Conduct a brand awareness survey to research your company’s position among competitors.
Anyone not living under a rock recognizes Nike’s swoosh and Apple’s, well, apple. But not many people have probably heard of Bob’s Bait Shop. These brand awareness examples highlight the wide spectrum of awareness that exists among brands.
Brand awareness, then, is the number of people who are aware of a particular brand, company, or product. Understanding your brand’s position in the market helps when trying to build a presence, develop marketing initiatives, and increase sales.
Brand awareness studies conducted by Cahners Research reveal that brand awareness is the first step toward increasing brand preference, which leads to an increase in market share and sales. In addition, as greater levels of awareness are reached, conversion to preference comes more quickly (for example, as awareness increases from 25% to 35%, preference increased from 10% to 15% (a 5% difference); between 85% and 95% awareness, preference increased from 55% to 70% (a 15% difference).
These results demonstrate how important it is for companies with low brand awareness to get their message out; otherwise, sales, and the company, will suffer. Of course, many companies don’t know how often people actually think about them, which is where brand awareness research comes in.
Consumers remember brands in different ways. Some brands have such an overwhelming cultural presence and global reach that they enjoy “top of mind” brand recognition, such as Coca Cola, McDonald’s, Disney, and the aforementioned Nike and Apple. Other brands only come to a consumer’s mind when they are reminded of them when they see their logo or hear their name.
Brandwatch, a company dedicated to tracking what various brands customers think about, writes about how to measure levels of brand awareness in a blog post here that’s definitely worth your time. Now, let’s take a look at two types of brand awareness research.