Brand Awareness & Strategy
Without brand awareness people will think your product is the same as everyone else’s (parity). Price will be the important factor in their purchase decision making. That’s assuming they know you exist. Investing in brand awareness is one of the most important facets of business building. New potential customers move into your market, young adults graduate from college and enter the workforce. Brand building messages should be consistent. We understand that you need to make sales while you build or change it.
Think of Geico insurance. “15 minutes can save you 15% or more”. Is it true? For me it did not. But when I decided to compare insurance companies Geico was one of the first calls I made. I thought, why don’t they cut their ad budget and actually save customers more money. So I searched “auto insurance companies by size in the US” and found Geico to be neck and neck with Allstate for the #2 position. Do you have Geico’s ad budget? Probably not.
That’s where targeting comes in. You can have Geico’s ad budget for a smaller percent of the market. So why not make it the percent that is most likely to be interested in your product.