Brand awareness is one of the most critical aspects of marketing for a company, and it doesn’t work any differently in the world of sports. How your customers perceive your product in their first interaction sets a precedence of future dealings. The extent to which your product is known is wholly dependent on brand awareness and is of significant impact on the future of the business. For most consumers, their decision to purchase an item lies in their perception of the brand. It is not a cheap endeavor, for instance, the cost of Formula 1 sponsorship. However, it has long-term benefits. Brand awareness ultimately leads to brand identity, which is your everlasting impression; therefore, it needs to be a good one.
In the long run, brand awareness helps you build on your market share. Getting your brand engraved in the minds of consumers creates some sense of loyalty to your brand, making it hard for new entrants to poach your customers. Aggressive marketing and advertising are essential tools to create a strong brand identity. As much as it may not directly translate to sales in the short term, it drives incremental sales throughout the life span of the business. For example, the cost of Formula 1 sponsorship did not bear fruits immediately. However, we’ve seen it grow and how big Formula 1 is today due to their brand awareness efforts.
How can you expect anyone to come to you without knowing you? There are a number of ways for advertisements. Electronic media, internet are some powerful tools but your satisfied customer also plays a pivotal role in gathering a potential bulk for you.
Every successful company invests a big chunk of its earnings in marketing and advertising. Get known and earn. This is the principle to grow now a days. You can not be satisfied with a limited number of clients because market is full of people who would advertise and snatch your existing customers. You have to retain them this can only be done by advertising your upcoming projects and plan. Think your customer as your family, with whom you will share every positive service and plan. This will keep them interested. If you really want long term benefits.
So then how can you gain exposure to make your brand known to the world? There are several ways with the main ones being advertising and sponsorship.
1. Advertising
Creating brand awareness requires you to go all-in on advertising. By all in, I mean on every possible relevant channel you can broadcast information about your brand. Use billboards, TV advertisement, radio, and social media. Seeing as everybody is glued continuously on their smartphones these days, ensure that your social media marketing game is top-notch. Content is vital when it comes to this form of advertising. Give your target audience something to look forward to and watch them fall for you. Conduct research to know where your niche market spends most of their time on. For the sporting world, evidence shows that Twitter and Facebook are the best platforms to connect with fans. Ensure you post a lot and follow relevant hashtags and groups, and you’re good to go.
2. Sponsorship
Most significant events, concerts, fairs, sporting events, festivals, and the likes are usually sponsored by big brands to make them possible. It is one of the ways Formula 1 uses to build its brand known to the world. These events attract the attention of millions of people; therefore, having your brand as a significant player behind them boosts your awareness and identity in the long run. Cost of Formula 1 sponsorship is not cheap because of the masses it attracts. For those that garner eyes worldwide, you know, they are big established companies with deep cash reserves.
In conclusion, brand awareness can make or break your business. It is also important to note that depending on your industry and efforts; it can take years to build a lasting one that transcends generations such as Formula 1.
You must stay as authentic as you can, telling others what they want would not be helpful exposing your potentials will be the game changer. Let them decide what they want, your marketing strategies must mot make them feel that you are dictating them.
