The data-driven difference between successful and unsuccessful brands
There are countless articles out there that talk about the characteristics of successful brands. However, what makes a brand successful is not always clear-cut. In fact, there are many factors that contribute to a brand’s success or failure. But what if we could break it down to the most important factors? Using data from various sources, I will compare and contrast successful and unsuccessful brands in order to get to the bottom of what makes them different. Spoiler alert: it’s all about data!
1. Social media followers
One of the most important indicators of success for a brand is its social media following. After all, social media is one of the most powerful marketing tools available today. And it’s not hard to see why: according to Statista, there are 4.5 billion active social media users in the world as of 2022. That’s a lot of potential customers for many digital marketing services!
Unsuccessful brands tend to have fewer social media followers than successful brands. This is likely because they don’t invest as much time and resources into their social media presence. As a result, their reach is limited and they miss out on opportunities to connect with potential customers.
2. Website traffic
Another important indicator of success is website traffic. After all, if no one is visiting your website, it’s unlikely that they’ll be doing business with you. Successful brands tend to have more website traffic than unsuccessful brands. According to the Texas Digital Marketing Agency, this is likely because they invest in marketing and SEO strategies that drive traffic to their site. They also make sure their website is user-friendly and optimized for conversions.
3.. Conversion rate
The conversion rate is the percentage of visitors to your website who take a desired action, such as making a purchase or signing up for a newsletter. A high conversion rate is an indicator of success because it means that your website is effective at converting visitors into customers. A leading SEO agency shared that unsuccessful brands tend to have lower conversion rates than successful brands. This is likely because they don’t invest in conversion rate optimisation (CRO) strategies. As a result, their website is less effective at converting visitors into customers.
4. Customer retention rate
The customer retention rate is the percentage of customers who continue to do business with you after their first purchase. A high customer retention rate is an indicator of success because it means that your customers are satisfied with your products or services and are likely to continue doing business with you in the future. Unsuccessful brands tend to have lower customer retention rates than successful brands. This is likely because they don’t invest in customer retention strategies, such as loyalty programs and post-purchase emails. As a result, their customers are less likely to stick around.
5. Revenue growth
Revenue growth is the year-over-year percentage increase in a brand’s revenue. A high revenue growth rate is an indicator of success because it means that the brand is growing and attracting new customers. Unsuccessful brands tend to have lower revenue growth rates than successful brands. This is likely because they don’t invest in marketing and sales strategies that generate new revenue. As a result, their brand stagnates and fails to attract new customers.
So, there you have it: the data-driven difference between successful and unsuccessful brands. If you want your brand to be successful, make sure you invest in social media, website traffic, conversion rate, customer retention, and revenue growth. With the right strategies in place, you’ll be well on your way to success!