Brand awareness is a marketing term that measures how well consumers can recognize a product by its name. Ideally, this awareness encompasses positive perceptions that set the product apart from its competition.
Creating brand awareness is a pivotal effort in promoting a new product or revitalizing an older brand.
Key Takeaways
- Brand awareness refers to how familiar consumers are with a particular product or service.
- A brand awareness campaign aims to introduce or reintroduce products to the public, setting them apart from rivals.
- Social media has emerged as a powerful new method to boost brand awareness.
The Mechanics of Brand Awareness
Higher brand awareness is directly correlated with increased sales. Consumers are more likely to purchase a familiar name brand over an unknown one.
Imagine the soft drink industry. Without their distinctive packaging, many soft drinks appear the same. Giants like Coca-Cola and Pepsi lean on strong brand awareness to make their products the go-to choice. These companies have utilized innovative advertising and marketing strategies that have successfully elevated consumer recognition, consequently driving sales.
This robust brand recognition often acts as an economic moat, shielding leading brands from competitors’ encroachment.
Maximizing Brand Awareness: Special Considerations
Internet users spend significant time on platforms like Facebook, Snapchat, and Instagram. To capitalize on this, companies allocate significant resources into crafting brand awareness strategies tailored for these platforms.
This has sparked a new form of promotion where consumers themselves share and initiate conversations about products and services they enjoy. This is particularly effective through targeted ads on platforms like Facebook and Instagram, primarily aimed at Millennial and Gen Z audiences.
Negative reviews are another reality marketers now face head-on. Timely, genuine responses to unfavorable feedback, paired with resolute solutions, have become crucial for sustaining positive brand image.
Ultimately, social media engagement can deepen brand awareness. For optimum effect, consumers should easily navigate from social media to the company’s website.
Alternative Techniques to Foster Brand Awareness
While print media has seen a decline, it still maintains a valuable consumer base. Strategic advertisements—whether in newspapers or specialized magazines—can capture attention and foster brand awareness.
Consider a company entering the forex trading space. Advertising in a magazine dedicated to global trade and currencies could effectively build brand awareness among its target audience—investors.
Physical advertising inside retail spaces is also viable for boosting brand visibility. Impulse purchase items are ideal for such in-store promotions. A new candy bar could debut at a point-of-sale (POS) location, enhancing awareness when customers are more likely to make impulsive buys.
Event sponsorship serves as another potent method. Visibility at charitable events, sports competitions, and fundraisers raises brand recognition while enhancing its image.
Take a health insurance company, for example. Distributing branded health packs at a charity marathon aligns the brand with commendable deeds, reinforcing community goodwill and heightening awareness.
Related Terms: Brand Recognition, Economic Moat, Impulse Purchase, Point-of-Sale.
References
- eMarketer. “eMarketer Reduces US Time Spent Estimates for Facebook and Snapchat”.
- Sprout Social. “Social Media Demographics to Inform Your Brand’s Strategy in 2022”.
