Do you need to build Brand Awareness?
In this post, we’re going to talk about whether you need to build brand awareness online.
So quite often i’ll be asked, why do I need to build brand awareness? I just need sales, especially in a small business. What we tend to find is just building awareness just doesn’t cut it anymore. We need direct sales.
So why would you need brand awareness? In this post we’re going to ask the question whether you do need it, and if you do, why you might.
So, first of all, do you need it? I have created another post which talks about the balance of push and pull marketing, and that also goes into brand awareness. But let’s first of all answer this question. Do you need it? Well, it depends whether people value brands for the thing that you offer.
So, for your particular solution, do people care about brands? Okay, let me give an example. Let’s say you’re an accountant, so as an accountancy firm for a larger company, then maybe one of the big four. It’s important that you have that brand name. But an accountant for local small businesses, then they’re not really going on brand awareness. In fact, it’s probably more a personal recommendation.
There are scenarios where you don’t need brand awareness, and that’s despite what other marketers will tell you. But make sure if you’re answering that question, you’re answering it for the right reasons, and not because you just don’t want to get involved in that kind of marketing activity.
Be really honest with yourself and say, if I was looking for this product or service and there was unbranded and those branded, would that change my view? So if I went to amazon and I was buying a genuine apple lightning connector versus the amazon basics one. Would it ever play in my mind as to whether I should be getting the branded one or the unbranded one? Does that apply to what you do? And you have to be really honest.
If you can say 100% brand is just not important in what I do, then you don’t need to carry out brand awareness marketing activities.
However, why should you do it if you and said, yeah, I think brands do. Okay, it goes like this. Brands, big brands will put the value of their brand on their balance sheet. Let me just say that again. A big brand. Let’s say Coca Cola. There will be a financial value of that brand sitting on their financial accounts.
How can that be? Well, because they know up against everything else, just the fact that they are known that people are aware of their brand, carries a price premium.
If you had a luxury hotel or a ‘Hilton’ luxury hotel, the Hilton brand will have some price premium. So it’s all about what can we charge? What’s the value we get from having a brand? Well, how does this all work online? It might not change the price you can charge. It might change whether you’re actually selected in the first place.
When people are looking around online, if i’ve built up company ‘a’ with a really good following and big ‘brand’, company ‘b’ provide exactly the same service and it creates a solution to the exact same need on the solution is exactly as good. The only differentiator is one company is completely unknown and the other one is well known. It is more likely that the well known company will get the job. So that’s why you need brand awareness if brand is important to what you do.
In your sector do you have any leading brands, or is everybody on the same level playing field?
Genuinely, are people affected when buying what you offer by brand? If they are, then you need to be doing some pull marketing, some brand awareness. If they’re not, then that’s just not gonna be important for you.
My final tip is this, if you’re not sure, if you think you might be biassed in your view of it, because you either do, or don’t want to carry out these activities, find out from somebody else. Ask a potential customer. Ask your actual customers, ask other people who are aware of your sector, but find out before you make the decision.
If you want me to answer the question for you, by doing some research into your specific offering, then please use the form below to get in touch.
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