Is Brand Awareness Worth the Investment
We all want to sell more products and services, and for decades, brand awareness has been the subject of research and study. Is this a good investment of your marketing dollars? To what extent does brand awareness truly influence the final purchase decision? As it turns out, quite a lot.
Here are the results from one fascinating study:
- In a blind study by the University of Newcastle and the University of South Australia, 85.5% of subjects chose the familiar brand in the first trial, even if they preferred a less familiar brand.
- Even when testing brands during an initial trial, consumers were more likely to purchase the product from a familiar brand name, even if they preferred the taste (or, by extension, the look, smell, or function) of an unfamiliar brand.
- Consumers were not only likely to choose the more familiar brand but were more likely to make the decision more quickly – 9.8 seconds faster.
What does this mean for you? Get to the consumer early. Stay in front of them and don’t quit! Repetition is critical. One statistic we regularly run across is that the average person remembers three to five brands per category. To get in there, you have to push someone else out and then stay there.
This is where consistent drips of brand messaging can pay off in a big way. Send a direct mailer and follow up with an email. Invest in retargeting with social media ads for visitors to your website. Create constant reminders of who you are and what your brand offers.
Creating brand awareness is not always about getting someone to buy right now. It’s about staying top of mind – and keeping your competitors out in the cold – so that when your target audience is ready to buy, they think of you.
Source: “Brand Awareness Effects on Consumer Decision Making for a Common, Repeat Purchase Product: A Replication” (Journal of Business Research)