Understanding Brand Awareness
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Digital Marketing Specialist | Social Media Strategist | Proven Record in User Engagement & Brand Awareness
Brand awareness is a crucial marketing concept that denotes how well consumers recognize and recall a product by its name. Ideally, this awareness extends to positive perceptions of the product’s unique qualities that set it apart from competitors.
Building brand awareness is essential for promoting new products and revitalizing existing brands.
Key Takeaways
How Brand Awareness Works
Products and services with high brand awareness tend to generate more sales. When faced with multiple choices, consumers are more likely to opt for a familiar brand over an unknown one.
Take the soft drink industry, for instance. Many soft drinks are indistinguishable without their packaging. Giants like Coca-Cola and Pepsi rely heavily on brand awareness to ensure that consumers choose their products. Over the years, these companies have implemented advertising and marketing strategies that have significantly boosted brand awareness, which in turn has translated into higher sales.
This heightened brand awareness often acts as an economic moat, making it challenging for competitors to capture additional market share.
Special Considerations for Brand Awareness
As of 2019, Internet users spent about 38 minutes per day on Facebook, 26 minutes on Snapchat, and 27 minutes on Instagram. Unsurprisingly, companies now invest considerable energy into promoting brand awareness on these platforms. This shift has led to innovative promotional approaches where consumers themselves discuss the products and services they use and enjoy. Targeted ads on Facebook and Instagram have become a dominant brand awareness strategy, particularly among Millennials and Gen Z.
However, negative experiences shared by consumers also play a role, and marketers must adapt to this reality. Companies need to respond promptly to negative reviews and resolve customer issues in real-time.
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By engaging with social media posts and updates, brand awareness increases. For this awareness to be most effective, consumers should be able to seamlessly connect to the company's website from the social media platform.
Alternative Methods to Create Brand Awareness
While print media is not as influential as it once was, it still reaches a segment of consumers who read newspapers and magazines. Strategically placed advertisements in targeted sections of newspapers or specialized publications can attract attention and build brand awareness.
For instance, a new company entering the forex (FX) market might advertise in a magazine focused on global trade and currencies to reach potential investors.
In-store advertising also plays a crucial role in creating brand awareness. Products suited for impulse purchases can benefit from strategic placement within stores. A company launching a new candy bar might distribute it at point-of-sale (POS) locations to boost brand awareness.
Event sponsorship is another effective strategy. Sponsoring charitable events, sports events, and fundraisers can provide significant visibility for a company’s name and logo. For example, a health insurance company might distribute branded health packs at a charity marathon, associating the brand with goodwill and community spirit. This not only increases brand awareness but also enhances the brand’s image.
Conclusion
Brand awareness is a vital component of successful marketing. It involves more than just making consumers recognize a brand; it’s about fostering positive associations and differentiating the brand from its competitors. Through various strategies, including social media engagement, print media, in-store advertising, and event sponsorship, companies can effectively build and sustain brand awareness.