In consumer marketing, everything starts with brand awareness.
For a consumer to buy a brand they must first be aware of it. Brands without brand awareness cannot build other communications. In fact brand awareness is the central platform from which other associations are developed.
Independent research confirms that a brand with some level of awareness is far more likely to be considered by a consumer. Also brands with awareness are chosen by a consumer far more than brands of which the consumer is unaware.
This logic extends to the strength of that awareness. The higher the position of the brand in the consumer’s mind (measured by unaided recall) the higher the purchase intention. This extends to a positive correlation between the strength of awareness and the actual relative purchase of the brand.
Also levels of awareness directly impact choice. Where a consumer is aware of a number of brands which fit the relevant criteria in a purchase decision, he or she is unlikely to seek out information on unfamiliar brands.
So it follows that you can increase your market share by building your brand’s awareness in a number of ways, like:
- Creating competitive barriers in the key market sectors that matter most to you
- Building barriers to entry in new sectors that you want to defend
- Adding perceived value to your product or service with your target market
As well as figuring out ways to attract attention and generate brand awareness, setting measurable awareness goals and working to achieve them is the smart way to improve and grow profits as well as market share.
Most marketers know how to track conversion rates and sales and so can set measurable goals for them. But how do you track something as elusive as brand awareness in key market sectors? Also how can this type of measure be applied to monitor competitor performance within those sectors?
Our customers can specify the detailed product and service segments that matter to them. They can also identify all the competing brands that they fight in those categories. An additional geographical market dimension can also be added to give complete depth to the awareness measurement.