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Share of Mind = Share of Business! How Brand Awareness Can Increase Your Profitability

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Share of Mind = Share of Business! How Brand Awareness Can Increase Your Profitability Local Branding Research Citadel researched the Tri Cities Consumer. – PowerPoint PPT presentation

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Title: Share of Mind = Share of Business! How Brand Awareness Can Increase Your Profitability


1
Share of Mind Share of Business! How Brand
Awareness Can Increase Your Profitability
2
Local Branding Research
  • Citadel researched the Tri Cities Consumer.
  • Citadel is investing in research to become a
    better business partner and a resource to local
    businesses.
  • The survey results will help business owners
    evaluate their branding position within the
    marketplace.
  • A position that is directly tied to
    profitability.
  • 385 area residents were surveyed
  • 25 Business Categories were researched
  • Results demonstrate Brand Awareness for
    Businesses

3
What is Brand Awareness?Write down the first
business that comes to mind when we say
  • Cola
  • Fast Food
  • Soup
  • Home Improvement Store

4
Did you write down
  • Coca-Cola?
  • 3 out 4 do
  • McDonalds?
  • 3 of 4 do
  • Campbells?
  • 9 of 10 do
  • Lowes?
  • 64 do

How Did They Do It? Local market results differ
due to category competition
5
Would you believe that the business with the
highest brand awareness percentage always
outsells numbers 2 and 3 combined?
  • Its True!
  • Why?
  • 99.2 of people surveyed said theyd be
    more likely to use a business that came to
    mind first!

Winter 2006 Branding Survey
6
Business CategoriesThe X survey identified two
types of business categories
  • Mature
  • Dominant leader established
  • Low no-response rate, nearly everyone is familiar
    with a business in the category
  • Lowes is a category-king but 10-15 years ago,
    the Home Improvement category was non-mature
  • Non-Mature
  • No dominant leader established (yet)
  • High no-response rate, many people dont know of
    any business in the category
  • Example Typically the Chiropractor category has
    an 85 no-response rate
  • No Category king it will be less expensive to
    dominate a category now, you could be this
    category leader in 10 years!

Is your business in a Mature or Non-Mature
Category? Whats unique about your business that
will distinguish you in your category? Is there a
leader in your Category?
7

Locally, How Do You Get Brand Awareness Like
Lowes?
  • Consistency in your message and marketing
  • Influence consumers with Intrusive Media
  • Get More Relational Customers For Higher
    Profitability
  • Avoid The 5 Causes of Advertising Failure

8
Achieving Brand Awareness with Consistency
throughout the Product Cycle
  • People encounter about 3,365 advertisements daily
  • Will they close their eyes and miss yours?
  • Will they forget yours when they go to sleep?
  • Long-term, consistent advertising is essential to
    success
  • With consistency you will be able to imprint your
    business into consumers minds!

9
  • Consumers Are Either In or Out
  • However, they are always in the purchase cycle.
  • They fall into one of two groups
  • They are in the market to buy right now
  • They arent in the market, but may be in the
  • future. They may also influence others that
    are
  • in the market right now. (Word of Mouth)

10
Two Forms of Media
  • Passive Media (Newspaper, Magazines, Internet,
    Billboards Yellow Pages)
  • Useful only for consumers who are actively
    seeking product right now
  • Useless if consumer already has someone else in
    mind
  • Intrusive Media (Radio Television)
  • Reaches EVERY potential consumer, those who need
    it now or may in the future
  • Establishes Branding Awareness!

Lowes is a leader in its business category, and
they advertise primarily with Intrusive Media.
Look in the Yellow Pages, how big is
the Lowes ad?
11
The Power of Radio
  • Intrusive Media is so powerful that that
    government ruled that Tobacco couldnt use it to
    advertise, but 35 years later, most people can
    still complete the slogans
  • Id walk a mile for a Camel
  • Winston tastes good like a cigarette should
  • Can you finish this song?
  • Two all beef patties, special sauce, lettuce,
    cheese, pickles, onions on a sesame seed _____

12
Consumers Said
  • The survey showed that an alarming 59.3 of
    yellow page users already have a business in mind
    when they open the book!
  • Consumers pass over ads of businesses unknown to
    them.
  • 75.4 of the people say they would choose a
    business with a small ad that they have heard of
    over a business unknown to them that had a larger
    ad.
  • Only 8.0 say they would choose the unknown
    business with the larger ad.
  • Cutting back on the size of
  • a newspaper or yellow
  • page ad to buy Radio
  • increases overall
  • Reach
  • Frequency
  • Impressions
  • Brand Awareness

Branding with intrusive media is what makes this
happen!
Winter 2006 Branding Survey
13
Roy WilliamsReach your core customer There are
Two Types of Consumers
  • Transactional Customers
  • Purchase based on price alone
  • No business loyalty
  • Consider themselves to be the product expert
  • Typically the type of customer that complains
    more, returns more etc.
  • Transactions yield less profits because they only
    purchase at marked down prices or rates
  • Relational Customers
  • Find a business and are very loyal
  • Seek a trustworthy expert you as the business
    owner
  • Not as concerned with price savings as they are
    with the purchasing experience
  • Appreciates the relationship established between
    themselves and the business
  • Business yields more profits because they will
    purchase at full or near to full price

14
Influence is More Important Than Reach
  • You can influence the entire market population
    10 of the way with little results
  • OR
  • You can influence 10 of the market population
    100 of the way with greater results

15
Every Business Can Do It!
  • Almost any business can afford to influence a
    portion of the market
  • Its important to focus your concentration, then
    build from a solid, consistent platform
  • Pals is a great example of a local business
    taking a strong position within their category

16
Your Results
  • See survey results
  • From these results, is your category Mature, or
    Non-Mature?
  • Is your position what you expected?
  • Where would you like to be in the next five years?

17
Will it be You?
  • Someone will become the dominant figure in each
    non-mature category
  • Someone will gain larger market share by finding
    a niche in each mature category
  • Everyone has the opportunity to boost their Mind
    Share and Brand Awareness
  • A branding campaign will increase
  • Profitability
  • Are you ready to increase your Profits?

18
How Can You Increase Your Awareness?
  • Consistency
  • Build a long term relationship with your
    customers and potential customers and brand with
    a consistent message.
  • Duration
  • The desire for Instant Gratification is among
    the top reasons for advertising failure. Stick
    With It! You cant stop! Long term advertising
    pays off!
  • Influence
  • Intrusive media can influence consumers in and
    out of the buying cycle----There is no wasted
    advertising.
  • It isnt about Reach
  • Influence 100 of who you can afford, then Grow!
  • Increase Brand Awareness
  • Create a USP (Who, What and Why You?)
  • Consistently remind people using intrusive
    media.
  • Relational Customers
  • Are you reaching your core customer
  • Avoid the 5 Reasons for Advertising Failure

19
The 5 Reasons Your Advertising Can Fail
  1. Targeting the wrong people
  2. Your media schedule is so thin or fragmented that
    it doesnt penetrate the minds of the target
    audience.
  3. Bad Creative The message and presentation has
    to memorable
  4. Marketing or internal weakness with your business
    Signage, location, sales-force, product,
    service, etc.
  5. Your expectations arent realistic What will
    constitute success?

20
  • Thank you!
  • We look forward to helping your business increase
    its share of mind and profitability!
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