The term ‘brand favourability’ refers to an in-depth measurement of how a brand is performing. This is especially in terms of how well audiences perceive it in different areas. Brand favourability is frequently measured by things such as emotional closeness, positive or negative changes to the brand, customer relationship as well as the extent of their brand awareness.
While national brands see the significance of having local market campaign strategies, many are still resistant to including them as part of their overall marketing plan, even though 50% of marketers believe local marketing ROI would be higher as opposed to that of a national campaign.
The chief reason cited for not including a localised marketing strategy is measurable ROI, although local marketing efforts have been seen to be cost-effective and efficient. In fact, brands that localise their efforts see a 13:1 ratio on demand generation and relationship building campaigns.
What Is Brand Awareness?
The term ‘brand awareness’ is the degree to which consumers are comfortable with the unique qualities or image of a specific brand of goods or services.
Brand awareness is crucial when introducing new products as well as services. It drives consumers’ decisions when distinguishing between competing companies. Brand awareness encourages repeat purchases and also leads to an increase in market share and incremental sales. It is also very important to businesses which are marketing proactively through social media sites.