Brand awareness refers to the level of familiarity and recognition that a brand enjoys among its target broader market and audience. It represents the extent to which consumers are aware of a brand's existence, its products or services, and its overall identity. Brand awareness encompasses the knowledge that a brand exists. It is also described as the ability to associate specific attributes or values with that brand.
Brand awareness plays a significant role in consumer decision-making processes, knowing that being aware of a brand can affect consumers' perceptions, preferences, and purchasing behaviors. They are more likely to consider, choose, and remain loyal to brands they are familiar with. This raises an interesting question: how does brand awareness reduce client acquisition costs?
We have selected some of the major factors:
Trust and Familiarity:
When consumers are familiar with a brand, they are more likely to trust it. A strong brand presence builds credibility and establishes a level of familiarity. It enhances recognition in the consumers' minds, which leads to higher consideration and reduces the need for extensive marketing efforts to convince customers to try a new or unfamiliar product or service.
At Marvelous Digital, we strongly recommend our partners run community-based branding campaigns. By this we mean implementing an influencer strategy and a strategy built upon shared values and vision. This approach goes beyond a simple influencer activation. It is an efficient way to position your brand above your product or service's boundaries and reach a deeper connection with your strategic audiences.
Word-of-Mouth and Referrals:
Brand awareness can lead to positive word-of-mouth referrals. Satisfied customers who are aware of a brand are more likely to recommend it to their friends, family, and colleagues. Word-of-mouth marketing can generate new leads and customers without incurring additional acquisition costs. People tend to trust recommendations from individuals they know, making these referrals highly valuable for acquiring new clients at a lower cost.
To enhance your referral strategy impact, our team of experts suggests setting up a brand ambassador-like reward system, which could be combined with your community-based branding campaign(s). Today's exchange value is all about community and shared ideals. Therefore, your strategic base should include a clear value statement and authentic positioning. Of course, taking that lead involves its share of risk but it all comes down to talking to the right audiences the right way.
Increased Reach and Exposure:
Brand awareness allows a company to reach a wider audience and increase its exposure. By being top-of-mind and present in a wide range of marketing channels (such as advertising, social media, content marketing, and public relations), a brand can draw potential customers' attention; they may not have been actively seeking its products or services. This expanded reach reduces the cost associated with targeting specific individuals and allows the brand to capture a broader market share.
Repeat Business and Customer Loyalty:
Brand awareness doesn't only attract new customers; it also fosters loyalty among existing customers. Strong customer brand awareness & positive experiences drive repeated business transactions. When put into perspective, acquiring new customers can be more expensive than retaining existing ones, so a strong brand awareness strategy that promotes customer loyalty can lead to a higher customer lifetime value and reduce the overall client acquisition cost.
By focusing on building brand awareness, companies can create a positive perception, establish trust, and leverage their reputation to acquire new clients more efficiently. And ultimately reducing client acquisition costs.
Now we have established that "increased brand awareness may reduce your client acquisition costs", you may be wondering how to turn your branding campaign into a success story. Here is some solid advice from our Marvelous consultants:
- Clear Brand Strategy: A successful branding campaign starts with a well-defined brand strategy. It all comes down to three main axes: identifying the brand's target audience, defining its unique value proposition, and establishing the brand's positioning in the market. A clear brand strategy provides a solid foundation for all branding efforts and ensures consistency across different marketing channels. We strongly advise you to shape your positioning around your customers and not focus on "you, your company, and all the good things you guys do". It is worth taking a step back and analyzing your competitors in order to find success patterns and become aware of mistakes you may not want to make.
- Consistent Brand Identity: This includes elements such as the brand name, logo, tagline, color scheme, typography, and overall visual style. Consistency across these elements helps to create a unified and recognizable brand image, making it easier for consumers to identify and connect with the brand.
- Efficient Messaging: The messaging should clearly communicate the brand's values, benefits, and unique selling propositions. That way, it will resonate with the target audience. It should be tailored to evoke emotions, create a memorable impact, and differentiate the brand from competitors. Your overall messaging should be aligned with your tone of voice guide. Please find a recommended tone of voice guideline structure below:
a. Introduction
b. Our mission, our goal as a company
c. Tone of voice definition and explanation
d. Communication examples
e. Tone of voice application, including verbal and written expressions, brand personality, engagement with our audience, and what we will never say (the prohibitions)
f. Words we love, company word choices
g. Conclusion - Emotional Connection: Successful branding campaigns aim to establish an emotional connection with your target audiences. By appealing to the values & emotions of consumers, brands create a deeper and more meaningful relationship with their customers. Emotional branding helps build loyalty, advocacy, and long-term relationships, leading the way to increased brand affinity and customer retention. If we refer to the "word-of-mouth & referrals" section, it is important to note that emotional connection can be created through efficient community-based communication.
Finally, it all comes down to setting measurable goals & optimizing your campaign along the way. When it comes to your goals, you may want to monitor the following metrics: brand awareness, customer perception, brand recall, customer engagement, or conversion rates.
It's important to note that success may vary depending on the specific goals, industry, target audience, and competitive landscape. To conclude, a well-executed and impactful branding campaign should align with the overall business goals and create a positive and lasting impression in the minds of consumers.
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At Marvelous Digital, we craft digital experiences aimed at improving your business.
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