Business owners often fail to understand brand awareness or its importance in their overall marketing plan. Nevertheless, they must make their brand a part of the audience’s lifestyle and purchase habits. When they accomplish this goal, the consumer will make a purchase without thinking twice.
What is Brand Awareness?
Brand awareness refers to the familiarity of a company or product among the target audience. This awareness helps differentiate the company from competitors and builds trust with the brand. Furthermore, when consumers know of a brand and like its products and services, they share this information with others. More information about brand awareness and what it entails remains available from this source. Why is this of importance? One may ask.
Trust
Consumers research products before spending their hard-earned money. They may see information on something such as Samba TV and want to know more. However, they also seek information from other sources, such as friends and family.
Once a consumer connects with a brand, they purchase new products or services from this brand without hesitation. A relationship has been built between the two parties, one that benefits the business in several ways. TV viewership data becomes of great importance in building a connection with viewers, as the company must know when and where to advertise to reach the target audience.
Association
People often refer to certain brands when talking about a particular product. For example, people often refer to electric pressure cookers such as InstaPots, even those made by other brands. This brand name has become synonymous with the item. Band-aid serves as another excellent example of a name that people associate with a certain type of product, and there are others. This association comes as a result of brand awareness. The same may be true of a television provider once the Samba TV, viewership measurement specialist, files IPO takes place.
Brand Equity
Name recognition provides brand equity in that consumers willingly pay a price premium to have that brand over its generic competitors. According to realtimecampaign.com, customers prefer products from companies that may have a great reputation, thus brand equity directly affects sales volume and the profitability of the company.
When a customer has a positive experience with a brand, the company benefits. However, brand awareness must be established before brand equity becomes of concern. Positive brand equity not only leads to higher prices but also a higher stock price and more social impact on the part of the company.
Once a customer becomes familiar with a brand, they immediately recognize it when they see the logo, hear the company tagline, or encounter the packaging in any situation. In addition, brand awareness extends beyond the consumer using the product to those who are around them. For this reason, every company must recognize the importance of brand awareness and make an effort to obtain this exposure. Those companies that succeed in doing so find their brand becomes a household name and their products sell quickly.
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