Owning and operating a business is one thing, but branding and marketing are another. It’s par for the course in business. Branding is how a business gets its name out there in the market so that its target audience will know it is open for business and has a product or service it wants, needs, and has to have. Without branding, a business won’t survive. That’s because a business’s brand connects it to its customers, leading to customer trust, visibility, and loyalty. And when branding is done right, it leads to business success and sustainability.
In the United Kingdom, 92.9% of businesses founded in 2020 survived their first year. However, that survival rate drops significantly over time. For businesses founded between 2017 and 2022, only 39.6% survived after five years. It’s important to note that 20% of small businesses in the UK fail within their first year, and approximately 60% don’t make it beyond year one. Therefore, having a strong brand is crucial for business survival, but it’s equally important to maintain brand awareness to sustain the business.
Kadence International, one of the UK’s leading marketing research agencies, defines brand awareness as “the level of familiarity and recognition a consumer has with a particular brand or product.” Kadence also describes brand awareness as “brand recognition” or “brand recall.” Businesses that achieve a high level of familiarity, recognition, or recall stand out from the rest, and every business aspires to reach that level. Achieving this level takes work. There is a science to it that many companies need help understanding or investing in. It can be challenging to navigate, as the marketing landscape in business is highly competitive and ever-changing.
For businesses to connect with their consumers and the consumer market as a whole, they must understand the psychological and marketing aspects of brand awareness. While it starts with creating a solid brand identity through undeniable lasting impressions, here are four fail-proof ways to understand the strategies needed to help your business increase its brand visibility and recognition.
Study your audience
In business, your customer base is your audience; they are just as important as your product or service. Developing a good product and a good relationship don’t trump each other; they work together, and when they work together cohesively, that is good branding. It’s a relationship that has to work for the business to grow and survive. Knowing your audience, how they like to shop, how they will use your product, where they live and work, and their home and work life is equally important as knowing the nitty-gritty details of the product you’re selling. Studying your audience is the foundation of the customer/product relationship. It’s how brand awareness is cultivated.
Consistency is key
Brand awareness begins with a consistently good product and a positive shopping experience. It’s that dance of a good experience that connects your brand image to something positive, which is magnetic. Consistency in business demonstrates a commitment to quality and customer care. Customer loyalty is another invaluable byproduct of consistency in business. According to the Netomi Pulse Report: State of Customer Service, 77% of customers believe good customer service is essential for earning loyalty and driving business growth.
Positive brand image
It is important to work on developing your brand identity and ensuring it is positive. Your brand image is equivalent to your reputation, and what people say about it can make you proud or disappoint you. To create a positive brand image, businesses should focus on providing consumers with good experiences and testimonials. It is essential to be relatable yet genuine to ensure your brand is perceived positively.
Put yourself out there
For businesses to succeed, they cannot be passive. Companies can’t be shy. It is essential that they make an effort to promote themselves. Marketing is all about putting yourself out there, and brand awareness is a byproduct. Businesses can do this in several ways, including being active on social media, honing their brand story, and telling that story in several ways. Show your brand off by being visible. Let the world know about your product and its wonder in a way only you can.
Starting a business can be more straightforward than grasping the intricacies of marketing and branding, which are not innate skills for most business owners. It requires both an artistic and scientific approach. Credico is happy to assist businesses that need help in this area. With over three decades of experience, we have been helping companies streamline their sales through brand awareness and other related aspects. Let us help your business concentrate on business ownership while we take care of sustainability and growth.