Brand awareness is a common phrase used in the business circles and business news. But what exactly does it mean. Well, brand awareness is simply a measure of consumer consciousness about a company. A company is said to have brand awareness if potential consumers can correctly match a brand image with the products that it sells. This is the ultimate goal of every marketing effort that businesses invest in heavily every day. Brand awareness is especially paramount when there is stiff competition in the industry because a business that has achieved this has an upper hand over its competitors.
The advantages of brand awareness are limitless. For one, there are a variety of products in the market that consumers can choose from, thus, a company that has a unique image that is easily distinguished from its competitors can attain higher sales than the rest. Brand awareness can mean the difference between the survival and failure of a business. A new business must strive to create brand awareness in the early years of its existence so that consumers can know what products or services it offers. When a certain brand is well known by many people, people view it as more trustworthy. Such a company is also likely to make more sales than its competitors because people will be going to the company directly when they need a particular item since they know the company specializes in that particular items. Therefore, they will not need to waste time researching where to find what they want yet they know a company that deals in such goods. It will also make more sales because people prefer the familiar and they will choose a brand because they know the values the company upholds.
In essence, brand awareness is basically the memory that people have retained about your company. Big companies such as Coca-Cola, Apple, Dell, HP and Always have already achieved this feat. This allows them to stay ahead of competition and own the market.