Brand awareness plays a vital role in brand equity and perceived value; but how can you boost brand awareness in the first place, and why does it really matter?
As a business, you want to be seen. You want people to know who you are. To remember you.
It’s a paramount part of business growth. After all, if people aren’t aware of you, they’re pretty unlikely to buy from you.
But how do you maximise that awareness in the first place? What is needed to take your business from ‘just a few loyal followers’ to ‘leading an empire’?
How can brand awareness boost brand equity and perceived value?
When customers recognise and remember your brand, they will be more likely to choose you over a competitor. You’ll be at the forefront of their mind, and as such they will attach more importance and financial value to your business.
Long gone are the days of paying for an ad in your local newspaper and reaping the benefits. If you want your brand to contend with the big players in the field, you need to put time and resources into getting it in front of all the right eyes and in all the right places.
That’s why we have compiled this handy guide to show you how brand awareness can boost brand equity and perceived value. We hope it will provide a strong foundation to take your business to the next level.
What is brand awareness (and why does it matter)?
Brand awareness is the extent to which your audience is familiar with your brand. It’s their ability to recall your brand in different circumstances; they visualise it, picture perfect, whenever they think of you.
Truly exceptional brand awareness will result in a connection so strong that when the audience thinks of the overall product or service that your brand falls under, they will think of you.
Take Post-it; people often forget that Post-it is the brand name for the yellow sticky notes. They may use the term ‘Post-it’ to refer to all sticky notes, regardless of the brand. The same can be said for Hoover; often, individuals will use the brand name for any vacuum cleaner.
So, how does this happen? Both Post-it and Hoover built brands that became deeply ingrained in their audience’s mindset and behaviour. They were here, there and everywhere. You could not avoid seeing their brand.
Now? Their reputation speaks for itself.
Essentially, powerful brand awareness is about being so visible and confident in your brand that you begin embedding it into the lifestyle and purchase habits of your consumers.
That way, a potential customer won’t ever have to think twice about committing to your product or service; they’ll buy in, naturally, both now and always.
What is the difference between brand equity and perceived value?
Brand equity relates to how important a customer views a brand, while perceived value is the financial significance they attach to it.
Both are equally important, and come together to show how much a brand is worth.
If you want to be seen as a high-end product or service, then your brand equity needs to deliver on that. Your brand should feel luxurious and exclusive. It should make people feel like they are a part of something special.
Businesses who manage to achieve this will be seen to have a strong equity. As a result, customers will place a considerably higher financial value on the brand.
When navigating brand equity and perceived value, you need to ask yourself: are you for the many, or for the few? If you are for the few, you need to display your brand in a way that feels palpable. Build a platform, place your brand proudly on it and throw the spotlight down. That way, you can show your audience that yours is a brand they want to be associated with.
How can I build brand awareness to boost my brand equity and perceived value?
Once you have a strategic and cohesive brand in place, it’s time to start sharing it with the world.
While it is crucial to have all relevant digital credentials fitted for your brand – such as an impactful social media presence, a fully branded website, newsletters, podcasts and lead magnets – it’s crucial not to ignore the power of physical, ‘in real life’ branding.
In a world that lives online, physical branding is frequently forgotten. But its value is huge. It can also be a fantastic way to stand out from your competitors:
- You can choose the quality of your branding – think about the last time someone handed you a business card. If you had one card on premium print and materials, and the other had faded colours and was crumpling at the sides, which one would you deem more impressive?
- You can place it in unlimited spaces – within reason, of course! You can print branding on labels and add them to any letters or packages you send out, you can lay it over posters and wall decals around the office, you can put it on drinking glasses and bottles… let your imagination run wild.
- You can tap into your customer psyche without them even realising – we take a whole host of different brands in countless times throughout the day. If we see those brands enough, they stick in our minds without us even being conscious of it. This trickle effect can be hugely effective when it comes to customers making a final purchase decision as you’ll have naturally made an impression.The options are endless. Do them right and you will feel the long-term benefits of a premium brand, constantly evolving brand awareness and a business that can comfortably charge its worth.
How can Diametric support me with brand awareness?
Here at Diametric, we are the leading manufacturer of badging and labelling for iconic brands. We can take your brand and reproduce it in unbeatable detail, maximising your brand awareness with your ideal audience.
We can help you with electroformed badges, nameplates, industrial overlays, roll form, domed badges and injection moulding. With decades of experience under our belts, we promise only the highest quality, most rigorous control and very best standards.
To find out more about how Diametric can support your brand awareness, get in touch with a member of our dedicated team.