How To Measure the Success of Your Challenger Brand
Measuring the success of a Challenger Brand goes beyond profit and market dominance. A truly impactful Challenger Brand understands the importance of balancing financial growth with the betterment of society. Let’s explore some key indicators to assess success through a balanced approach.
1. Drive Profitability
Why it’s Not the Only Important Factor: While profitability remains crucial for sustaining a for-profit business, a Challenger Brand recognizes that it’s not solely about maximizing profits. It is about generating returns while responsibly benefiting all stakeholders — customers, employees, society, and the environment.
2. Challenge Market Share
Why it’s Important: Increasing market share signifies successful disruption and industry traction.
How to Measure: Monitor your market share compared to competitors, track changes in market share over time, and analyze customer surveys and feedback to gauge brand recognition and market penetration.
3. Measure Social Impact
Why it’s Important: A successful Challenger Brand is driven by a purpose beyond profit, striving to make a positive difference in the world and ongoing measurement keeps this in perspective.
How to Measure: Quantitatively evaluate your impact on society over time, particularly in relation to your mission. This could include factors such as the number of lives positively impacted, contributions to community development, or advancements in social causes aligned with your brand’s mission.
Certifications: There are numerous certifications available including B Corporation and IRIS+ for organizations to formally measure their social impact and certify by maintaining high standards.
4. Measure Environmental Impact
Why it’s Important: Tracking and reporting environmental metrics transparently demonstrates your commitment to environmental stewardship.
How to Measure: Establish metrics to measure your progress in reducing greenhouse gas emissions, minimizing waste generation, conserving resources, and adopting sustainable practices. For example, monitor the reduction of water or energy consumption, calculate the amount of waste diverted from landfills through recycling initiatives or assess the carbon footprint of your supply chain.
Certifications: There are numerous certifications available including B Corporation, Green Business and Green Seal for organizations to formally measure their environmental impact and certify by maintaining high standards.
5. Measure Diversity, Equity & Inclusion
Why it’s Important: To ensure that your organization fosters a diverse and inclusive workplace, promoting equality and giving equal opportunities to all.
How to Measure: Set quantitative targets for key metrics like pay equality, diversity organization-wide and diversity of leadership and transparently share them as you work to improve.
Certifications: There are numerous certifications to consider including the EDGE Certification, DEI Workplace Certification and Target Gender Equality Program.
6. Innovation Index
Measure your brand’s innovation capabilities and outcomes.
Why it’s Important: Assess your ability to disrupt existing norms and drive industry advancements through innovative solutions.
How to Measure: Track the number of new products, services, or processes developed, as well as the success rate of these innovations in the market using revenue and customer feedback as measures.
7. Customer Loyalty
Why it’s Important: Fostering strong customer loyalty is a hallmark of a successful Challenger Brand.
How to Measure: Conduct surveys to assess customer satisfaction and loyalty, track customer referrals or testimonials, measure the frequency and value of customer purchases.
8. Prioritize Employee Satisfaction
Why it’s Important: A thriving Challenger Brand prioritizes the well-being and satisfaction of its employees. When employees feel valued and aligned with the brand’s mission, they contribute their best work and become ambassadors for the brand’s vision.
How to Measure: Measure employee engagement levels, track turnover and retention rates, assess employee feedback and satisfaction through surveys, informal or formal. These asks should always include an opportunity for the employee to share feedback to drive improvement and when received, be taken incredibly seriously.
9. Thought Leadership and Industry Influence
Why it’s Important: Evaluate your brand’s thought leadership and influence within your industry. Thought leadership can contribute to shaping industry conversations and positioning your brand as a trusted voice for change.
How to Measure: Track metrics such as speaking engagements, media mentions, partnerships, and collaborations to gauge the level of recognition and authority your brand commands.
10. Monitor Unintended Consequences
Why it’s Important: A responsible Challenger Brand acknowledges that every action can have unintended consequences. It’s essential to remain vigilant and actively monitor the effects of your brand’s initiatives, ensuring they align with your values and avoid unintended negative impacts. Regularly evaluate the outcomes and make necessary adjustments to maintain the integrity and positive influence of your brand.
How to Measure: Implement feedback channels, conduct impact assessments for new initiatives and closely monitor social, diversity and environmental metrics to identify any negative trends or unintended effects.
By taking a balanced approach to measuring success as a Challenger Brand, you can ensure that your growth and influence align with your core values and societal impact. Embrace a holistic perspective that views profit as only one part of your success and strive to be a force for positive change as you navigate the path of a Challenger Brand.