchmarks that are competitive yet realistic. Remember, your goal isn't to copy your competitors but to learn from their successes and failures to carve out your own path to success.
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Bernarda Jimenez (She/ Her)
Fundadora de Xamana y Green Biofuels || Democratizando la perfumería y generando mayor equidad de género en LATAM || Disminuyendo el uso de hidrocarburos en MX
A competitive assessment is an analysis of competitors to understand their strengths, weaknesses, strategies, and market positioning. To conduct one, identify competitors, gather information on their products, pricing, distribution, marketing tactics, and customer perception. Analyze this data to identify competitive advantages, areas for improvement, and opportunities to differentiate your brand. This helps in developing effective strategies to stay competitive in the market.
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Rajiv Walia
Head -Marketing Communication, Brand, Digital, & PR | Versatile MarCom & Strategic Communication Leader | LinkedIn Top Content Marketing Voice | 20+ Years in Driving Business Growth Through Brand & Digital Transformation
Competitive Insight Approach:Crafting Brand Strategy Without Benchmarks; Competitive Analysis: Gain industry standards insights thru a thorough competitive analysis Performance Measurement:Learn how similar brands gauge success to inform your benchmark setting Realistic Benchmarks: Set competitive yet achievable benchmarks based on competitive insights Unique Path:Use competitor learnings to carve your distinct route to success in brand strategy With this approach organizations can navigate strategic uncertainties & drive innovation. It empowers brands to adapt, optimize performance & position themselves strategically by leveraging competitive insights to inform their decision-making & carve a distinctive path to success in brand strategy.
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Harika Gudipati (Your Content Girl)
Freelance Content Writer| Website Copy Writer | Brand Strategist | LinkedIn Ghostwriter| "I 2X Website Traffic for Tech SMB Founders with Data-Driven Content in 60 Days"
Understanding how your competitors are performing is essential for benchmarking your own brand's progress. I regularly analyze competitor strategies, messaging, and market share to identify areas where we can differentiate ourselves
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Kasun Chamara
Design Lead | Brand Management, Creative Problem Solving
Honestly, this is your secret weapon. Without your own benchmarks, looking at the competition can offer a goldmine of insights. In my experience, it’s not about copying them, but rather understanding what's working for them and how you can adapt their successes to your unique brand strategy. Sometimes, you gotta peek over the fence to see if the grass is really greener.
To effectively implement new benchmarks, ensure internal alignment within your organization. This means communicating the importance of benchmarks to stakeholders and getting everyone on board with the new goals. It's essential for all departments, from marketing to sales to customer service, to understand how these benchmarks relate to their work and how they can contribute to achieving them. A cohesive effort will yield the best results in recalibrating your brand strategy.
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Rajiv Walia
Head -Marketing Communication, Brand, Digital, & PR | Versatile MarCom & Strategic Communication Leader | LinkedIn Top Content Marketing Voice | 20+ Years in Driving Business Growth Through Brand & Digital Transformation
Alignment for Success Approach: Implementing New Brand Strategy Benchmarks; 1. Stakeholder Communication: Clearly communicate benchmark importance to all stakeholders. 2. Cross-Departmental Understanding: Ensure all departments comprehend how benchmarks impact their roles. 3. Collaborative Contribution: Engage departments-marketing, sales & customer service in achieving new goals. 4. Unified Effort: Foster internal alignment for optimal results in brand strategy recalibration. I will say this collaborative approach not only enhances organizational synergy but also empowers teams to work cohesively towards common objectives, driving success in implementing & achieving new brand strategy benchmarks.
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Kasun Chamara
Design Lead | Brand Management, Creative Problem Solving
I guess one of the biggest hurdles here is getting everyone on the same page. This isn't just about having a meeting and deciding on benchmarks. It's about creating a culture where every team member understands and supports these metrics. From marketing to sales, everyone’s efforts should be aligned towards these common goals.
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Harika Gudipati (Your Content Girl)
Freelance Content Writer| Website Copy Writer | Brand Strategist | LinkedIn Ghostwriter| "I 2X Website Traffic for Tech SMB Founders with Data-Driven Content in 60 Days"
I've learned that even the best brand strategy will fail if it's not fully embraced and implemented by everyone within the organization. I always emphasize the importance of communicating the brand strategy clearly and ensuring that all departments are working towards the same goals.
With new goals and competitive insights in hand, actively monitor your brand's progress. This isn't a set-it-and-forget-it situation; constant vigilance is key. Regularly check in on your KPIs and adjust your strategy as needed. If certain benchmarks prove to be unrealistic or not as indicative of success as anticipated, don't hesitate to revise them. Remember, flexibility and adaptability are strengths in the ever-evolving landscape of brand strategy.
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Rajiv Walia
Head -Marketing Communication, Brand, Digital, & PR | Versatile MarCom & Strategic Communication Leader | LinkedIn Top Content Marketing Voice | 20+ Years in Driving Business Growth Through Brand & Digital Transformation
Dynamic Monitoring Approach: Nurturing Brand Progress Continuously; 1. Vigilant Observation: Actively monitor your brands progress & performance 2. KPI Tracking: Regularly assess key performance indicators(KPIs) to gauge success 3. Strategic Adjustments: Be prepared to adapt your strategy based on monitoring insights 4. Benchmark Revision: Revise benchmarks that are unrealistic or not indicative of success. 5. Flexibility & Adaptability: Embrace change to thrive in the evolving brand strategy landscape I will say this commitment to ongoing monitoring & adaptation not only fosters resilience but also empowers brands to stay ahead of trends, optimize strategies & drive sustained growth & success through strategic agility & responsiveness.
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Kasun Chamara
Design Lead | Brand Management, Creative Problem Solving
In my opinion, this is where the rubber meets the road. Monitoring isn’t just ticking boxes; it's actively seeking what's working and what isn't. Regular check-ins allow you to stay flexible, adapt your strategies, and ensure that your benchmarks are still serving their purpose. Keep a close eye on things; the market won’t wait up.
Finally, in the absence of established benchmarks, innovation becomes your ally. Use the lack of predefined metrics as an opportunity to think outside the box and develop unique ways to measure success. This could involve creating proprietary metrics that are tailored to your brand's specific goals and challenges. Embrace creativity in your approach to performance measurement, and you may discover new insights that propel your brand forward in unexpected ways.
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Rajiv Walia
Head -Marketing Communication, Brand, Digital, & PR | Versatile MarCom & Strategic Communication Leader | LinkedIn Top Content Marketing Voice | 20+ Years in Driving Business Growth Through Brand & Digital Transformation
Innovative Measurement Approach: Thriving Without Benchmarks; Opportunity in Absence: View lack of benchmarks as a chance to innovate in measurement Proprietary Metrics: Develop tailored metrics aligned with your brands unique objectives Creative Performance: Embrace creativity in measuring success for fresh insights Unexpected Discoveries: Unleash innovation to propel your brand forward in unconventional ways I will say view absence of predefined metrics as a canvas for innovation. This mindset not only allows brands to tailor metrics to their specific goals & challenges but also unlocks new pathways for growth & success by redefining measurement strategies to align with strategic objectives & drive impactful outcomes in brand strategy.
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Kasun Chamara
Design Lead | Brand Management, Creative Problem Solving
Actually, this might be your biggest opportunity. When you don’t have pre-set paths to follow, you can create your own. Use this chance to innovate with metrics that truly reflect your brand's vision and values. It's all about setting trends, not just following them. Get creative, and you might just lead the pack with your fresh insights.
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Harika Gudipati (Your Content Girl)
Freelance Content Writer| Website Copy Writer | Brand Strategist | LinkedIn Ghostwriter| "I 2X Website Traffic for Tech SMB Founders with Data-Driven Content in 60 Days"
Brands need to evolve to stay relevant. I encourage a culture of innovation, where new ideas and approaches are welcomed and tested.
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Harika Gudipati (Your Content Girl)
Freelance Content Writer| Website Copy Writer | Brand Strategist | LinkedIn Ghostwriter| "I 2X Website Traffic for Tech SMB Founders with Data-Driven Content in 60 Days"
7. Seek External Expertise: Sometimes, an outside perspective can be invaluable. When a brand strategy is struggling, I've found that bringing in external consultants or agencies can provide fresh insights, new ideas, and objective assessments of the situation.
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Bill Barna
There are a lot of generalities spewed in discussions about benchmarking in brand (and marketing in general). Responses (many seem drawn from an AI search) say yes to "metrics" and keep the talk 10,000 feet. Doesn't help me much. My two cents is commit to the process if you expend time and money. If you can afford, find a proven industry partner. Benchmark internal numbers and strategically select competitors when doing external benchmarking (not just those at the top of the industry). Track over time and look for seasonal trends. Remember you are looking for a competitive advantage (long-term) and insights for agility (short-term) with the data.
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