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Brand awareness is crucial for businesses to increase revenue and establish customer loyalty. Companies can achieve this through various forms of advertising, but it is important to create memorable and high-quality ads and invest in enough advertising space. Recognized brands are more likely to be chosen over unrecognized ones, and companies must strive to become recognizable to compete with better-known brands.
In marketing and business, a “brand” is the name of a company or the name of things produced or offered to customers; examples include Hilton Hotels or Tazo Tea. A goal in any business is to ensure that these names are familiar to consumers, and this is called brand awareness. With skillful marketing, the consumer knows the name of the company or its products and services, and this can lead to increased revenue and ultimately to other stages of brand association, such as brand loyalty.
Consumers are thought to be more likely to choose recognized brands over unrecognized ones. Given the choice between having coffee at a Starbucks or a more anonymous Joe’s Coffee Shop, consumers are likely to lean towards Starbucks unless their brand awareness has negative associations. As there are several competitive coffee retailers, the goal of each is to increase brand awareness. This can level the playing field so both options look good, or go beyond that and establish customer loyalty. On the other hand, being Joe’s Coffee Shop anonymous is bad for business, and this store must strive to become recognizable in order to more fully compete with better-known brands.
There are several ways that companies market to achieve brand recognition. The standard way is to advertise in television ads, but newspaper, internet, and radio ads can also be effective. The best placement of ads depends on determining who is likely to buy the brand or branded products. This can be variable. A local business is likely to stick to advertising at the local level, but a national or international business must market to a much larger crowd.
Simply putting a company or product brand out there isn’t always enough. Brand recognition is best achieved when any ad created is of good quality and memorable. Somehow, an ad must be catchy and likely to be remembered. How to achieve this is also varied. Some ads appeal to emotion, others have a simple melody that people like, and still others rely on stories or images to increase the chances of brand awareness.
In addition to creating ads that will hopefully be remembered by consumers as being good ads, companies need to be willing to invest in enough advertising space. A single piece of a great ad isn’t likely to produce much brand awareness. Playing an ad frequently can help consumers remember the brand the next time they buy the item or services associated with it. In turn, this recognition can be vital as customers are more likely to choose that brand, and if it is of good quality, they may decide to choose the brand again and again in the future.
Asset Smart.
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