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.
Why is Brand Awareness Important?
Brand awareness is crucial as it is the very first step in the marketing funnel, and a very important foundation to acquire customers eventually.
To begin with, brand awareness helps to keep your brand top-of-mind with your audience. If individuals know your brand, they can become familiar and comfy with it. Then, when faced with a choice to buy from you or your competitor, they will more probably buy from you.
Also, brand awareness helps you to achieve a range of business objectives as well as goals. It can expand your audience, boost your website traffic, build brand affinity as well as cultivate leads. It will be absolutely no surprise to learn that brand awareness is at the top of the marketing funnel. Brand-awareness campaigns cast a broad net. They allow many people the opportunity to know about what you have to offer as well as nurture those who are most interested in it.
There are so many different ways you can go about upping brand awareness among consumers so making a brand mean something to end consumers when they look at it is just as essential as a sales pitch. Your marketing strategies might vary year-to-year however a consistent brand message will assist you to make your organisation top-of-mind when your target market is comparison shopping.
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