While financial results and sales data are more important than most other measures, increased brand recognition may indicate a return to efforts in breaking into a new market, providing a tangible indication of the potential of the growing business. Brand awareness built through social media is an excellent way to retain current customers, as well as tap into new markets, with people who may have otherwise never heard about a product. Not only can you purchase brand awareness through advertising, but companies can also interact with their existing base of customers, and via this base, expand their reach. Over the years, the industry behemoths have adopted ad and marketing strategies that increased brand recognition with consumers, which translated directly to higher sales. [Sources: 2, 4, 12]
Established brands can spend less on marketing, yet still, drive sales and grow consumer bases. This kind of marketing strategy does not need to cost a fortune, and it can humanize your brand. So does developing an effective corporate marketing strategy that fosters brand recognition and outreach. The aforementioned brand recognition strategies put your brand in front of people, getting them noticed. [Sources: 0, 7]
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Your marketing strategy can change from year to year, but having consistent brand messaging helps keep your company in front of the minds of your target markets as they compare products. Allowing your defined positioning to guide and inform your brand outreach strategy will maximize your advertising efforts and help you reach your company’s established goals. [Sources: 5, 13]
When you are marketing your products and services with a sense of personality, you cannot help but increase brand recognition, as your branding will shine right through. You get to showcase your products to a new audience, which greatly helps in increasing brand recognition. If a brand is yours, you will be able to increase business and dramatically improve the message in marketing. By promoting your brand successfully, you will enjoy many benefits. [Sources: 0, 7, 9, 14]
Having positive brand equity will help you grow your business more easily, both in your core markets and new markets. Positive brand equity can give you a significant edge when you are negotiating with suppliers, manufacturers, and distributors. Brand equity is all about building the bond between your business and your customers. It is also more than being able to recognize the company by its logo or tagline. [Sources: 0, 3, 10]
It has become crucial for the majority of people to at least hear of and recognize a certain brand because that could turn out to be a benefit for a business. If people are aware of your brand, then they may be able to get familiar and comfortable with it. Not just because people will not have to start at square-one to learn about your brand, as long as you are constantly in front of minds, but because they will be asking their peers. [Sources: 1, 9, 11]
Creating opportunities for your customers to connect with you throughout their journey, starting from the point of brand awareness, will improve your ability to reach the right person at the right time, creating a seamless experience with your brand. The benefits of building strong brand awareness will impact various layers of your organization, from marketing, to design, to customer experience. Whether you are looking to market a new product or reach a new audience, it is critical to know that brand awareness is about more than driving more traffic and engagement; it can generate sales, nurture new business opportunities, and uncover insights into the public that could reshape your marketing operations for the better. [Sources: 1, 7, 8]
Brand awareness and perception studies offer valuable competitive intelligence on the top competitors in your market, which you can use to determine areas in which your company is either doing a better job of branding than competitors or doing a worse job of branding. By monitoring trends from Brand Awareness Research over time, the business can easily spot potential problems developing in the brand reputation, as well as identify if they are investing in their Brand Awareness and brand development programs sufficiently to achieve the goals they have established through those initiatives.
An effective means to measure these impacts is through a periodic Brand Awareness Survey, which gathers information about the identifying vertical, and allows the effects of brand awareness campaigns to be tracked across — and within — the vertical over time. Knowing which customer segments are likely to be already aware of your brand and/or products because awareness is concentrated within specific customer segments also helps you identify the most efficient allocation of sales resources for taking advantage of targeted customer awareness. [Sources: 6]
Based on the data resulting from an unaided recall study, marketing departments can figure out if the important thing is focusing on getting your name out in front of new customers, or improving the image of those already familiar with your brand. Aided recall studies ask customers about their thoughts, awareness, or associations specifically about a particular brand. [Sources: 12]
The premise of re-marketing campaigns is that you can easily increase your awareness with the people who have heard of your brand before. With a good marketing campaign focused around your brand and business model, you are going to more efficiently target your target audience and get them feeling connected and empowered with your brand. Multi-level marketing is extremely powerful as you want your brand/service to be anywhere that your customers are, so using methods of brand awareness to reinforce the purchase of other media outlets can be tremendously helpful. [Sources: 5, 7, 12]
Follow these tactics for your brand, and you will end up with a loyal audience who recognizes your brand from competitors, picks up your products over and over, and tells their friends and family to do the same. While it might be true that if you build it, they will come might not be especially applicable for your company, your customers will come if you adopt a strategic, all-channel marketing approach that emphasizes brand recognition. [Sources: 8, 14]
Strong brands build customer loyalty, and customer loyalty equals more sales. Building lasting relationships helps your brand to flourish in a highly competitive world. You will also find that having positive brand equity means that you will have an edge when negotiating with investors looking to invest money into your company. [Sources: 7, 10]
Sources:
[0]: https://www.ringcentral.com/gb/en/blog/definitions/brand-recognition/
[1]: https://blog.taboola.com/importance-of-brand-awareness/
[2]: https://smallbusiness.chron.com/importance-brand-awareness-45853.html
[3]: https://www.thehartford.com/business-insurance/strategy/brand-equity/advantages-strong-brand-equity
[4]: https://www.investopedia.com/terms/b/brandawareness.asp
[5]: https://baerpm.com/2017/06/28/importance-brand-awareness/
[6]: https://openviewpartners.com/blog/brand-awareness-research-5-business-benefits/
[7]: https://brand24.com/blog/8-marketing-tactics-to-build-brand-awareness/
[8]: https://www.adroll.com/blog/why-brand-awareness-matters
[9]: https://www.askattest.com/blog/articles/the-importance-of-brand-awareness
[10]: https://www.fuseboxone.com/blog/top-advantages-of-a-strong-brand-equity
[11]: https://www.marketing91.com/brand-awareness/
[12]: https://www.linkedin.com/pulse/top-5-benefits-increased-brand-awareness-steve-harding-bsocsc-mmsm
[13]: https://medium.com/@AntoineWoodsJr/benefits-of-brand-awareness-campaigns-de0f35059ff4
