MDP Blog

The Benefits of Investing in Brand Awareness and Recognition

When positioning your brand, there are certain elements you can’t ignore. These include:

 

  • Your brand story
  • Target audience
  • Brand messaging, and
  • Communication roadmap.

 

When you have all these in place, there’s only one thing left to do, and that’s launching a brand awareness and recognition campaign to get you brand seen, heard, and known.

 

Over your business' lifespan, you’ll conduct a variety of campaigns targeting new prospects, leads, and even current customers. However, on this post, we’ll focus on the benefits of brand awareness and recognition campaigns and leave the campaign types for another post.

 

As a new entrepreneur or small business owner, it’s easy to overlook the concept and significance of brand awareness. I’ve seen it with many other businesses and I understand why it happens.

 

Sometimes, life catches up with you, throwing you off balance. So much so that the things you should focus on to ignite exponential business growth come to you as an afterthought.

 

When starting out, the focus is more on creating products/services, nurturing customers, managing payroll, being there for your family and yourself, and so many other things.

 

With all these competing for your time and attention, I understand why a strategic brand awareness campaign wouldn’t be at the top of your list.

 

But as they say, numbers never lie? Here are some branding statistics to show you why brand recognition is vital for success:

 

  • According to Customer Thermometer, 13% of consumers would pay up to 50% more for your products or services if they recognized your brand as one that’s making a positive impact on the world.
  • Statistics from Forbes show that being consistent with how you present your brand (identity and core values) across all platforms can grow your revenue by up to 23%.
  • Demand Metric shows that brands that are consistently represented on all platforms increase their brand visibility 3.5 times compared to those with inconsistent messaging and brand identity.

 

Here are even more branding statistics to show you the benefits of building a recognizable brand.

 

We're not done yet. Stay with me and you’ll see why overlooking brand awareness and recognition campaigns is planning to fail your brand. Once you see the benefits of getting your brand seen, heard, and known, you’ll want to bump this up to the top of your priority list.

 

But first …

 

What is Brand Awareness?

 

Brand awareness is “The extent to which prospects are aware of the distinguishing qualities or image of a particular brand of goods or services.” While taking on new clients who don’t have a brand awareness strategy in place, they’re often shocked when we point out the lack of a brand awareness strategy means their target audience doesn’t know them.

 

What that translates to is if your target audience is not aware of your existence, then you’re not in business!

 

Once your business is up and running, the next course of action is to alert you consumers to your existence. In today’s marketplace, consumers lean towards products, services, or brands they’ve seen before. Businesses they have interacted with, even in passing.

 

In a field like coaching, a positive brand awareness and recognition will give you the competitive edge you need to succeed.

 

Brand awareness don’t necessarily mean that the people who buy from you are only those who engage with you. Studies show that brand awareness plays a critical role when consumers are making the choice to buy from a specific brand.

 

Picture a scenario where you’re shopping for jewelry and have never done it before. When you go shopping at your local mall, you come across two jewelry stores, Diamond Outlet or Kay Jewelers. If I had to guess, I’d say you would lean towards shopping at Kay Jewelers.

 

Thanks to their brand awareness and recognition campaigns dubbed, “Every Kiss Begins With Kay”, the brand has engraved it’s existence and industry in many people’s minds.

 

This is just one of the benefits of implementing a creative brand awareness and recognition campaign. There are endless other benefits of building a strong brand, but here are the 5 biggest benefits in our book:

 

1. Buyer Recognition

 

The stronger your brand and the more visible it is, the more recognizable it becomes to customers and prospects. If people keep seeing your brand in their feeds or while they’re online, they are most likely to recall your brand when they are shopping for a product or service that you provide.

 

They might not know a great deal about you or your brand, but as long as they recognize it, they’re most likely to buy from you than from a brand they haven’t seen before.

 

2. Gives You a Competitive Advantage Over Your Competition

 

Have you stopped to evaluate what differentiates your business in a flooded marketplace? The simple answer is, “the brand you build.” The more the number of customers that recognize and support your brand, the bigger the competitive edge you have over your competitors.

 

Research shows that the more people recognize your brand and the more they’re aware of your existence, the higher your business climbs as an authority. Brand awareness makes you a formidable competitor in your field.

 

3. It’s Easy to Launch New Products/Services

 

By now, it’s clear that brand awareness campaigns make your brand strong and attract a stream of loyal customers. But other than more leads and prospects, what else does brand awareness help you do?

 

For most brands, introducing a new product to the market is always an uncertain game. You first have to acquire enough loyal brand enthusiasts to not only buy, but to also test out your products in the beta phase and provide you genuine, unbiased feedback to improve your product.

 

With a strong brand, you only have to appeal to your existing fans, which also translates to a lower launch budget. The more the fans you have, the higher the chances that they are interested in new developments too.

 

In my books, that’s a win by all measures, and one any business would want to leverage.

 

4. Customer Loyalty and Common Values

 

When you build recognition and propel your brand’s visibility, your customers and audience become more loyal. When your audience shares the same values your brand does, you know you’re positioned for success.

 

While building your brand message, it’s essential that you communicate your values and build that all essential emotional connection with your prospects and customers.

 

Think of a brand like apple. Hate it or like it, their brand loyalty is undeniable, and vitually unmatched!

 

Apple fans have clearly shown that when branding is done well, brand loyalty lasts a lifetime and, in most instances, is even transferred to the next generation! Crazy, right?

 

If you want to enjoy the same for your business, it’s about time you start implementing your brand awareness and recognition campaign.

 

5. Builds Your Authority and Credibility

 

Think about what you consider when making purchases. Does a strong, well-known brand have any bearing over you choice? I bet your answer is a resounding YES! The same thing happens when prospects are choosing between you and your competitors.

 

If your brand awareness and recognition is more authoritative and credible, prospects will often choose to buy from you.

 

In the process of building credibility, you inadvertently increase your competitiveness, loyalty, and recognition.

 

Final Words

 

When you do one thing with precision and expertise, you realize that things start falling in place. Everything starts aligning to your goals and vision and work perfectly towards your success.

 

As your credibility grows from brand awareness and recognition campaigns, customers find it easier to trust and buy from you. The same way you buy from companies you know, trust and like is the same way your customers will buy from you if you cultivate that relationship.

 

Make your brand credible, get seen, heard, and known, and customers will stream in exponentially.