Getting new business is the key to your company's future, and increasing brand awareness will sure help let potential customers know you are there to serve them.
Without a doubt, brand awareness is one of the two most important variables in marketing any business. The other is brand loyalty, but that is for another discussion. It doesn't matter if we are talking about a two person boutique or a 1,000+ employee corporation, having brand awareness is simply one of the most invaluable parts of a marketing strategy.
What exactly is brand awareness? Brand awareness is the percentage of a target population who know a company exists and what products or services the company offers. For example, let's say I own a shoe store in a small town of 12,000 people and I want to measure my brand awareness. I decide to do a survey to see which shoe stores people think of when they want a pare of shoes. In my survey, I posed the questions to 600 of the citizens, and of the 600, only 200 of them thought of my shoe store. This lets me estimate that roughly 33% of the population is aware that my shoe store exists.
So, why is this important? Common sense tells us that if I can double this number to 66%, I should be able to substantially increase my sales. Based on this information, my goal for the next twelve months will be to concentrate my marketing efforts on increasing brand awareness of my store.
If a company's brand awareness is very low, it is very realistic to increase awareness by 100–200% with a concentrated marketing campaign and simple marketing strategies. I say this from experience. I personally worked on a marketing team with the task of rebranding a hospital in a major metropolitan area. Before the campaign launched, this particular hospital was #4 on the minds of the regional population. Within twelve months of the brand launch, the hospital ranked #2 in the region with a measured brand awareness increase of an estimated 140%.
The concept of increasing brand awareness and the benefits of doing so are pretty simple. However, executing this increase will require some patience from most business owners. There are a number of tactics that can be utilized to increase brand awareness. You should aim to have your brand and your message be seen by many, many people over a long period of time.
This strategy includes outdoor billboards, bus banners, wall posters and things of the sort. The way this works is also very simple, the billboards, banners and posters are consistently seen by many people throughout the day, and many people will see them very often during their daily commutes. Over time, the majority of these people notice your advertising, often times without realizing it. Over time, if your message is simple and appealing, a large group of the people exposed to the campaign will retain the information.
Simply put, if you increase your brand awareness you will in turn increase first time customers or clients. With that said, brand loyalty and making your customers or clients come back for more is next.