How aware are people of your brand or business?
80% of marketers in the U.S. agree that brand awareness is “extremely” or “very” important,
About 70% of those surveyed also admitted that they did not know how much of their target market was aware of their brand, or even how to measure that value in the first place.
Businesses big and small tend to look at quantifiable traits that impact the bottom line. Traditional metrics are measured and companies will look at ways to improve on things like acquiring more customers, or enticing current customers to buy more. A powerful metric that is often overlooked is public perception. For most companies it has been tough to measure and even harder to quantify, therefore it’s grossly overlooked.
If they know your company, what are their perceptions?
Maybe your company thinks of itself as a business that stands for certain values, or has a name that means a certain thing to the public. It most likely does stand for those values and means that thing to the people that work inside the walls of the company, but what about the public? What if they think of your company as something totally different? What if it’s negative?
What does the public think of your competitors?
It’s safe to assume that you know who you’re competing with, isn’t it safe to assume everyone else does too? Most business owners we talk to have perceptions about the competition, thoughts about how they’re different, and what makes them better. What comes to mind when people think of your competitors? How are they thought of differently?
Ok, so you know what they think of you and the competition…Now what?
Understanding how your company is perceived and what people think of your competitors is vital. Just having that information can be very useful, but when you measure it and manage it over time it becomes powerful. Working with Big Buck Research & Analytics our clients are routinely able to not only understand perceptions, but manage them as well. Understanding where the competitive advantages lie and with our recommendations our clients able to exploit their own strengths while improving weak areas.
For Big Buck Research & Analytics we feel you must look at the whole picture of a business to get results that affect step-change improvements. It’s nice to know how people perceive your company, but it’s even better to know what to do with that information to enhance the bottom line.
Read more about how to increase brand resonance & grow brand awareness here: http://blog.marketresearch.com/how-to-use-market-research-to-increase-brand-resonance-awareness