A rebrand can be a tricky beast to navigate. When done correctly, it can make a big difference in your sales, brand awareness and so much more, but tracking and measuring the true impact of a rebranding project can be a difficult task in itself.
In this guide, we give you all the information on how to measure the impact of your rebrand to ensure you’re meeting your goals and then some.
What is rebranding?
To put it simply, rebranding is a rethink of your current marketing strategy. This may take place due to a new product or service launch, merger or acquisition, to evolve the brand, update outdated imagery and brand messaging or reposition your brand in the current market. A rebrand can be something as simple as updating an old logo or it can be an entire overhaul that involves updating absolutely everything to do with your company.
Defining what success looks like for your brand
Before you get started on your rebranding project, take the time to think about what success looks like for your brand. Ensure you understand the purpose behind the rebrand, is it to modernise the brand? Improve visibility or sales? Knowing your core aims will help with setting and planning goals.
Once you’ve got some ideas in mind, it’s time to make your goals SMART:
- Specific: clearly define and target what you want to improve.
- Measurable: goals should be quantifiable and trackable.
- Assignable: they need to be attributed and achieved by a specific person/department.
- Realistic: your goals should be practical and achievable.
- Time-related: set specific date ranges to assist with tracking and measurement. Choose smaller KPIs at the start to get early feedback and larger ones around six months after launch.
The impact of a rebrand can be slow at the beginning, so it’s better to set a few measurable goals rather than setting tonnes which will prove difficult to keep track of.
5 key metrics for measuring rebranding success
Now you’ve got those clear objectives in mind, you need to think about brand metrics – the data points you’ll use to measure your brand’s performance. Brand metrics are the only way you can objectively measure your rebrand efforts and will provide much-needed visibility on where your efforts are paying off and which areas need work.
There are many brand metrics to consider and ultimately what you choose will depend on your end goals. Here are some of the key metrics you may want to consider when measuring rebranding success:
1. Brand awareness
Is your brand top of mind when your target audience is asked about your industry? Are your customers aware of your brand and what you do?
2. Customer perception
This refers to how your brand is seen and how your customers interact with your brand.
3. Sales performance
How your brand performs in terms of leads, conversions, and overall sales revenue.
4. Market share
This is where your brand stands in the current marketplace and how you compare with your competitors.
5. Brand recognition
Like brand awareness but at a product/service level. Do customers recognise your products and/or services?
How to track and measure your rebranding effort
Once you’ve chosen the key brand metrics you want to target, the next stage is planning how you’re going to track and measure the results from your rebrand.
Choose the right tools and platforms
The tools and platforms you pick to measure the success of your rebrand will depend on your overall goals and what brand metrics you want to track. If one of your key metrics is to improve customer perception you may want to utilise social listening tools that monitor and analyse online conversations about your brand. For tracking sales performance, you can make use of the Google Analytics goal feature which allows you to monitor customers that have made purchases through your website.
Collect data and feedback
Right at the start of your rebrand journey, it’s important to establish a benchmark. Evaluate and take note of where your brand currently stands in the market and in regard to your key brand metrics, you can then use this benchmark for future comparisons.
Collect data regularly, being aware that the brand may need a little time to settle after launch and to give your target audience enough time to respond. Aim to collect this data every quarter or at least every six months, making sure you’re gathering the data in the exact same way as this will give you a clear picture of where your brand is performing well and which areas need optimising.
Analyse your data and make adjustments
When you analyse your data, always make sure you’re comparing it to the baseline as this will allow you to accurately determine the impact. Even if you’re not having the initial result you hoped for, you can then use these insights to make further improvements and act on any upcoming opportunities. Monitor your brand metrics over the long term, bearing in mind other inputs and influences such as seasonality, campaigns and upcoming events.
The tracking and measuring stage should be an ongoing process and as your objectives shift and your goals grow, so should your brand metrics.
Communicate your results to stakeholders
Each quarter or every six months, depending on when you’re choosing to evaluate your rebrand success, it’s important to communicate these results to key stakeholders. Prepare a one-page, dashboard-style report that can be easily updated by team members and consumed quickly, drawing attention to key numbers and statistics.
Common challenges in measuring rebranding success
Even the most well-thought-out and carefully considered rebranding project will face certain challenges. The most common branding issues you may encounter include:
Lack of resources and budget
Rebrands can be very costly, especially if you’re overhauling everything and it may end up costing a lot more than you initially budgeted for. Before you get started, make sure you make a complete list of assets which will need to be overhauled and set realistic timeframes of when goals will be met. This will give you a rough guide of how much the initial revamp will cost, alongside the ongoing costs of measurement and tracking. Don’t forget the costs of employee time or outsourcing too!
Difficulty isolating the impact of rebranding
Not every single improvement or downturn can be attributed to your rebrand, there are things such as seasonality, campaigns and upcoming events which will play a part in how your brand performs too. Make sure you create a marketing calendar of any key events/campaigns and holidays and refer to this when analysing results.
Subjectivity of metrics
it’s not as easy to measure the ROI of branding as it is to determine the success of a digital marketing campaign. This is why it’s highly important to set your goals to understand what exactly you want to achieve from your key brand metrics.
Rebranding success FAQs
How do you measure the success of a brand relaunch?
To measure the success of your brand relaunch it’s important to conduct research and collect data on how your brand is performing, both before your relaunch to establish a baseline and after. Always ensure you’re comparing any future data to the baseline as this will give you the best possible picture of how the relaunch is performing and identify any opportunities for optimisation.
What makes a successful rebranding?
This will depend on your SMART goals and what you wish to achieve with your rebrand. If your goal is to improve brand awareness and within six months you’ve got more followers and increased activity on social platforms, this demonstrates that your strategy is working and going in the right direction.
How do you track brand success?
To track the success of your brand it’s important to utilise the correct tools and platforms. Once you’ve selected the best fit based on your goals and brand metrics, aim to report on your rebrand’s success every quarter or six months at least.
How do brand managers measure success?
Brand managers will measure success over a large scale of time, usually months and even years rather than on a daily or weekly basis. They’ll look at things such as increases in brand awareness and recognition, how customers perceive the brand, as well as core business values such as market share and sales performance.
What are some common metrics used to measure the success of a brand relaunch?
Some of the top key metrics used to measure brand relaunch success are:
- Brand awareness: are customers more aware of the brand than they were before the rebrand project began?
- Customer perception: has customers’ perception of the brand improved?
- Sales performance: are sales figures, leads and/or conversions on the rise post-rebrand?
- Market share: is the brand now taking up more space in the market?
- Brand recognition: are customers more aware of your services/products?
How can customer perception be measured after a rebranding effort?
You can measure customer perception post-rebrand in a number of ways. Running focus groups, conducting surveys and carrying out market research are all great ways you can gain a deeper understanding of how potential customers view your brand. Additionally, you can make use of social listening tools to gain insight into how your brand is discussed on social media.
What role does brand awareness play in measuring rebranding success?
The role of brand awareness in measuring rebranding success is a very important one as it tells you if your target customers are aware of your brand and what you do. If one of your key metrics is to improve visibility and attract more potential customers, you should be top of mind when they’re thinking about making a purchase/hiring a service from your particular industry.
How can data analytics be used to track the success of a rebranding effort?
Data analytics can be used in several ways to track the success of your rebranding effort. Making use of Google Analytics goals is just one way to do this as this can be extremely helpful in measuring if you’re fulfilling your target objectives. Goals can be set for any number of things from making a purchase or conversion to submitting a form or downloading something. This data that you monitor and collect can then feed directly into your regular reporting.
What steps can brand managers take to ensure they are accurately measuring the success of their rebranding efforts?
Brand managers should be sure to measure the results of their rebranding efforts regularly and consistently. Always ensure you’re comparing any new data to the baseline and collect data in the exact same way each time to give the most accurate results.
Tracking and measuring the efforts of your rebranding project isn’t the most fun part, but it’s one of the most important stages. Undertaking consistent and regular collection and analysis of data will allow you to determine which areas have been a success and where you can optimise your project further to align with key business goals and take advantage of upcoming opportunities.
Looking for some help in getting started with your rebranding project? We can help! Whether you’re after a fresh website or a complete branding overhaul, we can assist with creating a memorable brand experience that really resonates with your target audience.