2.3 Customer Awareness
Customer awareness is a part of a company’s marketing & communications plan. It is a process that helps an entrepreneur educate customers about his/her company, its performances and the products or services his/her company delivers. (Martin, 2015) It is an advantage for the company because they make their customers become aware about their products and services.
Brand awareness is the level of consumer consciousness of a company. It measures a potential customer’s ability to not only recognize a brand image, but to also associate it with a certain company’s product or service. Brand awareness is best spread through both inbound and outbound marketing efforts. (Retrieved from: https://trackmaven.com/marketing-dictionary/brand-awareness/)
Beaver (2014) described brand
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The availability and existence of a specific brand in the minds of people is very important as we live in a world where people have a tendency to lean towards branded products. It has become vital that most people have at least heard about the brand and recognize it as it can prove to be an asset for the company. (Bhasin, 2016)
2.4 Relationship between Online Marketing and Customer Awareness
There is a certain effect on customer awareness if businesses use online marketing as their marketing tool. Online marketing strategy is influential to customers because people nowadays tend to rely on the internet. People always seek answers through internet and online marketing is businesses’ one way to make their company or establishment be known.
According to Warsi, Z. (2015), search ads increase brand awareness. Google’s search ads can boost brand awareness by an average 6.6 percentage points, according to a new study commissioned by the search giant. It’s a sheer truth that branding is necessary for any businesses. But for small businesses, Brand Building can prove to be a difficult
Branding is defined as “the promot[ion] of a product or service by identifying it with a particular brand” (Merriam-Webster, 2015). Branding is also used to create a corporate image or brand by utilizing logos, corporate statements, and other images that will be associated with or displayed on all of that company’s products (Wolak, 2002). A brand is a valuable, enduring asset that is essential in creating and maintaining competitive advantage in an industry (Wolak, 2002; Murphy, 1988). This corporate asset can be just as important as the product or service behind it, because it carries name recognition and peace of mind to customers in the purchase decisions they make everyday (Hall, 2008). Brands essentially work as a “shorthand device” for consumers to evaluate product decisions by conveying a message of uniform quality, credibility, and experience
Brands have become subjects of increasing interest to marketers over the years. There have been extensive studies to understand the idea of what a brand is. While taking into consideration the success of a brand, the marketers must ask whether - sales, contribution to market share, additional profit margin, loyalty generated, and awareness or corporate image contribution are the key factors that drive the success or failure of a brand. However, today marketers must look from a different viewpoint - not from the viewpoint of those who create, develop and nurture brands but from the point of view of the ultimate audience, the consumers of brands. Therefore, a successful brand understands its perception and therefore the people who perceive it (Keller, 2003).
Distinguishing one product from another depends on the target market’s ability and in turn the success of any business or consumer product (Lamb, Hair & McDaniel 2009). In the marketing industry and the business world, brand is defined as “a name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of others.” (Bennett, P.D., 1995). Brands are a common part of marketing and they serve as value to consumers. Brands also give firms a competitive edge over another and a certain leverage over its customers.
As a Business Administration major I have learned there are several different components that make up a successful business, and it is important that everyone work together to achieve a common goal. The ultimate goal of most companies is to create a product or service that will gain a place in the market and stay there. Customer relationships are the most important factor for companies to consider when aiming toward success. What can companies do to improve customer relationships? Improving customer loyalty means the customer keeps coming back even if they are not always completely satisfied with the product. When I think about what brings customers back, and the most important part of a company’s success, it is undeniably customer relationship management. With it being easier for customers to shop from their home or office, and the growing competition making it easier to switch, the relationships become increasingly more important every day. Focusing more effort on customer retention and loyalty in customer relationships would improve their chances of surviving in the market.
Marketing is very important to the success of a business. Before people can buy a product or service they have to know about it. However, marketing entails more than just letting people know what your company has to offer. Throughout this paper, I will define marketing, offering my personal definition as well as more formal definitions from other sources. Furthermore, I will explain to the reader the importance of marketing to organizational success giving real world examples in support of this explanation. The field of marketing can include many things. I believe, however, the most important thing which it should include is communication with customers as to the value and benefits of using that particular company's products and services. It should help to establish the business's niche in the industry and distinguish it from other such businesses.
In the past decade companies are starting to see their brand assets, and with this branding has taken on a greater significance. So today brands are more than just marketing slogans and logos. All businesses are building their brands through certain actions and in their actual presence they find a 'position' in the mind of consumer and prospects. This is based on experience and exposure of the brand in the competitive marketplace. There are certain advantages to take into account in a Brand Strategy;
Strengthening brand awareness is beneficial for a business. A strong brand allows a business to make more effective use of its marketing strategies by promoting more than one marketing strategies by promoting more than one product within the brand range, and raise the profile of new products in the brand. For example, Colgate is a brand owned by Colgate-Palmolive. The Colgate brand has a strong reputation for dental hygiene products such as toothpaste and toothbrushes. However, the strength of the brand means that the business can offer products to segments of the market- whitening, sensitive teeth, children’s toothpaste and so on, while limiting the investment it puts into raising the awareness of the brand in the market. It also reassures businesses stocking Colgate products, because they can see how much value customer’s place on the brand and effectively judge the level of risk associated with stocking the new
As per view of this concept is getting popular in the present era as compared with past and has become one of the main reason behind success of businesses in the market. Majority of the customers prefer to access information with the help of online mediums such as social media, emails, print media etc. Further, it is advantageous for business in every possible manner where customer behaviour can be easily influenced and in turn leads to higher market share along with profitability. It can be stated that in the modern era, online marketing has started to play very important role in overall growth and success of any business enterprise. The use of tools such as online marketing helps businesses to carry out more effective and accurate marketing of services and products available (Gobo,
7. Gommans, Marcel, Krish S. Krishnan, and Katrin B. Scheffold. "From brand loyalty to ...
Brand advertising promotes and enhances the personality of our brand and builds a relationship with our customers.
Lastly, brand awareness is a crucial consideration. And It may be thought of as a consumers’ ability to find a brand within a group in adequate detail to make a purchase. It is important to remember that adequate detail does not always need identification of the brand name. Often “brand awareness is no more than a visual image of the package that stimulates a response to the brand.” Moreover, recall of the name is not necessarily required because brand awareness in which can try via brand recognition. According to Emma Macdonald and Byron Sharp (2003), suggested, when a brand is recognized at point of purchase, its brand awareness does not need brand recall. This is a major point in the consideration of brand awareness as the most important communication objective. In fact, the difference is misunderstood by marketing and advertising managers. The difficulty is to relate to the essential difference between recognition and recall, that is extremely important to advertising strategy. Brand recognition and brand recall are two separate types of brand awareness. The difference depends upon the communication effect that occurs primarily in the consumers’ memory.
Other than that, brand awareness and brand ethics also could lead to increasing the organisational profitability. Hence, brand awareness is the combination of brand loyalty, whereby
“The brand equity is the total accumulated value or worth of a brand; the tangible and intangible assets that the brand contributes to its corporate parent, both financially and in terms of selling leverage”. (Upshaw)
Branding should be evident in every aspect of your business, from the way customer representatives answer the phone to the e-mail signature. It also has to extend to what you or what salespeople wear when they go on sales calls. Awareness and recognition are best established when clients are constantly fed with information and details about your brand. The next time they see your brand’s logo, hear the slogan or jingle or just the name being mentioned, they will instantly connect it to you.
In today’s highly competitive global markets, the concept of brand equity holds a lot of significance, for the business survival and business