Brand awareness is the degree to which a customer is able to recall and recognize your brand. It is critical for promotion and marketing, especially for a young company. The most effective strategy can result in a company becoming very popular or “trending.”
Brand awareness is a staple in any good marketing strategy, and it’s easy to see why. The more people recognize a brand, the more likely they are to seek it out. A good model, therefore, will keep your brand recognizable and “fresh” in customers’ memories.
As noted, this is especially important for companies in early stages, who need such a model to generate enough profits simply to stay afloat.
Creating brand awareness is a process based on identifying a target audience and applying aggressive marketing strategies designed to create awareness for your product and brand. Therefore, internal data used for the process should include past customer data and sales and marketing analysis. Additionally, the process should heavily rely on the uniqueness of your product and brand, capitalizing on these.
Essential data for this model includes detailed analysis of efficient marketing techniques in your targeted market segments. These include surveys, questionnaires, sales history, and advertisement history for competitors.
Additional external data that could be used to create a good model is a big data analysis of trends and of brand awareness in social media outlets such as Facebook and Twitter.
The main challenge of building an awareness model is that it is not solely a mathematical problem. Rather, this use case is heavily based on customers’ perception of a company and of its product and are not always predictable in their response to certain brands and products. This is usually bypassed simply by utilizing aggressive strategies which flood a target audience with promotional messages, however this strategy is not always useful.
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