Marketers are using a variety of metrics and KPIs to measure the impact of their brand marketing activities, per results from an OnBrand Magazine study [download page]. In surveying more than 560 global brand managers and CMOs, the report finds that new customer acquisition (75%) and social media engagement (72%) are the primary means used to determine the success of brand marketing activities.
A majority of respondents also reported looking at qualitative feedback from customers (58%) and subscriber/community growth (51%), with close to half measuring brand lift (45%).
Notably, customer acquisition is measured by twice as many respondents as customer renewal rate (75% vs. 37%). That seems to align with a much greater focus on acquisition than retention: when separately asked to identify their main marketing priority this year, 34% pointed to new customer acquisition against just 6% choosing customer retention.
Perhaps as a result of the greater attention paid to acquisition, brand marketing appears to be paying off in this area more than in retention. To wit, 65% of respondents agreed or strongly agreed that brand marketing has increased their new customer acquisition, whereas fewer than half (46%) said that is has increased their customer renewal rate.
Research released last year by The CMO Survey similarly found that CMOs were having more success with customer acquisition than retention.
Returning to the OnBrand Magazine study, the results show that brand marketing is also proving to have impact in other key areas: fully 70% agree that it has increased audience engagement, and close to two-thirds (66%) believe that it has increased subscriber/community growth.
About the Data: The results are based on a survey of 562 global brand managers and CMOs, the majority (78%) from North America. Respondents were fairly evenly split between B2B (36%), B2C (30%) and both B2B and B2C (29%) companies, with the remaining being non-profit/government (4%). The consumer products (27%) industry was the most heavily represented, followed by marketing agencies (14%) and information technology & services (14%).