The meaning behind brand awareness?
Brand awareness is the “extent to which consumers are familiar with the distinctive qualities or image of a particular brand of goods or services.”
Brand awareness is crucial when releasing current products and services, and it drives customers decisions when differentiating between competing companies. It encourages repeat purchases and leads to an increase in market share and incremental sales.
Brand awareness is important to businesses that are marketing proactively through social media sites.
How to utilise Technology and Social Media effectively for your business.
We are currently in a time period of constant advancements in technology, brand awareness is crucial for every business. Today people are able to communicate with each other instantly with the use of smartphones, tablets, laptop/ desktops.
This can become an advantage or disadvantage for your business. Therefore, it is very important to adapt to these technological advances and utilise them efficiently. Brand building on social media will create a better experience for existing customers whilst attracting new customers to the business.
The Motive For Repeat Purchases.
“90 per cent of all purchasing decisions are made subconsciously. We use mental shortcuts to skip the process and avoid being overwhelmed by the number of available options from competitors,” states ISPO news. Good marketing campaigns focused on brand and business model will narrow your target audience and encourage them to feel connected and empowered by your brand. Brand awareness affects perceptions and attitudes which affects brand choice and loyalty. If brand awareness is not present sales will not increase.
Increased Market Share and Sales.
Building brand awareness can increase market share. If you are the first to get your brand in the customer's mind, you will raise the bar for competitors in your sector. Strategic Planning Institute states, “Aggressive marketing and advertising, are the key factors in increasing brand awareness and converting awareness into market share.” Brand awareness is one of the marketing strategies that will increase sales within a business.
There are multiple ways to increase brand awareness and make it meaningful to the customer in terms of marketing strategies, it is just as important as a sales pitch. Marketing tactics may change over time, but a consistent message will help your business be top-of-mind when your target market is comparing your business to competitors.