What is Brand awareness and why is it important for your business
Importance of brand awareness
Brand awareness is putting your brand in the eyes of the customer. It is an essential step in your marketing strategy. However, it doesn’t generate any revenue directly, but it increases you sales in the long run. Whatever the size of your company might be, brand awareness is necessary for you. It helps the customer identify an option they did not know they had and builds a certain amount of trust. Brand awareness is the only way to bring new customers to your business. When you place your name and logo in certain places, it leaves an effect on peoples’ subconscious mind and even if they do not remember looking at your product they will know that your business is trustworthy.
If you look at our current telecom industry you will notice them sponsoring local retailer for their name boards in exchange of putting their brand name alongside it. Or, small houses painted with their brand names. When you see red white and yellow clown your mind automatically thinks about Mcdonalds. Putting your brand out there in an eye catching and classy way has nothing but advantages, it gives the customer something to relate with. Brand awareness has the ability to drive your brands’ narrative and without it there is no brand recognition.
Brand awareness is not something that can be quantified unlike other factors of marketing, but it can give your business an advantage in many ways. After doing some creative brand awareness you should expect some of the following thing:
Brand familiarity and trust
The more the market is aware of your brand the more likely it is to bring customers to you. When people know what your business provides, how it works, your values and your expertise the more trust they have for your business. It is the first step towards building a loyal customer.
When you promote your brand correctly you also differentiate how it is better from your competitors. Positioning it correctly leaves a brand identity in the minds of the customers and eventually leads in increased sales.
Market penetration and securing position
Establishing a strong sense of brand awareness helps you to tap your niche. The only way to access your niche is through brand awareness, since it is a small portion of the market, they are picky in nature, and brand awareness slowly opens their minds towards your business. Once acquired a position in the market, even if it is a niche puts an entrance barrier for your competitors.
You might wonder how a small business like yours creates brand awareness. Remember, every business is small in the beginning and it is brand awareness that helps it grow. Growth rate depends on how you create brand awareness, how much do you invest in it, what medium do you use or what quality of service/product do you provide. These factors varies from business to business but here are some ways through which your start-up can easily generate brand awareness.
Word of mouth is the best way to gain a new prospects trust. When someone you know recommends you something you surely give it a try. An easy way to boost word of mouth is to start referral programs. Give incentives (coupons and discounts) to your existing clientele for referring your business to their friends and family. Not only will it generate more sales at low cost, it will bring people towards your brand who didn’t know you existed.
Influencing the customer will result in great brand recognition. Using the social media influencers to use your brand is a great way to get your brand known amongst their following. Deliver your best product to them for free in exchange of them sharing it with their following and leave the rest to time.
Social media giveaways are also very effective to create more following on your channels/pages. Arrange a small contest on social media and give one of your product as the winning prize. This process will make a lasting impression in the minds of the customers but if you want to go a step further you can make it a voting contest so the contestants have to share your link with their family and friends.
Ad boosting can be done on various social media platforms by paying them to boost your content. The key is to boost the content that is most attractive and eye catching. The reach of these ads is very large while the payments are low. This is why most of the local businesses are turning towards social media marketing.
Merchandise. Who doesn’t want free stuff? Print some T-shirts, mugs, pens etc. and give them away for free. It is an easy way to get your brand name out in the market and be seen.
These nifty ways will help you establish a name in the market but be careful not to put content out there with low production value or it will have a negative impact. Since the customers today are very cautious and do a lot of research before stepping into the market, it is essential that your content is eye appealing for your target market. Walter Holding is more than capable to make a strategy for your business which will not only gain new customers for you but also leave a long term brand identity in their minds. Connect with Walter Holding today for premium management consultancy in the fields of HR, Marketing, Technology and Training. Looking forward to partnering with you soon.