Are you having difficulty starting your small business? Have you invested time, money and effort in your marketing campaigns without getting the expected results? If so, you may be ignoring brand awareness, one of the most important factors in building a successful business. Brand awareness can be defined as the degree of familiarity and recognition that potential customers have for your business. And you could be missing out on a slew of potential sales and revenue if you don’t actively try to build brand awareness.
Only a few people pay much attention to the concept of brand awareness and there is a good reason behind it. As a small business owner or someone with a side hustle outside of work hours, you might be busy developing products or services, managing payroll, and dealing with customer service issues. This means that it may not be possible to think about how to increase your brand awareness. However, that may change once you understand the benefits that come with brand awareness.
In this article, we’ll look at the importance of brand awareness for small businesses and how you can increase it for your own business.
What is brand awareness?
Brand awareness refers to the extent to which your target customers are familiar with the image or qualities of your business. Ideally, this includes a positive perception of the key qualities that set your brand apart from the competition. Publicizing your business is an essential step in promoting your new products or services or reviving old ones.
Discover Secrets to Business Success – Why Brand Awareness Matters to You or Your Small Business
Brand awareness is the first step in the marketing funnel and the foundation for acquiring new customers. This will help keep your personal or small business in the mind of your target audience so that they can always buy your products or services. Also, it will help you achieve most of your goals and objectives. Here are some of the other benefits you will enjoy to boost your brand awareness.
1. Your company logo is an important part of your brand image
The representation of your brand is your logo. Potential customers often notice this first, and it shapes the perception they develop of your business over time. A well-designed 3D logo will help build credibility and trust, distinguish your business from competitors, and leave a lasting impression on your target market. Simply put, one of the most important elements of your brand identity is your logo. In this article, we’ll go into more detail about what a company logo means and how to create one that clearly conveys your brand’s mission and core values.
2. Increase in sales and market share
Brand awareness is primarily the first step when it comes to generating leads and sales. Raising awareness, especially if you target relevant audiences, will help increase your value. This will help you increase your sales and expand your market share in the long run.
Your competitors will find it difficult to enter the market once your buyers are already familiar with your products or services. Recent statistics show that around 82% of consumers prefer to buy from brands they already know, especially when shopping online.
3. Scale your content to new channels
Brand awareness campaigns might be all you need to scale your messaging and content across many new channels to reach new leads and fuel your cross-platform top of funnel. For example, if you are already active on social media platforms, you can supplement your social media reach with search engine optimization (SEO) and search advertising. Alternatively, you can launch sponsored social posts to promote your posts and products to your target audience.
So, if you have already encountered the Google/Facebook duopoly but still want to reach more audiences, you can try native advertising. This form of advertising can help you reach millions of viewers and video players easily. Additionally, you can use strategies like guest posting and influencer marketing to reach new audiences. Beware of new channel pop-ups.
4. Better brand awareness
In addition to helping many people get to know you or your business, a brand awareness campaign will also change the way people see you or your business, thus contributing to brand loyalty and affinity. . For example, the Dominican Republic’s Department of Tourism partnered with Taboola to create a promotional video campaign that would improve acceptance among US travelers. This translated to an 18.9% increase in preference, about 17.7 points higher than the industry average.
5. Easier acquisition of customer data
A brand awareness campaign will help you gather data about your target audience and potential buyers. The data acquired will help you create audience segments, optimize your future marketing campaigns and plan your retargeting strategies.
A recent study by Accenture showed that around 91% of consumers choose to buy from brands that offer personalized recommendations. Another study conducted by Segment also showed that around 49% of customers make spontaneous purchases after receiving personalized recommendations. You can use the data collected from your campaigns to provide personalized targeted experiences.
6. Improved product recognition
Brands offer various sensory stimuli to increase customer recognition. A quick example, people can recognize your brand visually by the packaging, logo, shape and colors. They may also recognize you by sound, such as the mention of your name on the radio.
7. Helps establish true brand identity
Whenever someone asks you for information on topics you don’t know about, you’re likely to ask to use Google – you’re unlikely to suggest any other search engine. This is why the search engine has become synonymous with its raison d’etre. A campaign will help you create that name and get your audience to start associating your brand with certain products.
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8. Provides a good base for expansion
Brand awareness is key when it comes to acquiring investors. Investors will be willing to invest in your business, product or service if they understand its value and power.
9. Help with new product introduction
Once you have established a successful brand, you can easily expand it by adding more products. People will accept the products because they already know your brand.
10. Build Equity
Equity refers to the value of your business beyond physical assets such as equipment and buildings. Building a solid brand equity is only possible after developing awareness. The overall value of your brand and the profit potential of your business will be significant once people become more aware of you or your business and your strong reputation. Word of mouth will help your brand grow and develop a loyal relationship with customers.
11. Ability to charge premium prices
The evolution of digital technology and the Internet has made higher brand awareness. Most people have mobile devices and can easily communicate through social media. This means that they can easily share information about the quality of your products and services. A solid reputation for quality products or services will help you charge high prices in the long run.
Conclusion
Now you already know the benefits of brand awareness. Your company’s marketing plan, branding and logo design are important for the growth of any business and will make your audience understand the value of your brand.
So whether your goal is to promote a new product or reach new audiences, remember that brand awareness is about more than engagement and traffic generation. It can generate new opportunities, drive sales, and uncover insights to transform your company’s marketing operations.
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