Consumer Awareness
Brand awareness is the extent to which a brand is recognized by potential customers, and is correctly associated with a particular product. Expressed usually as a percentage of target market, brand awareness is the primary goal of advertising in the early months or years of a product's introduction. Product awareness can consist of consumer knowledge of brand benefits, features, slogan, tag lines and other brand messaging elements.
iPad Billboard
Apple and its marketing strategy around the iPad is a brilliant example of high brand recognition and anticipation of a new product.
The Foundation of Brand Awareness
Two components comprise brand awareness: brand recall and the consumer recognition of the brand. Brand recall is the ability of consumers to remember brands with reference to the product. Similarly, brand recognition is the potential of consumers to retrieve past knowledge of the brand when asked or shown an image of the brand logo. Brand awareness is an essential part of brand development, helping brands stand out from competitors. An organization that is highly successful in creating strong brand awareness within the consumer market is often referred to as a "household name. "
Impact of Brand Awareness
The eventual goal of most businesses is to generate profits and increase sales. Brand awareness plays a major role in a consumer's buying decision process, and is essential to helping companies build market share. Word-of-mouth marketing from family and friends, or high recognition of the product through repeated advertising, can drive consumers to purchase certain brands over others. Consequently, integrated marketing communications strategies are instrumental in helping companies expand their customer base and encourage repeat purchases.
High brand awareness about a product suggests that the brand is easily recognizable and accepted by the market in ways that differentiate the brand from similar products and other competitors. Effective marketing campaigns that increase brand awareness also eliminate confusion between similar brands, as well as inconsistencies that may arise in brand extensions under single brands.