How Can Brand-Building and Performance Marketing Work Together?
How do you get brand-building and performance marketing working together?
In a word: metrics. But maybe not the ones you think.
In a new Harvard Business Review piece, Jim Stengel, Cait Lamberton, and Ken Favaro advise putting both performance and brand marketing under a single composite metric of Brand Equity.
This composite Brand Equity covers multiple elements: familiarity, regard, meaning, and differentiation – allowing marketers to shift focus from a dashboard of easily measurable performance marketing (e.g. clicks and discounts which may increase sales in short run but decrease brand value in the long run) to a balanced effort that builds brands and grows sales.
The problem? Most of these brand equity measures are still hard to attain. Clicks are easy. Discounts show results the next day. A composite metric of brand familiarity and regard could take months to design, and more months to deliver data. Marketers don’t have that kind of time.
Correction: marketers not using Swayable don’t have that kind of time.
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Interested in Learning More?
Book a demo and we’ll show you how to design a brand equity measure that you can set up and get data from in 24 hours.
And if you’re not convinced, Harvard Business Review reports that investing in brand equity delivers a 4.8-8.7X return on shareholder $ growth per $ of investment.
Now that’s brand-driven performance.