Brand Awareness - Explained
What is Brand Awareness?
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Table of ContentsWhat is Brand Awareness?How does Brand Awareness Work? Special considerations on brand awarenessOther ways to create Brand AwarenessAcademic Research on Brand Awareness
What is Brand Awareness?
Brand awareness is a term used in marketing that measures how well a consumer identifies a product by its mere name. Marketers use the strategy of brand awareness at the time of promoting an exclusive product, or reworking on an already developed brand. Brand awareness helps in promoting the unique qualities of a product, thereby making it stand out from its competitors.
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How does Brand Awareness Work?
If a product or service is able to create more brand awareness, it will be converted into more sales and revenues for the company. A customer would like to buy a product or service that he or she is aware of rather than the unknown one. Lets take an example of soft drink sector. We all are familiar with giant brand names, Coca-Cola and Pepsi, who used the brand awareness strategy to distinguish their product from others. Had they not created brand awareness, they wont have been able to be recognized uniquely in the market. They have used several advertising and marketing techniques for promoting their brand among customers, and ultimately, enhancing their sales. If the strong firms are able to generate more brand awareness, then it can act as a barrier for other competitors to gain a higher market share.
Special considerations on brand awareness
As per the 2019 statistics, people spend almost 43 minutes of Facebook, 28 minutes on Snapchat, and 27 minutes on Instagram on a daily basis. Hence, several organizations have started using these social media platforms to promote brand awareness among customers. This has further resulted in formulating new promotion methods where customers discuss about a specific product or service that they recently used. However, customers tend to share negative reviews about products and services, and this somehow gives a reality check to marketers. They have made it a norm to address negative feedback of customers, and provide them immediate solutions so as to increase customer satisfaction. The more the customers engage on social media and talk more about products, the higher the brand awareness will be. For having effective results, the company must ensure that the customers can be directed to its official website from the social media platform in use.
Other ways to create Brand Awareness
Print media is not as strong as before, but then there are customers who still prefer reading newspapers and magazines. If companies get more strategic in positioning advertisements based on the customer segment, place, etc., it can help in captivating the attention of customers, and result in raising brand awareness. For instance, a brand new organization that is planning to trade on the foreign exchange can place an advertisement in a magazine that covers topics related to international trade, investments, and currencies so as to make investors more brand aware.
Academic Research on Brand Awareness
- Strategic responses used by Equity Bank to compete in the Kenyan banking industry, Abishua, D. A. (2010). Strategic responses used by Equity Bank to compete in the Kenyan banking industry.Available at SSRN 1708555. The banking industry has experienced a rapid growth in terms of profits, deposits, revenues during the Kibakis era. This trend has triggered a lot of competition in the banking industry. Equity Bank has managed to weather this competition to stand out as one of the most successful Kenyan businesses today. This paper analyzes the strategies that are being used by Equity Bank to compete in the Kenyan banking industry. To achieve this objective, the study intended to use structured questionnaires; the target respondents were the senior employees of Equity Bank but the target respondents were not accessible. The researcher resorted to using secondary data for the study instead. The data was analyzed using both descriptive and inferential statistical analyses. The study found that Equity Bank uses the following strategies to respond to competition in the banking industry: product offering diversification, branch and regional expansion, relationship marketing, financing, customer-care, innovation, and information technology strategies. The study found Equity Bank to be a very adaptive bank with a versatile reactionary mechanism to exploit any emerging gaps in the banking industry. The bank has been able to create new markets in uncontested areas like hair salons, millet growing (for brewing) and dairy industry, so its competition strategies are heavily bent on using blue ocean strategies. The study therefore concludes that Equity Bank has managed to build competitive advantages that can be exploited to sustain and further its growth. Historically Equity Bank strategy was focused on the low end market segment however the bank has created now infrastructure and organizational structures and has included SMEs and corporate banking in its evolving strategy. The Equity Bank case study is relevant to people studying the following topics: Business in Kenya, bank pricing, marketing, micro-finance, bank business model, and strategy.
- Does the Image of Indonesian Contemporary Artists Matter? A Theoretical Review on Personal Diversity, Brand Image, Market Acceptance & Market Opportunity, Anantadjaya, S. P., Nawangwulan, I. M., Kusumah, A., Setio, Y., & Kartika, C. (2015). Does the Image of Indonesian Contemporary Artists Matter? A Theoretical Review on Personal Diversity, Brand Image, Market Acceptance & Market Opportunity.Independent Journal of Management & Production,6(2), 378-422. The issue surrounding brand image is always fascinating to ponder. This is true not only for products/services, but also for organizations and individuals. Like it or not, individuals are prone toward creating brand image to excel in life. From the understanding on products/services, personal marketing for artists are deemed necessary. Following the study on personal brand image, it is fascinating to evaluate the likelihood of impact toward public/market acceptance, and whether the level of public/market acceptance influences the level of market opportunity for those artists. Hence, it is expected that the relationships are adequately robust.
- Brand Equity: Review of Indian Companies, Kapil, K. (2009). Brand Equity: Review of Indian Companies.From the Desk of Editor..,2(1), 30. Brands provide the primary points of differentiation between competitive offerings, and as such they can be critical to the success of companies. An attempt to define the relationship between customers and brands produced the term brand equity in the marketing literature. The concept of brand equity has been debated both in the accounting and marketing literatures, and has highlighted the importance of having a long-term focus within brand management. With the outburst of waves of mergers and acquisitions in the 1980s brand equitys importance skyrocketed. The aim of this paper is to see how the Indian companies have come of age in branding and what efforts they have made to determine their brand values. How their brand valuations have grown over the years and where they do stand compared to the worlds best firms. This paper concludes that there is still a lot of work to be done by Indian companies to take advantage of their intangible assets such as brand equity to prove their competitiveness globally
- Does the image of Indonesian contemporary artists matter? A theoretical review on brand image, acceptance & market opportunity, Anantadjaya, S. P., Nawangwulan, I. M., Kusumah, A., Setio, Y. B., & Koswara, C. K. (2015). Does the image of Indonesian contemporary artists matter? A theoretical review on brand image, acceptance & market opportunity.Independent Journal of Management & Production,6(2), 378-421. The issue surrounding brand image is always fascinating to ponder. This is true not only for products/services, but also for organizations and individuals. Like it or not, individuals are prone toward creating brand image to excel in life. From the understanding on products/services, personal marketing for artists are deemed necessary. Following the study on personal brand image, it is fascinating to evaluate the likelihood of impact toward public/market acceptance, and whether the level of public/market acceptance influences the level of market opportunity for those artists. Hence, it is expected that the relationships are adequately robust.
- Loyalty Points on the Blockchain , Agrawal, D., Natalia, N., Gopalakrishnan, G., Guzman, M. N., McDonald, M., & Kim, H. (2018). Loyalty Points on the Blockchain.Available at SSRN 3246395. Although some organizations are contemplating the potential impact of blockchain technology in todays economy, blockchain, itself, is quickly emerging to be a disruptive force. This is especially true in the circumstance of loyalty programs. Blockchain is a public, digital, and distributed database solution providing decentralized management of transactional data. This technology is transforming society in ways that were previously unimaginable. Whether it be the way individuals use their phones, cars, or the healthcare system, blockchain is applicable for a variety of economic sectors and transactions. Although many may argue that blockchain is in its early development stage, it still possesses the power to revolutionize industries and consumer habits at a global scale. Through implementation of blockchain for loyalty networks, companies eliminate the limitations and inefficiencies while elevating the customer experience with secure and immediate redemption options from a variety of vendors. Despite evolving rapidly, its implementations provide better security, privacy, performance, usability, data integrity, and scalability, to name a few. Hence, blockchain is likely to entice any individual for instantaneous incentives for every purchase. This paper aims to analyze the current, traditional loyalty programs and the challenges associated with them. It highlights how blockchain can resolve these challenges and provide a better experience. This report further explores the various types of loyalty programs that currently exist in the blockchain ecosystem and provides potential future implementations. Finally, the paper analyzes the implementation of coupons in comparison with loyalty points programs, highlighting the vast spread of blockchain implementation.