Brand recognition, also known as brand awareness, refers to how well your clients are familiar with your brand and whether or not they recognize it when they see it. It includes, among other things, your logo, brand colors, company name, and tagline, among other elements.
The Importance of Brand Recognition
Of course, how well a brand is known will be primarily related to its popularity. A higher level of brand recognition is often associated with a more significant level of popularity and consequently a greater market share and vice versa.
Companies that are practically synonymous with their service are found at the most end of the brand awareness spectrum. Consider the following companies: Xerox, Google, and Coca-Cola.
The Advantages of Brand Recognition
Strong brand awareness is beneficial in the following ways:
Brand recognition should boost consumer confidence.
Consumers place a high level of trust in companies with strong brand awareness. Furthermore, the more people are familiar with something, the more likely they will trust it.
Building trust is becoming an increasingly vital marketing activity for all firms in the current environment.
Price sensitivity is reduced.
Apple is, without a doubt, one of the most well-known brands on the face of the earth. Their products are so popular that some individuals camp out overnight outside the store to get their hands on the newest model as soon as it hits the shelves!
Even though a new iPhone costs well over $1,000 and a MacBook Pro costs upwards of $3,000, they outsell equivalent gadgets from more minor well-known manufacturers by several hundred to one.
Brand recognition and brand equity are not the same, but the two are closely related, with great recognition aiding in developing high brand equity.
Brand recognition can have a positive effect on the product and the brand. Coca-Cola, for example, routinely surpasses Pepsi in terms of market share and sales volume. On the other hand, customers prefer the underdog in blind taste testing. The Coca-Cola brand is so powerful that people will purchase it even if another product has a superior taste is evident by this fact.
Brand Recognition VS Brand Awareness
Though sharing similar names and fields – the two-term do have some differences. Brand awareness refers to a relatively early stage in the brand-building process. In this stage, the main goal is to bring the target audience to be aware (hanch, the name) of the brand’s very existence. The users don’t need to buy any products to know it’s there. On the other hand, brand recognition is, simply put, the next phase. In this phase, the audience can recognize what the product is by some of its indigenes.
How to Develop Brand Recognition
Leading a product or organization into brand recognition can be a long and sometimes difficult journey. Here are some tips that can help you along the way:
- Find your target audience and stay loyal to it.
- Find a good reason (or unique sales proposition) that explains when to separate you from similar products, and make sure this explanation takes a key role in your marketing.
- Stay on track. Building a name for your product takes some time. You need to prove to your audience that you, and your product, are here for the long run.