A classic brand funnel would measure awareness, familiar, consider, purchase, repeat and loyal. They tell you where you are now, and when analyzed with intelligence, they can provide hints as to where you can go next.
Brand Funnels can help you determine where your brand sits on the Brand Love Curve. I created the brand love curve, which outlines how consumers move through five stages: unknown, indifferent, like it, love it, and onto the beloved brand status.
Indifferent brands have very skinny brand funnels with low awareness, low purchase and negligible repeat and loyalty. Brands that are liked but not loved, have high awareness and sales, without an emotional connection, they almost have no loyalty.
And finally, at the beloved brands had the most robust brand funnels, with strong awareness, purchase, repeat and loyalty scores.
At the very least, you should be measuring Awareness, Purchase and Loyalty rates. While sales, share and profits are the obvious measurements of a brand, they are easy to see but are the end result.
How to analyze your brand using Brand Funnels
Every brand should understand the details of their Brand Funnel, knowing what is causing any strength, weakness, changes versus last year or gaps versus competitors. A classic brand funnel should measure awareness, familiar, consider, purchase, repeat and loyal. At the very least, you should be measuring awareness, purchase and repeat. It is not just about driving particular numbers on the funnel, but moving consumers from one stage of the funnel to the next.
The first thing to do is look at the absolute brand funnel scores (A), comparing them to last year, to competitors or versus category norms. Then look at the brand funnel ratios (B), finding the percent your brand is able to convert from one stage of the funnel to the next. To create the ratios, divide the absolute number by the number above it on the funnel. In the example, take the familiar score of 87% and divide it by the awareness score of 93% to determine the conversion ratio of 91%. That means 91% of those who are aware become familiar.
Breaking down the Brand Funnel ratios
The brand funnel becomes more powerful when you start looking at the ratios.
The first thing to do is lay out the ratios scores (C) of your brand versus your nearest competitor. Then, find ratio gaps (D) by subtracting the competitor’s ratio scores from your brand’s ratio scores. In the example, the first ratio moving from aware to familiar would create a -7% ratio gap (91% – 97%) which means your brand trails your competitor by 7%. You will start to see where your ratio will either be stronger or weaker than the comparison brand. Finally, you should start analyzing the difference (E) between the two brands and tell a strategic story to explain each gap. Looking at the example, you can see Gray’s and Dad’s have similar scores at the top part of the funnel, but Gray’s starts to show real weakness (-23% and -51% gap) as it moves to repeat and loyalty. This creates a gap you need to fix through your Brand Plan.
Putting meaning to the Brand Funnel results
The brand funnel data explains where your brand sits on the Brand Love Curve. Indifferent brands have skinny funnels throughout. Your plan for indifferent brands should fuel awareness and consideration to kick-start the funnel. For Like It brands, the brand funnels are solid at the top but quickly narrow at the purchase stage. These brands need tools to close potential leaks and trigger consumers at the purchase moment. Love It stage brands have a fairly robust funnel, but may have a smaller leak at loyal. The plan should continue to feed the love and turn repeat into a routine. The most beloved brands have robust brand funnels. These brands should continuously track their funnel and attack weakness before exploited by competitors.
How tightly connected is your consumer to your brand?
Consumer strategy has to work to tighten the bond with consumers and establish a core group of brand lovers. Where the brand sits on the Brand Love Curve can really impact the strategic focus for the brand. All brands start at the Unknown stage, before they are launched. Brands at the Indifferent stage act like commodity products without any connection to consumers, They have little awareness. Consumers see them as basic products and have no real opinion about these brands. Brands at the Like It stage have carved out a rational point of difference in the consumers mind to help generate solid aided awareness but they are yet to translate that product success into a consumer routine. Brands that reach the Love It stage are very successful brands with strong awareness, market share and repeat purchase. They have generated an emotional bond with a select target that has led to a growing base of brand fans. Finally, at the Beloved stage, the brand becomes iconic and highly regarded by consumers. Consumers become brand lovers, similar in feelings to what we see with fans of sports teams or celebrities. They are outspoken, possessive and will defend the brand at any point.
Use brand funnels to track and manage the health of your brand
To read more about how the love for a brand creates more power and profits:
To learn more about this type of thinking, you should explore my new book, Beloved Brands.
With Beloved Brands, you will learn everything you need to know so you can build a brand that your consumers will love.
You will learn how to think strategically, define your brand with a positioning statement and a brand idea, write a brand plan everyone can follow, inspire smart and creative marketing execution and analyze the performance of your brand through a deep-dive business review.
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Beloved Brands: Who are we?
At Beloved Brands, our purpose is to help brands find a new pathway to growth. We believe that the more love your brand can generate with your most cherished consumers, the more power, growth, and profitability you will realize in the future.
We think the best solutions are likely inside you already, but struggle to come out. Our unique playbook tools are the backbone of our workshops. We bring our challenging voice to help you make decisions and refine every potential idea.
We start by defining a brand positioning statement, outlining the desired target, consumer benefits and support points the brand will stand behind. And then, we build a brand idea that is simple and unique enough to stand out in the clutter of the market, motivating enough to get consumers to engage, buy and build a loyal following with your brand.
We will help you write a strategic brand plan for the future, to get everyone in your organization to follow. It starts with an inspiring vision that pushes your team to imagine a brighter future. We use our strategic thinking tools to help you make strategic choices on where to allocate your brand’s limited resources.
Our brand playbook methodology will challenge you to unlock future growth for your brand
- Our deep-dive assessment process will give you the knowledge of the issues facing your brand, so you can build a smart plan to unleash future growth.
- Find a winning brand positioning statement that motivates consumers to buy, and gives you a competitive advantage to drive future growth.
- Create a brand idea to capture the minds and hearts of consumers, while inspiring and focusing your team to deliver greatness on the brand’s behalf.
- Build a brand plan to help you make smart focused decisions, so you can organize, steer, and inspire your team towards higher growth.
- Advise on advertising, to find creative that drives branded breakthrough and use a motivating messaging to set up long-term brand growth.
- Our brand training program will make your brand leaders smarter, so you have added confidence in their performance to drive brand growth.
To learn more about our coaching, click on this link: Beloved Brands Strategic Coaching
To learn more about our training programs, click on this link: Beloved Brands Training
If you need our help, email me at firstname.lastname@example.org or call me at 416 885 3911
You have my personal promise to help you solve your brand building challenges. I will give you new thinking, so you can unlock future growth for your brand.