How to Measure Your Brand
Posted June 15th, 2015
The importance of branding is now generally recognized among most companies. They realize that in such a competitive environment, both in selling their products and in attracting talent, having a clear and recognizable brand can be a real advantage.
While a clear majority of human resource managers foresee that branding will grow in importance, few have any strategy for measuring the success of their own branding efforts. To get a sense of the effectiveness of your brand, there are several areas you can look at to evaluate your efforts.
1. Employee retention
Now there are a number of factors that can affect employee retention, but the strength of your brand is also a strong factor in whether your employees stay or not. Retention rate is something you can keep tabs on monthly or quarterly to see whether it is going up or down. If you have a good company brand, which allows you to attract the kind of people who are a good fit for your company, and where you operate with a clear mission, vision and a strong value system, you should have a healthy retention rate.
2. The cost for each hire you make.
Again, there are a number of factors which could influence this figure, but, here too, brand plays an important role. With a strong brand, your job advertisements should more accurately reflect the mission and vision of your company. Also, a strong brand should give you more word-of-mouth advertising. Both of these things should work to reduce your cost per hire.
3. Employee referrals.
This is another area that will allow you to measure the strength of your brand. Are your employees referring friends and colleagues for open positions at your company, or are you getting all your people through recruiting efforts?
If you have a strong brand, a culture that empowers and excites employees, they will be more likely to refer others for openings at the company.
4. Social media and press coverage.
This is another area where you can track the strength of your brand. How often is your company mentioned in the press and on social media sites. There are electronic aggregators you can use to keep track of this.
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