Elevate Your 2024 Growth Strategy

WRITTEN BY: CHARU SUBRAMANIAN

14 KPIs to guide 2024 planning

As you and your team begin planning for the growth and success of your company, brand, and products in 2024, it’s essential to consider a variety of measurements and key performance indicators (KPIs) to track progress and make informed decisions. Here are 14 brand and marketing measurements we recommend for you to build a 2024 strategy focused on enabling your business:

7 KEY BRAND KPIs

1. Brand Awareness: Use online survey tools to gauge how well the general population and your target audience recognizes and remembers your brand.
   1. Brand Sentiment Analysis: Use sentiment analysis tools to understand the overall sentiment (positive, negative, neutral) associated with your brand online.
   2. Competitor Benchmarking: Compare your brand awareness metrics to those of your competitors to identify areas for improvement.
      
2. Consumer Surveys: Bi-annually survey your customer base (and potential consumers) to assess how well they recognize and perceive your brand.
   1. Competitive Analysis: Assess your customers and potential consumers’ perception of your competitors’ strategies and performance to identify opportunities and threats.
      
3. Focus Groups: Connect and talk to your customer base (and potential consumers) to receive real time feedback on your products, marketing and other efforts.
   
4. Design Thinking workshops: Develop innovative and consumer-centric products and solutions that address challenges and deliver value to both your business and your customers.
   
5. Trend Monitoring: Stay updated on industry and consumer trends to align your brand messaging with current interests and preferences.
   
6. Social Media Engagement: Monitor likes, shares, comments, and mentions on social media platforms to gauge how effectively your brand is engaging with the audience.
   
7. Market Share: Monitor your share of the market in your industry or niche. Increasing market share can be a strong indicator of brand growth.

7 KEY MARKETING KPIs

1. Digital Marketing Metrics: Monitor the performance of digital marketing efforts, including click-through rates (CTR), conversion rates, and return on investment (ROI).

2. Conversion Rate (CVR):  Measure how effectively you convert website visitors, leads, or prospects into paying customers. Optimize your sales funnel based on these metrics.
3. Customer Satisfaction (CSAT): Measure how satisfied customers are with your products, services, and overall brand experience. Conduct regular surveys to gather feedback and make improvements.

4. Net Promoter Score (NPS): Assess customer loyalty and willingness to recommend your brand to others. A high NPS often correlates with brand growth.

5. Customer Churn Rate (CCR): Track how many customers you’re losing over a set period of time. This is critical especially if you have a subscription model for your products. Reducing churn is often more cost-effective than acquiring new customers.

6. Customer Lifetime Value (LTV):Understand the long-term value of a customer to your business. This can help guide marketing and customer retention efforts.

7. Customer Acquisition Cost (CAC): Calculate how much it costs to acquire a new customer. Aim to lower this cost while maintaining or increasing customer quality.

By incorporating these measurements into your planning for 2024, you can create a well-rounded marketing and product strategy that not only focuses on growth but also takes into account consumer satisfaction and retention, contributing to long-term success. 

Feel free to get in touch with us so that we can assist you in pinpointing the methodologies and measurements that would provide the most significant benefits for your brand and business.