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Share of Mind = Share of Business! How Brand Awareness Can Increase Your Profitability
Local Branding Research Citadel researched the Tri Cities Consumer. Citadel is investing in research to become a better business partner and a resource to local businesses. The survey results will help business owners evaluate their branding position within the marketplace. A position that is directly tied to profitability. 385 area residents were surveyed 25 Business Categories were researched Results demonstrate Brand Awareness for Businesses
What is Brand Awareness? Write down the first business that comes to mind when we say… Cola Fast Food Soup Home Improvement Store
Did you write down… Coca-Cola? Mc. Donald’s? * 3 of 4 do Campbell’s? 3 out 4 do 9 of 10 do Lowe’s? 64% do How Did They Do It? *Local market results differ due to category competition
Would you believe that the business with the highest brand awareness percentage always outsells numbers 2 and 3 combined? It’s True! Why? 99. 2%* of people surveyed said they’d be more likely to use a business that came to first! *Winter 2006 Branding Survey mind
Business Categories The X survey identified two types of business categories: Non-Mature Dominant leader established Low no-response rate, nearly everyone is familiar with a business in the category Lowe’s is a “categoryking” but 10 -15 years ago, the Home Improvement category was non-mature No dominant leader established (yet) High no-response rate, many people don’t know of any business in the category Example: Typically the Chiropractor category has an 85% no-response rate No “Category king” – it will be less expensive to dominate a category now, you could be this category leader in 10 years! Is your business in a Mature or Non-Mature Category? What’s unique about your business that will distinguish you in your category? Is there a leader in your Category?
Locally, How Do You Get Brand Awareness Like Lowe’s? Consistency in your message and marketing Influence consumers with Intrusive Media Get More Relational Customers For Higher Profitability Avoid The 5 Causes of Advertising Failure
Achieving Brand Awareness with Consistency throughout the Product Cycle People encounter about 3, 365 advertisements daily Will they close their eyes and miss yours? Will they forget yours when they go to sleep? Long-term, consistent advertising is essential to success With consistency you will be able to imprint your business into consumers minds!
Consumers Are Either In or Out However, they are always in the purchase cycle. They fall into one of two groups: 1. They are in the market to buy right now 1. They aren’t in the market, but may be in the future. They may also influence others that are in the market right now. (Word of Mouth)
Two Forms of Media Passive Media (Newspaper, Magazines, Internet, Billboards & Yellow Pages) Useful only for consumers who are actively seeking product right now Useless if consumer already has someone else in mind Intrusive Media (Radio & Television) Reaches EVERY potential consumer, those who need it now or may in the future Establishes Branding Awareness! Lowe’s is a leader in its business category, and they advertise primarily with Intrusive Media. Look in the Yellow Pages, how big is the Lowe’s ad?
The Power of Radio Intrusive Media is so powerful that government ruled that Tobacco couldn’t use it to advertise, but 35 years later, most people can still complete the slogans: “I’d walk a mile for a Camel” “Winston tastes good like a cigarette should” Can you finish this song? “Two all beef patties, special sauce, lettuce, cheese, pickles, onions on a sesame seed _____”
Consumers Said… The survey showed that an alarming 59. 3*% of yellow page users already have a business in mind when they open the book! Consumers pass over ads of businesses unknown to them. 75. 4%* of the people say they would choose a business with a small ad that they have heard of over a business unknown to them that had a larger ad. Only 8. 0%* say they would choose the unknown business with the larger ad. Cutting back on the size of a newspaper or yellow page ad to buy Radio increases overall: Reach Frequency Impressions Brand Awareness Branding with intrusive media is what makes this happen! *Winter 2006 Branding Survey
Roy Williams: Reach your core customer… There are Two Types of Consumers Transactional Customers Purchase based on price alone No business loyalty Consider themselves to be the product “expert” Typically the type of customer that complains more, returns more etc. Transactions yield less profits because they only purchase at marked down prices or rates Relational Customers Find a business and are very loyal Seek a trustworthy expert; you as the business owner Not as concerned with price savings as they are with the purchasing experience Appreciates the relationship established between themselves and the business Business yields more profits because they will purchase at full or near to full price
Influence is More Important Than Reach You can influence the entire market population 10% of the way with little results OR You can influence 10% of the market population 100% of the way with greater results
Every Business Can Do It! Almost any business can afford to influence a portion of the market It’s important to focus your concentration, then build from a solid, consistent platform “Pal’s is a great example of a local business taking a strong position within their category
Your Results See survey results From these results, is your category Mature, or Non-Mature? Is your position what you expected? Where would you like to be in the next five years?
Will it be You? Someone will become the dominant figure in each nonmature category Someone will gain larger market share by finding a niche in each mature category Everyone has the opportunity to boost their Mind Share and Brand Awareness A branding campaign will increase Profitability Are you ready to increase your Profits?
How Can You Increase Your Awareness? 1. Consistency 2. Duration 3. Intrusive media can influence consumers in and out of the buying cycle---There is no wasted advertising. It isn’t about “Reach” 5. The desire for “Instant Gratification” is among the top reasons for advertising failure. Stick With It! You can’t stop! Long term advertising pays off! Influence 1. 4. Build a long term relationship with your customers and potential customers and brand with a consistent message. Influence 100% of who you can afford, then Grow! Increase Brand Awareness Create a USP (Who, What and Why You? ) Consistently remind people using intrusive media. 1. Relational Customers 1. 2. Are you reaching your core customer Avoid the 5 Reasons for Advertising Failure
The 5 Reasons Your Advertising Can Fail 1. Targeting the wrong people 1. Your media schedule is so thin or fragmented that it doesn’t penetrate the minds of the target audience. 1. Bad Creative – The message and presentation has to memorable 1. Marketing or internal weakness with your business – Signage, location, sales-force, product, service, etc. 1. Your expectations aren’t realistic – What will constitute success?
Thank you! We look forward to helping your business increase its share of mind and profitability!