Brand awareness – formality or necessity?
Competing in a fierce market is all abound being seen at the right place and at the right time. Branding has been an indispensable part of marketing and it is a stepping stone top the podium of your success. Let’s talk about brand awareness. Overhyped? Or really necessary? Is it a trend, like a formality or necessity? Let’s find out in our blog below.
Every business big or small, is a brand. Over the years, talking care of this brand has become increasingly important, and yes, it should be, don’t we all agree? With marketing steering the wheel for brands navigating fierce competition, so many tools, and strategies are employed to make sure the brand establishes, is seen and stays on the top.
Brand awareness is one concept that is on the list of non-negotiables, right from the brand conception all through its growth and expansion. Marketers all over will agree, that creating awareness for your brand is like listing your business up there in the market, positioning it perfectly. To constantly flicker through the crowd, making sure people understand you, and remember you.
In marketing, we know that, staying at par with current trends is so important. Brand awareness has been one of the top priorities and goals, for many years now.
Defining brand awareness –
Simply put, brand awareness is how much a brand is recalled and remembered by your audience, when associated with a market niche or product.
It is a powerful strategy that develops instinctive decision, and a recall where consumers are more likely to purchase your product or service. They are more likely to buy a product that they know, than something that is unknown.
This is especially beneficial when brands can stay afloat in competition, without compromising their place in the market to other brands. All being said, brand awareness is a non-tangible metric. Merely, executing brand awareness is not a guarantee, that the customer will surely buy your product.
The benefits of Brand Awareness…
Many positives of brand awareness make it a necessity than just a trend to follow the trend. Let us take a look at some of the benefits below-
- Brand awareness is the first step to marketing and especially for new business. It creates your identity in the market funnel. It has the power to design a positive perception about your product, this is then multiplied with various streams like PR, referrals, social media, news, etc.
- You build a solid foundation of trust for your business. Your potential consumer range multiplies, as when people hear and see positive experience about a service or product, they trust it, even if they have never tried it before.
- Brand awareness connects your brand to a larger audience, helping create and foster network projecting your brand in positive light. Your brand grabs attention in discussions, which multiplies its reach.
- You get the advantage in equity. For most businesses brand awareness is the first goal in marketing. The higher you reach to conquer the mind of your audience, higher the value of your brand. when you create a positive and valued perception,
- Scaling your brand across new channels and running targeted brand awareness campaigns allows you to reach a wider, more precise audience. This approach fosters brand recognition, deepens customer connections, and drives sustainable growth, enhancing your market presence.
- Secures the first in mind and first in choice spot for your product or service. Brand awareness will create a lasting impression with a recurring occurrence and higher recall value. Ensuring when given a need or choice – customer will opt for your product.
- Building brand loyalty is a natural outcome of maintaining a consistent brand presence. When consumers are familiar with your brand, they develop a sense of trust and security, deepening their connection to your products or services.
- Brand awareness has the power to transform how people perceive your brand. it adds to the overall brand loyalty.
- Acquire valuable insights. When you initiate campaigns and implement various marketing strategies, you gain a deeper understanding of your audience. With this abundance of insights at your disposal, you can formulate audience-centric objectives and strategies, paving a robust path towards achieving future brand awareness goals.
The cons of brand awareness or shortcomings…
Despite the significant advantages it offers, is brand awareness without any downsides? It's safe to say there are certain associated risks.
- Campaigns can sometimes backfire, leading to negative consequences for a brand. Without a well-prepared response and damage control strategy in place, these incidents can harm a brand's reputation and overall business.
- Unlike strategies focused solely on sales, brand awareness is often difficult to measure directly. While it undoubtedly contributes to overall success, quantifying its impact on specific business goals can be elusive.
- Digital world is a saturated space and highly competitive. Marketers have to be at par with the evolving trends and algorithms, and fine tune their strategies to give the desired result.
Is it a trend or necessity?
Brand awareness goes beyond surface-level benefits, delivering both short-term and long-term advantages. It's an essential asset for your business and brand. However, don't jump on the bandwagon – incorporate it into your marketing strategy after thorough research, not just as a trend.
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