David Patrick, CMO for Westlake Ace Hardware, has asked my firm to recommend a set of key metrics to evaluate progress on building the Westlake brand. What 3-4 customer measures would you recommend he focus his management and his organization on over the next 18 months to two years? What 3-4 performance measures? How would you factor in the geographical differences, does he need measures for individual markets?
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I would include the following:
1) Net Promoter Score
2) Circumstances in which customers choose Westlake Ace. What are the top jobs customers "hire" the Westlake Ace brand to solve? (Broken out by percentage)
3) The top alternative brand choices and likelihood consumers shop at those stores. Try to hone in on the jobs in which customers "hire" the other brands to solve.
4) Research which performance dimensions need to be "good enough" and which performance dimensions can be increased well above competitors.
Let's start with geographical differences... as Kansas City is oversaturated with Westlake Ace Hardware's, other Ace retailers, and big box retailers, it is important to look at the competitve set in the area. It is also important to look at the weather differences among the markets. As per our speaker, the weather, snow storms in particular, can greatly affect the business of Westlake Ace.
The most important measure to look at is who are the 20% of your cusotmers who contribute 80% of your sales? Other than that I'd look at 2) brand evaluations/attitudes, 3) customer retention and 4) attachment/loyalty.
Performance measures I would look at include, 1)sales 2) market share 3) profitability 4) pricing (not pass along)
I would look at:
1. how their customers evaluate the company and their brand. Where is the brand in the minds of those consumers?
2. Who is the next closest alternative and why would consumers choose that alternative over their stores?
3. Are they making money? How far ahead of or behind their competitors are they?
4. What are their goals for the future?
Nice writeup.Brand Harvest offers complete brand management to the organization. It helps us integrate the brand across all the critical customer facing verticals within the organization.
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