Do you ask for a tissue or a Kleenex when you need a tissue? When ordering a drink at a fast-food restaurant, do you ask for a cola or a Coke? What happens if you stab yourself? Are you looking for a plastic bandage or a Band-Aid?
These are referred to as proprietary eponyms and are the height of brand recognition. These brands have grown so well-known that, in our language, they have taken the place of generic terms for comparable products.
The highest level of brand awareness is when a brand or product is used as a proprietary eponym (sorry, Pepsi). Even though your small company might not be able to accomplish this, that doesn’t mean you can’t take additional steps to raise brand awareness.
What is brand awareness?
Brand awareness and familiarity indicate how well your target market understands and recognises your company. High brand awareness brands are described as “trending,” “buzzworthy,” or simply “popular.” Building brand awareness is beneficial when marketing and promoting your business and products, especially in the beginning stages of a business.
Brand awareness is indeed a vague concept. Brand recognition will probably irritate marketers and business owners who use precise numbers to evaluate success.
But that doesn’t mean it isn’t important just because it can’t be calculated with exactitude. Brand awareness is essential for a company to succeed and achieve its overall marketing goals.
What is the importance of brand awareness?
The possibility of increased revenue is what determines how vital brand awareness is. According to the Global Banking and Finance Review, customers prefer to purchase from well-known brands. Before making a purchase, 71% of respondents said they must be familiar with a brand. That 89% of marketers consider brand awareness their top priority is not surprising.
People think they can compare similar products on the market and come to logical conclusions. They conduct research, compile information, read reviews, contrast, and so forth. However, in the end, they frequently base their product choice on how reputable and acceptable the brand is.
If your target audience knows your brand, they will pick you over your rivals. By reading on, learn more about it and how it can benefit your business.
Benefits of brand awareness
The benefits of having solid brand awareness will now be discussed. In your situation, they might be expressed differently. The secret is integrating efforts to raise brand awareness with other marketing strategies that deal with your business’s particular problems.
Sales have gone up.
People prefer to purchase from well-known or recognisable brands, as was previously mentioned. A brand’s market share increases with the number of consumers who are familiar with it.
Sales are generally higher for businesses with larger market shares than their less successful rivals. Their revenue rises as a result. According to Forbes contributor Gabriel Shaoolian, consistent brand presentation across all platforms can boost revenue by up to 23%.
Establishing emotional bonds
Brand awareness is crucial to keep customers and persuade them to buy from you repeatedly. An established brand fosters confidence and optimism. Customers are more likely to use a brand they are familiar with or have purchased from.
Even better, brand recognition helps to forge a solid emotional connection between a company and its clients. More than 65% of consumers say they have brand loyalty. Customers who feel an emotional connection to a brand are more likely to make repeat purchases from it.
Increased devotion from clients
Strong brands can increase market share, boost sales, and forge emotional connections with consumers. They are also permitted to make errors occasionally.
Customers, according to PwC, understand when their favorite brands make mistakes. Only 17% of customers refuse to work with their preferred company after a single error. When a customer does not feel an emotional connection to a brand, their tolerance for it decreases. 39% of customers say they would not patronize a business again after a poor first impression.
How to build brand awareness?
It takes time for your brand to become well-known among your target market and the general public. It also doesn’t happen due to a specific marketing initiative or advertisement.
Here are some suggestions for creating a solid foundation for brand recognition and making an impression on your audience:
Be yourself, not a business.
These are the qualities that your brand should emphasize and identify. You must define yourself as more than just a business selling things if you want to impact your audience. How else would you describe yourself? What descriptors would you use to introduce your company to a stranger?
Socialize.
All humans, whether introverts or extroverts, outgoing or quiet, benefit from social interaction and spending time with one another. It’s how we communicate, grow, and introduce ourselves to others.
Your brand is in the same situation. You won’t be known as anything other than a company with a single objective if all you try to do is connect with people to get help.
Make up a tale.
Whether you’re promoting your brand or your products, storytelling is a highly effective marketing strategy. Why? Because it shows your audience something concrete to hold onto.
Your brand gains depth and humanity by being given a narrative. Including this story in your marketing also helps to raise awareness of your brand.
Make it simple to share.
No matter your industry, what you have to offer in the way of products, or how you choose to market, make it simple for your audience to share your content. This could apply to blog posts, sponsored content, videos, social media posts, or product pages. Whatever it is, as long as it can be shared, it is okay.
Wrapping Up
Your marketing efforts, customer perception, and revenue can all be significantly impacted by brand awareness, a powerful (if hazy) concept.
Use these strategies for building brand awareness. You’ll have a devoted customer base that recognises your company among rivals, consistently chooses your products and promotes their friends and family to do the same.
