When talking about brands, businesses, and advertisements, we can’t ignore brand awareness. Brand awareness is a crucial part of running and managing a business. Without brand awareness, no one will even know that your brand or business exists.
Building brand awareness has been a top goal for many businesses and marketers. It is one of the most important goals to achieve and also can be seen and observed in the real world. And in this article, we’re going to learn exactly why brand awareness is important for your business.
Increase market sales and shares
If more people know about your brand than your competitors, then you will gain more market sales and shares. It is as simple as that. Making people more aware of your brand is an important first step to beat your competitors and increase sales. It’s not uncommon for brands to prioritize brand awareness before anything else, even the quality of their products/services.
Building brand awareness and reach new audiences can effectively launch your business higher than ever before. While big brands are focusing on maintaining brand awareness, small and medium businesses should focus on increasing brand awareness.
Improve brand perception
How people perceive your brand is crucial. You don’t want people to have negative perceptions about your brand. Ever heard of ‘cheap brand’, ‘shady brand’, or whatever? Those are common perceptions that people have for some brands.
Now, you can change or even build a new perception of your brand by building brand awareness. Brand awareness campaigns don’t just help more people know about your brand or business, but they can also help change how people think about it. This ultimately will help you building trust between your brand and your customers.
Moving to new places or markets
Do you know why some brands can easily make new products and sell them? Because they’ve built brand awareness. With brand awareness advertising campaigns you can scale and diversify your products and/or services.
This is important for businesses that want to branch into a new market to diversify their portfolios. Building brand awareness for this purpose is also a way to minimize risks. You can launch new products, get into new markets, and engage with new audiences without exposing your brand to various risks.
Get to know your audience better
By launching brand awareness campaigns on a large scale, you can get much important and needed data. With this data, you can know your audience better and gain insights whenever you need them. You can create unique audience segments, device new and specialized strategies, and optimize future brand awareness campaigns.
The more and longer you run brand awareness campaigns the better your data will be. This first-party data will serve you well in the long run. And by using the same data, you can also launch personalized and targeted campaigns that are not only effective but also more affordable.
Penetration surpasses loyalty
Consistently running brand awareness campaigns has been proved to be more effective than having a loyal customer base. It’s like breaking into new households and expose the residents to your brands consistently to drive the engagement rates upward.
This approach may sound barbaric, but it’s effective. Way more effective than having a loyal customer base. This is why you see many brands launch aggressive campaigns that you can see everywhere on the internet and TV.
Sometimes it’s the only way to grow
You may be a good business owner and your business produces good products or offers good services. But, your brand won’t be able to grow, if you don’t have brand awareness. Your business will stagnate forever so to speak.
For some businesses, building brand awareness is the only way to move forward. All your hard work will go to waste if no one wants to do business with you. So remember that brand awareness is as important as high-quality products or services.
Brand awareness is a powerful tool and metric for many businesses. Running aggressive and constant brand awareness campaigns is the best method to reach new audiences and penetrate into new markets. And for some businesses, creating and maintaining brand awareness is the key to improve and beat their competitors.