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.
- What is Branding?
- Brand Image
- Brand Recognition
- Brand Identity
- Brand Awareness
- What is Brand Loyalty?
- What is Brand Equity?
- What are Private Brands?
- What is Brand Management
- What are Brand Advocates?
- What is a Brand Community?
- Brand Potential Index Definition
- Brand Extension