building brand awareness: providing value
For people to value businesses, brands must provide value to them first. One of the key elements in building brand awareness is by providing value to its market at the highest level.
Providing value means giving the best products and services to your customers which can reflect in brand positioning, product distribution, communicating, and pricing. You should also be able to determine and understand how your competitors provide value to the marketplace because this would guide you in creating new sales strategies, campaigns, and improve the results of your marketing efforts.
Here are some effective ways to build your brand awareness by providing value:
1. Providing value from product innovations
Marketing professionals say that a brand’s success hinges on creating an uncontested market space for your business and sometimes when you looking for a new job opportunity, it is all about sending your killer application.
So, what is a killer application when it comes to providing value from product innovation? In today’s information-rich industry, customers have access to numerous to almost unlimited information about various products. As such, brands can gain better competition through quality and pricing. Accordingly, your customer’s relationship with your brand is based on economic calculus where what one gets from brand quality is matching with what is given. Therefore, businesses should focus more on product innovations that help reshape industry boundaries to pave the way for new competitive opportunities.
2. Providing value from benefits that give happiness
As mentioned above, having an innovative product is just one of the keys to building successful brand awareness. Years were spent in making numerous research about customer behavior show that their purchasing decision is not just purely based on economic calculus, but brand choices are also driven by the perception of what brands do for their customers to keep them happy.
Obviously, customers wouldn’t invest in brands that won’t give them value for their money and what they are looking for are brands whose benefits help them achieve and do what they want in a gratifying way that makes them feel good about themselves.
There are three types of benefits such as:
- Enablement benefits – always keep in mind that a trusted and admired brand enables its customers by providing solutions to their problems and challenges, may it be large or small — letting them conserve limited resources such as money, time, physical capacity, and psychological capacity. When customers are enabled, they feel empowered, safe, secure, confident, and relieved.
- Enticement benefits – a trusted and admired brand attracts customers by engaging their thoughts and minds because when customers are enticed, they feel engaged and contented.
- Enrichment benefits – a trusted and admired brand enriches customers by resonating with what they believe in and their sense of who they are and whom they want to be. Customers find value in brands that enable them by eliminating frustrations, removing barriers, reducing fears, and lessening anxieties by providing them with peace of mind.
3. Providing value by shaping or reshaping how your customers think or feel about your brand
Customers often react and respond to your brand through their feelings and judgments. Feelings could include fun, excitement, warmth, social approval, self-respect, and security. While judgments, on the other hand, relate to credibility, quality, trust, product relevance, authenticity, and your brand’s superiority over others.
4. Providing value by building a deeper connection with your customers
One of the most difficult brand equities to achieve is resonance because this requires a deeper psychological connection between your brand and customer. Your customers would make repeat purchases when they feel attached to your products or brand and they might feel a sense of community with other customers and your business representatives. Through this, they can also become brand ambassadors by taking part in social media or social events.
Building your brand awareness can be a huge and challenging task, but your efforts would be worth it. Having a strong brand awareness increases your chance of getting more customers to buy your products and avail of your services — this can also build more trust through their familiarity with your brand, especially when they are making a purchase your product in a market sector they don’t often shop. Therefore, it is essential to provide value in building your brand awareness.
For more information on building brand awareness by providing value, download our Brand Identity ebook.
If you have more questions or are looking for professional help in understanding how to build brand awareness by providing value, talk to one of our brand identity specialists now!