Brand awareness and customer loyalty are two of the crucial brand valuables when it comes to marketing. For that reason, marketing experts will discuss the importance of growing brand awareness and measuring it all the time. Research conducted by a Content Marketing Institute based in the United States shows that building brand awareness has always been a leading goal of most B2B and B2C marketers. However, that does not mean you should start investing in brand awareness. When you develop your small business branding and create logo online, before you start building it, you have to understand the benefits it will offer to you and your small business. Here are the key benefits.
- Brand Awareness Boosts Customer Loyalty
Acquisition of new customers for your small business can be an expensive process. Further, retaining them and bringing them back to your business numerous times is vital for the success of your business in the long term. Brand loyalty will create a higher security level for your business and brand awareness plays a crucial role in repeat customer activities.
After a customer has bought from you, you have to use tools like promotions, newsletters with your logo, and satisfaction surveys to remain in touch. Such actions will sustain brand awareness in the pool of your existing customers.
- Brand Awareness Reduces the Customer Acquisition Costs
The cost of acquiring new customers has always been high for most businesses. However, you can reduce the expenses by focusing on building brand awareness. Increased brand awareness will help draw new customers to you and your small business through no or low-cost methods. Understanding the costs of acquiring a new customer and quantifying the benefits of reducing the costs through increased brand awareness is a compelling obliging financial argument.
- Brand Awareness Captures the Lost Leads through Retargeting
Customer retargeting is a process of reconnecting with the customers that almost bought products from you and encouraging them to make the purchase. Potential customers abandon transactions for several reasons, such as tech issues and simple interruptions. Following up with someone who loaded an item into the shopping cart and then failed to checkout will help you capture significant revenue. You can leverage the familiarity of the retargeted customer with your brand and use incentives like x percentage off coupon to complete the purchase successfully.
- Reduces the Marketing Expenses
Understanding whether your target customers have unaided or aided recall of your services or products is important when building brand awareness. An aided recall research will ask a customer what his/her thoughts, associations, or awareness is with your brand. Unaided recall research on the other hand asks the subjects to share all the brands of a target product, such as soap, that they know.
The marketing departments then use the data they gather from the research to understand whether they should work on getting the name of the products in front of the target customers or improve the image of their business with people who already know about their brand. Focusing on one priority will reduce the marketing spend.
- Enhanced Product Recognition
As a small business owner, you can use brand awareness to offer multiple sensory stimuli and enhance client recognition. A quick example, people can visually recognize your brand from the packaging, logo brand, and shape. They may also recognize it through the sound, such as hearing the name during discussions or radio advertisements.
- Increased Market Share and Boosted Sales
Building brand awareness will help increase your market share. By working hard to get your brand fused into the minds of your customers, you will be making it hard for other companies to penetrate the market. The Strategic Planning Institute claims that aggressive advertising and marketing are the most important factors in boosting brand awareness and converting brand awareness into a larger market share. While brand awareness does not have any financial value, it helps drive incremental sales.
You can boost brand awareness among your consumers in various ways and proving to them that your brand is important to them is one of the ways. Your marketing strategies might change each year, but a consistent brand message is vital when it comes to making your business remain in the mind of your target customers.
- Increase Repeat Purchases
The available data shows that around 90 percent of buyers make their purchase decisions subconsciously. They use mental shortcuts to shorten the buying process and avoid facing many options from competitors. A good marketing campaign will help narrow in on the target audience and make them feel empowered by your brand. Brand awareness will affect the attitude and perceptions of your customers and therefore drive brand choice and brand loyalty. In other words, repeat purchases are unlikely without brand awareness.
- Build a Strong Foundation for your Business
Building brand awareness for your small business ensures that the name and the products are embedded in the minds of the target customers. When that happens, people will always remember your brand as the first solution to their problem when searching for a solution for their life problems. After understanding brand awareness and nurturing it for your audience, you will build a stronger foundation for small businesses that will evolve and grow alongside the business.
- Achieve Your Business Objectives
Brand Awareness will further help you achieve your business goals and objectives. If some of your goals are increasing the website traffic, expanding your audience, cultivating leads, or building brand affinity, it will help you achieve that easily. A brand awareness campaign will cast a wider net and allow people to know about the products you offer and nurture all those interested in them.
- Scale Your Content In More Places
Brand awareness will further help you scale your messaging and content across many marketing channels and reach more audiences. For example, if you are already active on social media, you can use SEO and search advertising to supplement your social outreach. Further, you can try launching sponsored social campaigns.