Your brand awareness is a win-win situation if your target audience recognizes your brand wherever you go. Although it might seem vague, building brand awareness early in a company’s life is crucial. Although it may not be an indicator of success, it is a key metric.
How does marketing strategy work?
Your brand awareness is the level of familiarity your target audience has with your brand and its products. A brand with high brand awareness is often popular or trendy.
Recognizing a brand’s identity is crucial for a customer to make a purchase decision. When a customer is familiar with the brand and the product category, they will make a purchase.
However, brand awareness does not mean that customers must remember the brand’s name. Customers must recognize the unique features that set the product apart among products within the same category. Color can increase brand recognition by up to 80%, as we have seen.
We know that the name of “Nike” is what we think when we hear the phrase “Just do it”. When we think about “Coca Cola”, we mean soft drinks. This is brand awareness. This is how you see yourself and what your business and marketing goals have been. Every marketer wants to ensure that their brand remains in the forefront of minds.
What is the importance of Brand Awareness in your Marketing Strategy?
There are some key factors that can explain the importance of Brand Awareness is your Marketing Strategy, they are:
Factor | Description |
Trust Factor | The trust factor is key to a customer’s decision to purchase a product or service. If a customer trusts your brand and makes a connection with you, it is more likely that they will return to purchase from you again. The gap between customer loyalty and brand trust can be closed by branding awareness. This gives customers a sense of familiarity with your brand. |
Association | The brand is associated with actions by Brand Awareness. Google can be used as a search engine, but there are many others in the same area. However, when someone asks you to search for a query, you say “Google it”. The brand name has replaced common words due to Brand Awareness. You may not have realized it, but you were “Xeroxing” rather than making ‘copies”. |
Customers’ experience | Your customers’ experience determines the value of your brand. Positive experiences lead to positive perception, which in turn leads to higher brand values. Positive customer experiences can be made possible by brand awareness. Customers will start to recognize and purchase from brands. This builds trust between the brand and customers. It creates a positive experience for customers and ultimately builds brand equity. |
Different types of brand awareness in marketing strategies
Recall Brands:
This is a measure of a customer’s recall ability for a particular brand and a specific product category. This indicates that there is a strong connection between the brand name and product category. Three to seven brand names are common for customers.
Recalling a brand’s name relative to a particular product category is dependent on brand loyalty and usage. Think of toothpaste as a brand you use frequently.
Reputation for your brand:
Customers can easily distinguish between two brands by this. Customers should remember the brand when thinking of the products they sell. They should also be able to identify the product/product category you mention when they are mentioned by your brand.
The brand logo, slogan, and packaging can all help to establish Brand Recognition. High brand recognition means that you are reaching your target market.
Top-of-mind Awareness:
It is known as Top-of-mind Awareness when a customer asks a question about a product and their first recall of your brand is the answer.
It is the most well-known and easily recalled brand. It is possible to recall multiple brand names within a product category. However, this is due to the tough competition. Top-of-mind awareness has a significant impact on purchasing decisions. This factor can influence customers’ decisions when they have several brands to choose from.
The Brand Dominance
It is a sign of brand dominance when a customer can only recall one brand in a particular product category. Coca-Cola is the most common soft drink. The product’s brand name can be used as a synonym.
A brand becomes a household name when a huge customer base is able to remember one brand of a product. This is a sign of the company’s success and its dominance over the market.
Competitive Benchmarking: How to Position Your Brand Awareness
Process Benchmarking:
You need to be able to identify opportunities for improvement and understand your current process. This helps to better understand your company’s internal processes. This allows you to see how other businesses do their business. You can then learn how to make your processes more efficient.
Strategic Benchmarking
It is important to improve the marketing strategies that a company adopts. It helps to compare strategies against competitors and understand which business is more successful. This helps to understand the strategies that successful companies use in order to be at the top of their market.
Performance benchmarking
This benchmark shows that a marketer is concerned about performance and outcomes. These outcomes can be the whole team’s performance, or just the individual performance.
As a marketing strategy, track brand awareness
Recall of Unaided Brands:
This test involves a questionnaire that customers fill out with information about a specific product category. To test how well your brand can be identified by others, customers are required to choose brands. Customers are not given any clues.
You can now calculate your brand recall after the survey.
Recall of brands = Total number total number of correctly identified respondents/ Total no. Number of respondents who identified correctly/ Total no.
The Aided Recall test:
The survey asks customers to recall a brand’s name, and then they are asked whether or not they have heard of the brand. They may be asked what information they have about the brand and its visual characteristics. This test is used to determine the brand’s recognition.
Site Traffic
This is the number of people who are searching directly for your site. This tells you how successful your marketing campaigns are in getting users to your site.
Site traffic tells you how many people visit your site and what content they are reading. This shows the time that they spend on your site.