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UNDERSTANDING THE PATH TO BRAND AWARENESS, WHICH TRANSLATES INTO BUSINESS GROWTH

UNDERSTANDING THE PATH TO BRAND AWARENESS, WHICH TRANSLATES INTO BUSINESS GROWTH

Posted on: 19 May 2016   Tags: Business Growth/Measurement/Marketing Basics   Posted in: [Marketing Basics]

Understanding the path to Brand Awareness, which translates into Business Growth

There are 4 stages brand adoption and generating sustainable sales for your business. If you focus on assessing these stages and trying to answer the questions below, you will help focus your business around growth & repeat sales.

Stage 1: Creating Brand Awareness – in brand terms = How well do your prospective customers know you?

              Would they recognize your name? Would they know what you do? What products or services you offer?

How can you measure or look at this? Perhaps quite simply, asking around about your business – doing an informal or formal survey. How ‘active’ are your social media pages? Are you getting daily new likes? Are you getting new prospects to your website? Are you getting your Brand out there through your marketing efforts?

Stage 2: Converting Awareness into trial or first sale, increases in business revenue.

Will those prospective customers trust you enough to trial your products or Services?

How can you measure or look at this? Response rate to marketing campaigns – coupons, discounts, ‘free trials’, free consultations? Also look at sales increases, Conversion ratio or ROI on campaigns

Stage 3: Engagement. Multiplying the first sale into sustained adoption or usage

Will your ‘new’ customers engage with your business subscribe to your emails? Like you on social media? Will they use your products or services more?

How to measure or look at this? New vs Repeat users on your website. Look at click on email links, increased likes or followers, increase in comments, measure repeat business & frequency of their return.

Stage 4: Word of mouth -  Probably the hardest to achieve

Will your customers readily recommend your business? Will the be an ambassador for your products, services, brand?

How to measure or look at this? You can look at referrals coming into your business (always ask where a new customer heard of you). Look at forwards of emails, Shares of Facebook posts, re-Tweets

Where do you start to measure & track where you are at? Here are a few simple thinks to consider:

•       Do your marketing campaign have goals? (raise awareness, bring in new customers, increase re-peat sales)

•       Do you analyze your audience? Knowing your target demographic is very important to crafting a message, offer that will resonate with their needs, wants & desires.

•       Do you have a plan to measure and track activity. If you are using an offer, coupon, response rates, new customers. Do you have a mechanism in place to track responses to your campaigns? Are you achieving your goals?

•       Continue to listen and pay attention to customer feedback (in store, online, over phone) through comments on Facebook Twitter etc.

You want to continuously learn, adapt, re-strategize to ensure that your goals are met and new goals are set. Learn to benchmark expectations and think about how you might raise the bar the next time around. Good luck!

At Legacy Ridge we are here to help, contact us about your business needs.




How can we help you with your business? Let us define the best strategy for your business goals.