Invest in both short-term and long-term growth
Brand and awareness marketing strategies are generally designed to build brand equity, customer happiness and differentiation. Branding is a vital piece of the marketing puzzle, because successful businesses need to invest in both short-term and long-term growth. In the world of digital, this means investing in both performance and brand media to deliver compounding results.
The power of brand
So, why is brand important? As a tool for increasing sales, your brand is likely to be one of your most powerful assets. For customers at the evaluation stage of their decision-making process, they are more likely to prefer a brand they can personally resonate or identify with. Strong brands have the ability to command a price premium and achieve significantly more operating profit as a proportion of revenue.
Building brands with digital
When we talk about building brands, the first thing that springs to mind might be a 60 second television ad, or a billboard on the side of the highway. However, much “above-the-line” media is now buyable digitally, and increasingly programmatically. The best part is, it's super effective. In fact, digital has been shown as a more cost effective method of building brands when compared to traditional channels. Digital media for brands is faster, easier, and more targetable. There's a lower commitment compared to traditional channels like broadcast TV. It's agile and measurable.
Getting the balance right
Sustained growth isn't all about brand, in fact growth from the combined effects of brand building and direct response activity. The two work together and improve over time. Investing in direct response marketing through pay per click channels is still a vital part of an effective marketing strategy. Research shows that the most effective marketers spend more time, effort and money on the long-term and less on the short-term. The general rule of thumb is 60:40 (brand vs direct response) however this is most certainly not the right split for your business. We each need to work out what the right balance for our brand and business is. It almost certainly will, however, be an over index on brand building, and less on sales activation. Every study suggests this rule of thumb is true.
Measuring results the 'right' way
There is no 'right' way to measure brand awareness, and the methods we use will depend greatly on your industry, business and customer type. We’ve found that a one size fits all approach is about the worst way to go about things. From brand uplift surveys to share of search, Alpha will work with you to ensure that measurement makes sense.