This is the make or break for both developing businesses and established businesses worldwide; how much are the public aware of a certain brand or product. For small, developing companies this is the difference between a market share and bankruptcy, while larger businesses need to maintain their brand to keep revenue up. Brand awareness ties to every aspect of marketing and advertising, and even the most successful companies have been known to get this wrong.
Keeping your brand, company, logo, or product in media is key to any companys success, especially with product based marketing. However, historically some companies have been known to let this slide, as they believed that their brand was already at the pinnacle of their field. Nokia was a household name in past years, with an enterprise spanning all forms of media and communication, but this brand no longer exists, with its assets belonging to several other (better known) businesses today. Similarly, Blockbuster used to be the only place to get movies and series’ on demand; however their refusal to change with the times has led to them being mostly dissolved worldwide. Their brand needed two things to survive; to alter with the times, and to keep their brand awareness at a high. It’s common for companies to become complacent when they reach their target, but to maintain success these aspects must be a ongoing concern.
Many smaller companies simply don’t make it past the first hurdle; making people aware of them. Though a company may have to invest heavily in advertising at its start, this pays off in the long run with a successful enterprise. Brand awareness is all about keeping people talking about your product, or even just remembering it when the time comes for them to need a similar product or service.
There are some outliers to the brand awareness rules, which are still massively recognisable but unavailable. Companies such as Polaroid, where their products are still iconic, but the companies themselves are dissolved. In these cases, similar to Blockbuster, the cause is usually refusal to change. Polaroid didn’t go all-digital until 2008, when it was too late to recover their losses. Most people are aware of Polaroid as a brand, but they alienated themselves from the market, leading to their demise.
Making the public aware of your company and brand can be a difficult task, made more difficult by the upcoming changes to data protection laws (GDPR). Under the new legislation, marketing as a whole will become more difficult due to the heavily regulated use of personal data, previously used to target adverts to a single audience. Many methods such as radio, paper, and billboards can still be used for product based marketing, but internet marketing will take a big hit. Bulk mailing especially will be difficult, as all data must be opt-in only.
Once the public is aware of your brand, the potential revenue increases exponentially. Having a consistent low-budget advertisement is much more effective than having a single, high-budget advert, and this is proved time and time again with platforms such as the American Superbowl; the increase in traffic is heavy but temporary, while a business needs steady income to thrive.