What is Brand Awareness?
Brand awareness is how far customers are able to remember or distinguish your brand. Brand awareness is one of the key considerations in consumer behavior, advertising management, brand management and strategy development.
The consumer's ability to recognize or recall your brand is central to purchasing decision making. Purchasing cannot continue unless customer is first aware of your product or service category and your brand within that category. Awareness does not necessarily mean that your customer must be able to remember a specific brand name, but he or she must be able to bring to mind sufficient distinguishing features for purchasing to carry on.
Different types of brand awareness have been acknowledged, specifically brand recall and brand recognition!
Key researchers argue that these different types of awareness function in essentially different ways and that this has important implications for the buying decision procedure and for marketing communications. Brand awareness is directly associated with concepts such as the evoked and consideration sets which explain specific aspects of your customer's purchase decision. Consumers are believed to hold between three and seven brands in their consideration set across a wide range of product categories. Customers normally buy one of the top three brands in their consideration set.
Importance of Brand Awareness
Brand awareness is associated with the functions of brand identities in your customers’ memory and can be measured by how well your customers spot the brand under different circumstances. Brand awareness is also vital to understanding the consumer purchase decision process. Strong brand awareness can be a forecaster of brand success. It is an key measure of brand strength or brand equity and is also involved in customer satisfaction, brand loyalty and the consumers’ brand relations.
Types of Brand Awareness
- Brand recall
- Brand recognition