Advertising and marketing can help you promote your company and all it has to offer customers. However, overall branding can be the most powerful element of your organization. Your brand is the meaning behind the logo and slogan. It represents your products, your services and what you believe in. Even when you aren’t implementing a marketing plan or advertising through local media outlets, your brand is still alive and well. Its power reaches potential and current customers increasing exposure, leads and profits.
Brand awareness lets audiences recognize your company. They don’t have to speak to a sales person or research online, just by seeing the logo or hearing the name, potential customers know your business. Companies without brand awareness forever struggle to be well known in current and potential markets, which can negatively impact the success of marketing and advertising. On an international level some of the companies with the highest brand awareness include Apple, McDonalds and Nike.
Recognition of a brand also keeps the products and services top of mind. This means that even when a customer doesn’t have the need for what your company offers, when that needs develops in the future, they will inevitably choose your company for their project or purchase. This is crucial for companies that sell a product or a service that has a large upfront cost or requires a significant time commitment from the consumer like home improvement or time-share provider companies.
A good product and even better brand awareness triggers brand loyalty. Apple is the textbook example of this. The average American consumer will recognize the Apple brand even without seeing the logo. In addition, there are now millions of consumers that will only purchase and use Apple products from computers to smartphones to ear buds. Brand loyalty means returning customers and referrals that create consistent, repetitive and increasing profits. It also increases your company’s share of the market.
Having a large share of the market gives you the stability and income to expand your business and continue to provide quality to customers. There isn’t one company, which holds the majority of their market, that doesn’t have excellent brand awareness. It is the exposure of their brand that keeps them popular and successful. Great brand awareness can even be local, regional, national or international for large-sized companies.
It is a combination of recognition and loyalty that can help your brand increase market share and become a top of mind product or service. Before that though is the development of the brand and increased brand awareness. No matter if you have a small, medium or large business you can develop your brand awareness to work for you and make your company more recognizable, with more customers, than ever before.