A brand with high brand awareness is a great way to gain an advantage over your competitors, fuel sales, and uncover insights. This level of consumer awareness also builds trust and brand loyalty. However, the question of how useful is brand awareness to your business is a complex one. Here are some insights to boost your brand awareness.
Building brand loyalty requires brand awareness. Most people will do extensive research and compare different products before purchasing. Building trust, however, is vital to turning window shoppers into brand loyalists. Brand awareness puts a human face on a brand and helps establish that trust. By building brand awareness through storytelling, leveraging trusted influencers, and showcasing a brand’s personality, brands can increase their likelihood of repeat sales and consumer loyalty.
Companies like qualtrics.com know that developing a strategy to build brand loyalty begins with brand awareness. Research shows that 81% of shoppers conduct online research before purchasing a product. Using visual elements, storytelling, and product testimonials, brands can help potential customers familiarize themselves with their products. Brand loyalty increases the likelihood of a customer recommending your product to others, which helps maintain brand loyalty. In addition, it increases referrals and lowers the risk of switching from one brand to another.
Uncovers audience insights
A recent study of nearly 2,000 global marketers found that only 26% of them were confident in their data. Marketers are worried about the lack of audience insights and digital fragmentation, despite their confidence in first-party data. A brand awareness study will help marketers uncover audience insights beyond click-throughs and impressions. PixabilityONE performs 143K YouTube optimizations automatically and unearths insights from audience insights. The results show how aligned messaging can boost audience engagement and drive consumers to conversion.
The IBM campaign was conducted during COVID-19, and needed to justify the event sponsorships. They wanted to understand whether people preferred sponsor booths at physical events, because it creates a feeling of interactivity. IBM would look to capitalize on this feeling of interactivity when it organizes large face-to-face events. However, the data showed that the target audience didn’t like virtual events. Maven Road’s research revealed that IBM should ditch its virtual event strategy after all.
Boosts brand equity
The benefits of strong brand equity are numerous and varied. Strong brand equity is directly related to customer satisfaction and loyalty. Consumers will seek out your brand on the shelf or on the web to experience its product or service. Once they’re loyal, they’ll recommend your product or service to others. Positive brand equity also enables you to raise your prices and expand your product line, among other things. Here’s how to boost your brand equity and improve your customer satisfaction.
First, create a memorable brand story. Tell a compelling story about your company, including a compelling story and emotional connection to your target audience. Measure your brand’s equity by measuring customer loyalty, perceived quality, and financial performance. Every brand should strive to build high brand equity, since it opens the door to more business opportunities and increased profits. But how do you do that? You need to know the basics of brand equity.