Brand Awareness – Makes the Cash Register Ring (Part 3)

by Caliber Media Group on April 2, 2014

Brand awareness by Caliber Media GroupBrand Awareness is how recognizable a brand is to a potential customer – and it’s worth big money to your bottom line. By building a recognizable, respected brand through a variety of marketing efforts more customers will be able to find your business, which means more sales.

Many factors affect your business’ brand awareness. An engaging logo, a unified brand presence across products and print and online material, and marketing and advertising efforts all contribute to the awareness associated with a brand. It is important to have a logo that is recognizable to associate with your brand – consider the Nike swoosh or the McDonalds ‘M’.

It is also important to be consistent with branding and corporate messaging across all channels of distribution confusion to customers, and a lack of recognition of the brand. Additionally, a strong marketing and advertising plan is important to get the brand out in front of potential customers.

It cannot be said too often….strong brand awareness is important to a business because it equates to more sales. When a brand has high awareness it will help bring in new customers, and if you deliver good value, quality and service it will keep them coming back. The more recognizable a brand is, the easier it is for customers to find you when they need your products or services. Top of Mind Brand AwarenessThe ultimate form of brand awareness is Top of Mind Awareness. Top of Mind Awareness (TOMA) means that people automatically associate a brand with a particular type of product. Probably the best example of TOMA is Starbucks Coffee Company. When somebody says “lets get coffee” you’re first thought is probably a drink that comes in a white cup with signature round green logo – this is brand awareness at its best. Band-Aid, Scotch Tape, Bubble Wrap, and Kleenex are also good examples of Top of Mind Awareness.

Brand awareness increases a business’ profitability. High brand awareness not only brings new customers and drives repeat business, but it increases brand equity (as previously discussed), which allows the business to charge higher prices than that of generic equivalents or competing brands. Customer loyalty and social engagement is a big benefit of brand awareness as well. When customers engage and tell other potential customers about your product, service or business, you are doing something right. In a sense, a business’ brand influences the whole business at every level.

Caliber Media Group has years of experience in building brands and brand awareness as well as running successful strategic marketing campaigns. If you would like to grow your brand, contact Caliber at 714.867.1600 or visit CaliberMediaGroup.com.

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Brand EquityBrand Equity is an essential component of your business’ identity. Just like the equity accumulated in your home has monetary value, the equity of your brand is valuable too. It determines many aspects of your business, including profitability. So what is brand equity?

Brand Equity is the value of a brand, or can be summarized as the perceived value by consumers over other products.  The equity of your brand is important because, if your brand has positive brand equity, you can charge more for your products and services than the generic products or other competitors. Conversely, if your brand has negative brand equity, consumers will more inclined to pay more for generic products or products from your competition.

Brand Equity breaks down into several components:

    • First is the tangible and intangible value of the brand. The tangible value of a brand includes revenue and higher pricing. Intangible value includes awareness of the brand and goodwill associated with the brand
    • The second component of brand equity is the monetary effects. The business itself, products, and services will all benefit positively or negatively based on brand equity. This is one of the primary reasons business like Coke, Pepsi, IBM and Apple, do brand updates to avoid looking stale or out of date
    • The third part is the perception your brand creates for quality. Again, higher quality translates to pricing and lasting value. Apple is a great example. If you have ever been to an crowded Apple store, it appears that they are giving away their products but in fact, Apple products are considerably more expensive that their competitors but their reputation for quality and ease of operation is well known.
    • Finally, the consumer is the most important aspect of brand equity, because consumers determine the value of a brand. Consumer loyalty is how brands are built and need to be a focus of your overall marketing strategy

Several factors affect brand equity. The top four are:

    • Brand Loyalty
    • Brand Association
    • Brand Awareness
    • Perceived Quality

If you want to increase your brand equity, you have to increase consumer loyalty to your brand, associate your brand with better value or quality, or increase consumer awareness of your brand. Ideally, you would be able to do all four. Advertising is a Brand Equity Pepsigood way to drive increased Brand Awareness and Brand Associations, which will lead to increased loyalty if done correctly. The key is to distinguish between this type of advertising and sales driven marketing.

The effect of brand equity can be seen every day. Consider why most people pay nearly double the price for name brands like Pepsi and Honey Nut Cheerios than for generic store brands. Also, think back to when BP had that disaster with the Deepwater Horizon oil spill in the Gulf of Mexico – the bad publicity associated with the brand responsible for an environmental disaster such as that is enough to kill any business or at least cause negative brand equity for along time. In general, the more positive your brand equity is and the more consistent your quality, the more you can charge for your products and services.

Building brand equity is no easy task and rarely happens overnight but, is essential for the lasting success of your business. It should involve a robust and diverse brand strategy that spans multiple marketing channels.

If you are interested in improving your brand image or building brand equity for your business, see what the business development experts at Caliber Media Group can do for you – visit www.calibermediagroup.com or call 714.867.1600 and ask for Mark.

 

 

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