A brand is the meaning behind your company's name, logo, symbols and slogans. Having a unique and memorable brand helps you build brand awareness and create a long-term position in the marketplace. Brand awareness is a measure of how well your brand is known within its target markets.
Creating brand awareness is usually the first step in building advertising objectives. Before you can create a favorable impression or motivate customers to buy, they have to become aware of your brand and its meaning. Marketing messages delivered through various media are often used to communicate the brand name and important messages tied to its products. Making people aware that you exist helps drive traffic to your business and create a buzz in the market.
Top of Mind
The highest level of brand awareness is top of mind awareness. This is when customers think of you first when they need to make a purchase within your product category. You can 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 customers enter a buying situation and your brand immediately comes to mind first.
Equity is the value of your brand beyond your physical assets like buildings and equipment. To develop a strong brand equity you have to develop a high level of brand awareness. The more people are aware of you and the stronger your reputation, the greater your profit potential and overall brand value. Word of mouth in the market plays a strong role in helping your brand grow its customer base and develop loyal relationships with top customers.
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.