To know what is the importance of building brand awareness, we need to know first ‘What is Branding?’
A brand is a promise, branding is how you achieve and fulfill the promise,
Branding is a wide concept. Everyone can make a logo or purchase it online and publish on websites and products. However to have a competitive edge over the competitors you need to invest time and capital in branding ideas in such a way that it connects with the target audience in an emotional context. Branding is a balance between emotional and functional content reflecting on the brand’s identity and values in a clear way.
Branding is a marketing practice in which a company creates a name, symbol or design that is easily identifiable as belonging to the company. This helps to identify a product and distinguish it from other products and services. Branding is important because not only is it what makes a memorable impression on consumers but it allows your customers and clients to know what to expect from your company.
What is Brand Awareness?
Brand awareness is the fundamental basis for brand knowledge. It refers to the familiarity that your potential customers have with your brand. It has two main components: Recognition and Recall.
- Brand Recognition – Simply put this is the measure of easily your customers can recognize you in the market. It can be through your logo, product, packaging or distinct offerings.
- Brand Recall – This is the measure of your brand’s retention in the minds of your customers-how easily and occasionally does your brand appear in their thoughts . This can be during a purchase decision, a particular situation or just talking about the product category.
While brand recognition is more about visual identification, brand recall is about linking events, feelings and emotions to a particular brand.
Importance of Building Brand Awareness
Having a solid, trusted brand is important for your company to be successful. Increasing brand awareness will help you reach your audience and make your brand recognizable. For more understanding here are the list of its importance:
- Brand awareness is the Level of Consumer Consciousness of a Company
Brand Awareness measures all it’s potential customer’s ability not only to recognize a brand, but to be also associated with it’s certain company product or service. Whether its inbound or outbound spreading of Brand Awareness, when it comes to industry competition. Brand Awareness can be the one of a company’s assets. That will surely lure potential customers.
- Promotes your Business and Reputation
It not only promotes your product and services awareness, but also creates a knowing what does your company offer. Brand Awareness creates reputation for your business, the more your product is good the more it will receive good reviews.
- Successfully Introduce New Products or Services
Firms that establish a successful brand can extend the brand by adding new products under the same “family” brand. Such branding may allow companies to introduce new products more easily since the brand is already recognized within the market.
- Find and Retain Loyal Customers
Acquiring new clients is such a costly process, retaining clients and bringing them back again is critical to long-term business sustainability. Brand loyalty creates a certain level of security for businesses. Brand awareness plays a vital role in repeat client activity. In addition, Once a client has purchased from you, do you utilize tools such as promotions, newsletters, and satisfaction surveys to stay in touch? These simple actions can sustain brand awareness among your pool of existing clients.
- Increase credibility and trust
Trust is the currency of the 21st century. Consumers rely on family and friends recommendations. They research the opinions about a brand, product, or service and base their decisions on the research. Brand awareness campaigns help you build consumers’ trust and credibility.
- Competitive Advantage
Building a robust brand awareness will have an impact on different layers of your organization, starting with marketing to end with design and customer service. This will also boost your competitiveness which is good, it indicates that your business is healthy.
- Be more easily recognized
Brands Awareness provides multiple sensory stimuli to enhance client recognition. For example, a brand can be visually recognizable from its logo, packaging, shape, so on. It might also be recognizable via sound, such as hearing the name on a talk with someone who mentions the product or a radio advertisement. It gives an impression for every buyer thus, if you have a remarkable service or product then its brand awareness can easily introduce your new product.
- Build Bonds with Consumers
The importance of brand awareness has become increasingly significant with the evolution of the Internet and digital technology. The public is more equipped with mobile and social media tools to communicate quickly about your brand, good or bad. This means that establishing a strong bond for good products or services, integrity in your business practices and community involvement are even more critical to long-term success.
The possibility of premium prices for your products or services. Your clients are more likely to pay premium prices for brands that they recognize and associate with quality, dependability and security.
We are Expert in Brand Awareness
A brand is the meaning behind your company’s name, symbols, logo, and slogans. To have a memorable and unique brand helps you build brand awareness, create a long-term position in the marketplace. Because it gives you opportunity to show your products and services to a brand new audience. Once you increase brand awareness, you will see an increase in your brand’s core business metrics.
If you’re a business owner who wants to learn about the power of brand awareness online check out our firm – Arrow Up Media
Our Digital Marketing Company based in the Philippines is adept in terms of Web Designing and Development, we also harness professionalism in Digital Marketing – Online Advertising and Brand Awareness.