Brand awareness refers to people’s ability to recall and recognize your business. Investopedia defines it as the “extent to which consumers are familiar with the distinctive qualities or image of a particular brand of goods or services.”
A brand does not exist within a company or organization. A brand exists in the minds of your customers. A brand is the sum total of impressions a customer has, based on every interaction they have had with you or your company, . Regardless of whether you’re a B2B or B2C brand, a small or large business, an emerging competitor or a long-standing organization, you must maintain your audience. 72% of marketers think branded content is more effective than advertising in a magazine.
It will be no surprise to learn that brand awareness lies at the top of the marketing funnel. Brand-awareness campaigns cast a wide net. They let many people know about what you have to offer, and nurture those who are most interested in it.
Some benefits of brand awareness include;
- Increased customer loyalty
Brand loyalty is a good measure for managers to use when trying to predict brand performance outcomes. It also highlights the importance of marketing communication when trying to promote a certain product that’s not doing as well as other succeeding products. Marketers are able to look at the patterns of brand loyalty and pick out characteristics that make that product thrive. True brand loyalty occurs when consumers are willing to pay higher prices for a certain brand and go out of their way for the brand, or think highly of it.
- Increased word of mouth marketing
Word of mouth marketing is still the most powerful marketing tool for most businesses. People tend to trust the recommendation of family and friends, a study conducted few years earlier found that 92% of people trust recommendation including stranger.
- Your brand is top-of-mind
Top–of-mind awareness refers to a brand or specific product being first in customers’ minds when thinking of a particular industry or category. The first brand that comes to mind when a customer is asked an unprompted question about a category. The percentage of customers for whom a given brand is top of mind can be measured. A strong brand name helps to keep your company in the minds of your potential customers. If a customer is happy with your products or services, a solid brand identity helps to build customer loyalty across your business. People like to be associated with “good” brands.
- Building your brand equity
Building a successful brand requires using creative marketing and branding strategies to create strong brand equity. A brand can only achieve success if it can connect with consumers and effectively communicate its unique qualities and create positive impression in the minds of consumers. However, products or service cannot generate brand equity on their own this requires marketers to develop creative efforts.
- Increased sales, and so many more.
Every company wants to increase sales. Unfortunately, many people wrongly believe that selling more always entails working longer hours. Nothing could be further from the truth, increasing your brand awareness is very effective and yield better outcome if done the right way