Brand Equity
A logo, name, or symbol that has an association with a product is known as a brand. The brand’s impact on consumer perceptions about a product is called brand equity, and it refers to the generated asset of the company/brand.
The asset is intangible in brand equity, and it has only measured in respect of the value of consumers’ perception regarding the product or service. The brand equity has various sources to measure the company’s value, and one of the essential components is brand awareness.
Brand Awareness
Brand Awareness shows that how the branding efforts highlight a service or a product. It also reflects the salience of the product/commodity in the consumer’s mind, and it involves the numerous levels which include recall, recognition, brand opinion, brand dominance, and brand knowledge.
For instance, when it comes to images and names, consumers are much aware of the brands like Coca-Cola and Pepsi. The higher level of brand awareness leads to the higher sales of the products, and it also helps in protecting the company from the competitors.
Tactics for measuring Brand Awareness
The brand awareness is not so easy to measure, and one can use numerous ways to measure it. Some of the mediums are:
• Social Media
• Advertising
• Sponsorship & Events
Social Media
Currently, the use of social media network to advertise products and brands is essential. In 2015, nearly 28% of people’s time spent on social networking websites like Twitter, Facebook, Whatsapp, Instagram, LinkedIn, Google+, and YouTube to create or spread awareness about the brands.
Consumers like and discuss the products or services on social websites, and some of them are even willing to buy them. It becomes so easy for the customers to interact with the company via social media platforms. The brand like Coca-Cola uses all the social websites to promote its brand through campaigns and with the flash advertisement on YouTube.
Advertising
Advertising like print media, Television ads, and billboards were very famous before the use of social media, but it is still considered as the authentic medium to convey messages. Print media publishes advertisements only in targeted publications to create awareness.
The advertisements publish not only in newspapers and magazines, but the billboard advertisement in the cosmopolitan cities works great to create awareness. The best example of the traditional usage of advertising is shampoo brands like Pantene, Sunsilk, and others.
Sponsorship & Events
Sponsorship is also the best measure to create brand awareness. The events like social awareness fundraisers and charity days make the brand’s name more visible and prominent. For instance, Red Bull brand sponsors remarkable events like Formula One.
Impact of Brand Awareness on Brand Equity
There is a direct relationship between the brand awareness and brand equity. The high brand awareness leads to a positive brand equity and vice versa. Though brand awareness is just one component of the brand equity, it is still necessary to create high awareness regarding the products of the company.