When I want to buy a car, I can go to a generic dealership with multiple makes or models or I can go to an Acura, Volvo or Mercedes Benz dealership. Do I want a vehicle with technical advantages and good resale value, reliability and a good safety record? Or, am I looking for a luxury vehicle and status symbol?
Buyers relate particular car brands with specific attributes. Marketers go to great lengths to establish brand awareness in the minds of consumers. A 2014 State of Marketing report surveyed 2,500 marketers and concluded that 98 percent of marketers will increase their budget with raising brand awareness as one of major focuses of their efforts. Brand awareness is of major importance to organizations and how it plays out in consumer behavior.
The Importance of Brand Awareness
Brand awareness is a priority for not just emerging but also mature companies. It is about having your company’s brand and related products in the minds of consumers. Does the consumer search for the nearest car dealership or the closest Volvo dealership? When they want to search for something will any search engine do or do they automatically go to Google?
Investopedia defines “Brand Awareness” as “the likelihood that consumers recognize the existence and availability of a company’s product or service. Creating brand awareness is one of the key steps in promoting a product.”
Companies spend big bucks to generate brand awareness in the minds of consumers. Spending money on a Super Bowl slot digs deep into the company’s pockets. In 2015, 15 first-time brands advertised, the most first-timers since 2000. Do you want something sweet or could you go for Snickers? Danny Trejo as Marcia Brady married nostalgia to irreverent humor in the light-hearted 2015 Super Bowl commercial. Loctite was a hit for Super Glue. The marketing gambit can include traditional or social media efforts such as a catchy viral video to get the attention of your audience. Whatever the choice, the point is to get your organization’s name—and by association—product or service into prospects’ heads. A few of the big-B Brands that successfully have inserted their names into the minds of consumers are Google (search), Walmart (inexpensive), and FedEx (overnight).
Brand Awareness Impacts Consumer Behavior
How do consumers behave when brand awareness is developed? Instead of searching by a topic, they search to find your organization’s name, product or service. This puts you a step ahead of the competition as consumers already have formed a sense of trust with what your organization offers. They have “intent” and are further along the sales cycle and closer to conversion. In the Interdisciplinary Journal of Contemporary Research in Business, a 2011 study showed a significant impact of brand awareness, perceived quality and loyalty on purchase intention in a sample of 200 retailers. Only one of a number of studies, it demonstrated that brand awareness influenced purchase intention almost 15%. Brand awareness provides sales and marketing a shortened sales cycle without customers previously purchasing from a company. That is why it makes sense to consider developing brand awareness as part of overall marketing strategy.
Do you know the best tools and strategies to develop brand awareness for your company, that also fit your budget? Get customers thinking about your organization with the implementation of our proven inbound marketing strategies. Call Marketing Essentials today at 419.629.0080.
