A brand is the meaning behind your company’s name, symbols, logo, and slogans. To have a memorable and unique brand helps you build brand awareness, create a long-term position in the marketplace. Yeah, Brand awareness is a measure of how well your brand is known within its target markets.
Branding develops an image of a company’s products in the minds of consumers, attributing goods with certain unique characteristics or qualities that, are attractive to the target audience if done effectively.
In addition, A brand widely known in the market has brand recognition and builds up positive sentiment which further strengthens the company position amongst competitors.
Related Post: How Omnichannel Customer Experience can Improve your Brand?
Here are 9 TOP Advantages of Brand awareness.
1. Top of Mind
You know? The highest level of brand awareness is top of mind awareness. This is when clients think of you first when they need to make a purchase within your product category. Moreover, You might build top of mind awareness through repeated exposure and consistent delivery of a good product or service over time. This is a huge advantage in the market when clients enter a buying situation and your brand immediately comes to mind first.
2. Increased client loyalty
If a client sees your brand out in the marketplace, and recognizes it, that familiarity creates a sense of security that your client has chosen a well-established company. When a company that you have never heard of and never seen their logo calls you, do you feel secure initially in talking to that company? Most likely not.
Since acquiring new clients is such a costly process, retaining clients and bringing them back again is critical to long-term business sustainability. Brand loyalty creates a certain level of security for businesses. Brand awareness plays a vital role in repeat client activity. In addition, Once a client has purchased from you, do you utilize tools such as promotions, newsletters, and satisfaction surveys to stay in touch? These simple actions can sustain brand awareness among your pool of existing clients
3. Tip the Scale
Many people are shopping around, it is a given, and should not be taken personally. What you should do is to tip the scale in your favor. If everything else is comparable, your clients are more likely to choose a brand that they recognize a brand that they never heard of. And in many cases, brand awareness can make up for other inequities, thus giving you an advantage that you did not have before.
4. Useful executive metric
Executives of marketing are consistently looking for metrics that they can report to the board, the shareholders, other stakeholders as evidence of a company’s success. Increased brand awareness can signal the yield on efforts to break into new markets and provide tangible evidence of a company’s potential for growth while financial results , sales data trump most other inputs. This alone can be a successful argument for why this is vital to measure brand awareness and then track it over time.
5. Enhances Product Recognition
Brands provide multiple sensory stimuli to enhance client recognition. For example, a brand can be visually recognizable from its logo, packaging, shape, so on. It might also be recognizable via sound, such as hearing the name on a talking with someone who mentions the product or a radio advertisement.
6. Provide a foundation for expansion
Brand identity might help you to acquire investors. When investors understand the value of a good brand, and sometimes are willing to invest mainly due to the power of a brand.
7. Aids in Introduction of New Products
Firms that establish a successful brand can extend the brand by adding new products under the same “family” brand. Such branding may allow companies to introduce new products more easily since the brand is already recognized within the market.
Example:
Besides our greatest extensions for Magento, Magestore (Yeah, it’s our brand) has launched Retailer Kit (A.K.A “Magento Omnichannel Solution“).
8. Digital Impact
The importance of brand awareness has become increasingly significant with the evolution of the Internet and digital technology. The public is more equipped with mobile and social media tools to communicate quickly about your brand, good or bad. This means that establishing a strong reputation for good products or services, integrity in your business practices and community involvement are even more critical to long-term success.
The possibility of Premium prices for your products or services. Your clients are more likely to pay premium prices for brands that they recognize and associate with quality, dependability and security
9. Build Equity
Equity is the value of your brand beyond your physical assets like buildings and equipment. Developing a strong brand equity you have to develop a high level of brand awareness. Besides, The more people are aware of you and the stronger your reputation, the greater your overall brand value and profit potential. Word of mouth in the market plays a strong role in helping your brand grow its client base and develop loyal relationships with top clients.
So what is a good way to improve your brand awareness?
Yeah, Gift Card is your answer
This powerful weapon may allow your customers to club together to buy gifts for family and friends, helping to increase your online store’s brand awareness. Moreover, this extension enables you to sell your items or gift cards on your online Store, as well gain insight into how people purchase gifts as groups.
All in all, because of its flexibility, gift card gives the great last-minute, most convenient gift solution to your customers. Yea, Gift card has helped conversion rates. Even when they’re not aware of particular tastes, more and more people are able to easily find something to buy online.
After all, I strongly believe that you’re no doubt getting your online store ready for the up-coming holidays with the great option – gift card.
There are numerous and potential opportunities annually for you to boost sales with Gift Card like Valentine’s Day, Easter, Thanksgiving, Mother’s Day, Birthday, Christmas and so on.
Because your customers certainly want to buy gift card and you may offer them easily
Happy E-commerce!
