Brand awareness is one of the most critical tools a small business owner has to help their organization thrive and grow. It helps the general public learn about your company and become familiar and comfortable with it as an entity all its own.
In addition, brand awareness helps to differentiate your product or service from competing brands. In fact, companies that foster a high level of it are more likely to prosper. This is because customers will tend to purchase brands they are familiar with and comfortable with instead of those they haven’t heard of before.
Let’s explore what you need to know about brand awareness to help your company prosper.
Brand awareness is represented by how familiar your target audience is with your company. It also represents how likely they are to recognize it in a crowd of competitors. Of course, the goal is to have your chosen consumers not just recognize your product in a sea of competitors but choose to purchase it repeatedly when given the opportunity.
Brands with high brand awareness are often considered to be “trending”, “in”, or “popular”. Creating it is integral to establishing your business within your chosen industry in order to get your company’s name out there and identifiable to consumers.
Brand awareness is often not a quantifiable number, and therefore hard to measure on a spreadsheet or a meeting. However, the value of a high level of brand awareness is unquestionable in today’s economy and our everyday lives.
Brand awareness is building a relationship between your company and your target audience. From the first interaction to comfortable familiarity, brand awareness is what establishes the relationship and continues to build upon it thereafter.
It also draws the line between a product and a specific brand to the extent that the word for the product is replaced by the name of the brand. Jacuzzi is an excellent example of this. Many people say they are going to go sit in a Jacuzzi, which is a name brand, instead of using the product name “hot tub”. There are multitudes of examples of this within every industry. Brand awareness is what builds that association in the minds of consumers.
Moreover, it fosters trust and trust is everything when it comes to what consumers are willing to purchase. Consumers these days are awash in opportunities to do research on products and companies, as well as garner the opinion of everyone they know before making a purchase. The trust that brand awareness creates allows consumers to form a bond with your product. This bond will foster a sense of loyalty so that purchasing your product becomes natural to your customers and requires no thought at all.
Brand awareness creates a face for your product, enabling your product, and your company, to become a part of your target audience’s everyday life.
The value of brand awareness has made it a priority for companies around the globe. Growing it has been researched, tested, and worked on constantly in an ever-changing economy. What consumers want, need, and how they get their information evolves from day to day.
This may seem daunting when you are trying to build your brand awareness. However, it also provides countless opportunities for your company to connect with your target audience.
Here are a few ways to start building your brand:
Social media
Customer feedback
Promotional products
Social media is perhaps the greatest tool a small business has for building brand awareness. It’s important to build a social media presence across different platforms. This way, you can reach as much of your target audience as possible.
Your content needs to be authentic, true to your message, fresh, and engaging for your consumers. In addition, make sure to comment and respond to your customers’ posts. Engage with them on a consistent basis to help build a relationship with your brand and your consumer.
What your customer thinks and feels about your product is paramount in establishing and building a relationship with your customers. Brand awareness will allow your customers the familiarity to give you their honest opinion about things.
Take their opinion seriously and make an effort to respond to your customers as that in turn helps to build brand awareness with them. More often than not, they will often share their experience with their friends and family. This, of course, helps build your brand and gets people talking about your product.
People love a giveaway and hosting giveaways, contests, and competitions with good quality promotional products. This can go a long way toward building brand awareness with your target audience.
These competitions and giveaways often work great, especially when done across social media. Not only can you boost engagement and brand awareness through people using your product but those that win now have promotional products with your brand name on them, thereby getting your name out and into the world even more.
Foster Financial offers a multitude of CPA services that can help your small business to thrive and grow. We not only help you to establish a way to make ends meet but also a way to move forward with your goals for your company, including growing your brand with your target audience.
Foster Financial will also help you to reduce the time and money you spend dealing with financial issues. This can include budgeting, taxes, and other items that can otherwise pull you away from building your brand.
We can also help you make better financial decisions. This way, the pursuit of your goals is done in a way that is positive, productive, and progressive. Lastly, we can help you understand the financial aspects of your small business to ensure that all the decisions you make going forward are good for your brand, and therefore, good for your company. For more information contact us today.
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