What Your Business Has Gotten Wrong About Brand Awareness?
Competition is fierce in the business world. In this article, we'll see what your business has gotten wrong about brand awareness.
With the recent boom in e-commerce and saturated, globalized markets, it’s no surprise that brands will do whatever they can to stand out from the crowd. Competition is fierce in the business world, and brands must fight tooth and nail to outperform the competition. In this article, we’ll see what your business has gotten wrong about brand awareness.
Brand awareness is a term to describe how prevalent a brand is from the customer’s perspective. Each brand approaches brand awareness differently, and some will use unique methods to improve their brand awareness.
Let’s explore more about the role of brand awareness, some brand awareness myths to debunk. So, some general tips for increasing awareness for your brand.
The Importance of Brand Awareness
Brand awareness plays a significant role in the overall success of a business. When consumers have brands top of mind, it can directly influence their purchasing decisions, which can positively or negatively affect a brand’s profitability.
Your brand is more than just your company name. It represents your company’s values, mission and future vision for new products or services. Think about how much influence top brands have on customer loyalty.
Apple, Coca-Cola and Nike are some of the biggest brands out there. How do they do it? What are these companies doing right to achieve such a superior level of brand awareness?
For one, they likely do not believe some of the most common myths associated with brand awareness. They also know that brand awareness is just as important as the products they sell or the services they offer.
Brand awareness is more than just a concept or a buzzword taking the digital marketing world by storm. It can be measured, and businesses must monitor awareness levels from product launch to market decline. So, a good point to not do the wrong business brand awareness
Brand Awareness Myths That Could Be Hurting Your Business
No company, regardless of industry, wants to fall victim to any myths. It’s critical to have a clear understanding of the role of brand awareness. To reap the benefits of an effective marketing and branding strategy.
Below are some brand awareness myths to avoid if you’re looking to improve brand awareness in your respective market.
Myth 1: Achieving high levels of brand awareness is expensive.
When brand managers or small business owners think of brand awareness. They may think of flashy billboards or expensive promo items, like branded t-shirts or other merchandise.
Suppose you use digital signage to help increase your brand awareness. While consistency is key and can increase your revenue by 23%, not all brand awareness strategies break the bank. The essence of your brand needs to be conveyed to your customers, regardless of how much you spend on your marketing efforts. As a result, not do the wrong business brand awareness
Myth 2: Brand awareness cannot be measured
While it is true that brand awareness is a concept and hard to translate into quantitative data, it is possible. One metric used to measure brand awareness is Net Promoter Scores (NPS). This can give you insight into the level of social media engagement your brand is garnering.
Additionally, tracking and continuously measuring return on investment (ROI) on your marketing efforts can help you gauge the level of brand awareness your brand has.
Myth 3: Only new companies need to focus on brand awareness.
While new companies need to prioritize brand awareness, all businesses should consider boosting sales and gaining new customers’ loyalty by using brand awareness strategies to not do the wrong business brand awarnesss.
As your products or services evolve each year, so should your branding efforts. Suppose your brand is expanding globally — be sure to consider how customers across the globe may perceive your brand. This can also help you determine which regions of the world would be most lucrative for your business.
Myth 4: All press is good press
It’s an age-old adage that any press is good press. However, anytime your brand is shone in a negative light, it can damage your brand reputation.
Negative press is powerful and can turn people off when they shop — if your brand is under fire for any scandal or legal repercussions, it could negatively affect sales.
Now that you understand brand awareness myths and why to avoid believing them, let’s turn to some of the ways you can approach brand awareness so your business can perform better in your industry.
Tips for Achieving High Levels of Brand Awareness
Below are some useful tips for businesses looking to achieve higher levels of brand awareness so they can reap the benefits of more sales, increase revenue, and overall business success.
Use an Omnichannel Approach
No longer are the days where a couple of ads in a magazine or a commercial on TV is enough to garner enough attention for your brand. Using multiple mediums to get your brand mission across to customers plays an integral role in creating brand awareness.
Consider using the most popular social media platforms like TikTok, Snapchat, Twitter, Facebook and Instagram to execute your marketing campaigns. It’s always better to push your brand image across various platforms to reach larger audiences.
Target Your Audience
While reaching a large audience is one way to create brand awareness, it’s also suggested to use targeted marketing campaigns. You’ll better spend your budget this way — targeting specific audiences will pay off in the long run.
Track Brand Awareness Long-Term
One marketing campaign will not give you enough growth to measure when tracking whether or not your brand awareness is improving. You must monitor multiple campaigns and measure brand awareness for each to see significant growth.
For example, say you run one brand activation at a popular music festival. Your brand awareness will likely improve, but what about months after? Are festival-goers still thinking of your brand? This is some food for thought, but you should consider brand awareness as a long-term strategy, not a one-off effort.
Brand awareness is something every business, regardless of industry, should prioritize. If your company fails to do so, it could lead to lower sales, a smaller customer base and make it challenging to grow as a business.
Brand Awareness: More Than Just a Concept
The ultimate goal with brand awareness is to garner the attention of potential and existing customers, keep them engaged with product offerings and come out on top compared to competitors. Keep in mind some of the tips listed above, don’t believe some of the common myths, and understand that brand awareness is crucial to your success.
Eleanor is the editor-in-chief at Designerly Magazine. She’s also a freelance web designer with a focus on user experience. Eleanor lives in Philly with her husband and dog, Bear.