5 Effective Ways of Boosting Your Brand Awareness with the Help of Financial Changes in The Company Policy
Building a strong brand identity is important to your marketing strategy. When you have strong brand recognition, people can identify your brand more easily, and you build trust with consumers. People are more likely to recommend a brand they remember easily from brand awareness campaigns.
Changing the business’s financial policy will be a constant process, as marketing is a never-ending process. Even well-known and established brands, such as Coca-Cola, continue to advertise even though they are some of the most recognizable brands in the world.
If you are hoping to create a long-lasting brand identity, you might need to look beyond a simple marketing campaign and evaluate the changes you can make in the company’s financial policy:
#1 – Invest in sponsorships
Sponsorships are a great way to get your brand out there. Big sporting brands like Nike and Adidas have spent decades profiting off marketing done for them when famous sports people wear their brand.
In a similar way, making place in your financial policies to allow for sponsorships could be a good way to get constant marketing. Choosing your sponsor recipients carefully will not only increase brand recognition but also build trust with consumers.
Modern marketing has opened up opportunities for influencers to become brand ambassadors. Influencers are basically self-made online models who use their popularity to promote brands. If your brand is aimed at the influencer’s target market of followers, it might be a good idea to sponsor them with a few of your products which they can then test and promote.
When choosing an influencer, you need to ensure that their beliefs align with the company’s policy. You should also make sure that the influencer’s audience is viable for sales, otherwise, your investment will be wasted.
Sponsorships don’t only need to focus on giving products to ambassadors. There are wide arrays of events that always look for sponsors, and it could be a great way to bring awareness for your brand. When sponsoring an event, make sure you can find a way for your product to be relevant.
When you sponsor an event, allow for product samples or a demonstration to draw in customers. You can display your brand’s name on a banner or tent to make your presence known.
Prepare business cards or pamphlets for people to take home. Event and personal sponsorships require a dedicated budget, which needs to be revised and assigned from the policy level.
#2 – Grow on social media
Social media presence is growing in its importance for brand recognition. When people scroll through their news feeds, they are not usually focused on what they see, and will remember things that jump out at them. If you are hoping to create and boost your brand recognition, you might need to look at investing in a social media team.
Setting aside budget money dedicated to social media marketing and management can help keep your business and its adverts relevant.
Social media teams are not only skilled in creating adverts that are relevant and memorable, but they also know exactly when and how to post them. While you may not be willing to set aside additional funds for a marketing strategy, you may feel you can implement yourself, there are niche skills you may be missing.
Transforming your brand’s financial policy to make room for dedicated social media specialists is an important step to improving brand recognition.
A social media marketing strategy covers advert creation and posting, as well as analysis of its success and downfalls, improvements, and SEO management. Through these strategies, your brand is made relevant and marketed to all the ideal target groups.
Tod McKenzie works as the social media manager for a writing service. In his opinion, growing your social media presence should take priority in your budgeting policies. Social media is usually the first place people turn to when looking for business recommendations, and your presence will make your brand recognizable and easy to recommend.
He used this strategy successfully in wooing students to the portal by targeting student groups on various social media channels that include Snapchat, LinkedIn and even Pinterest that not many people care to think about because they are more focused on Facebook and Instagram. All of this has helped his team make it the best service on the market.
#3 – Host competitions
Competitions are a fun way to get more people involved in your brand. While the aim of brand marketing and recognition is to make profit, giving away prizes and products need not detract from these profits. Creating a space in the brand’s financial policy for regular giveaways and competitions can actually improve sales and drive up recognition.
If you are really concerned about losing money through giveaways, you can create stipulations that require a certain purchase value to enter the event.
Another way to run competitions and giveaways to improve brand recognition while reducing money loss is through recommendations. Existing fans and customers may need to recommend the brand to a particular number of people to be entered into a giveaway event.
The recommendation procedure can go even further, requiring not only a recommendation but for the recommended party to spend a minimum amount on your brand’s products or services to also benefit from the giveaway.
These varying methods for running competitions can improve brand awareness and recognition through recommendations and excitement created by the ability to win a prize.
Giveaways and competitions can draw attention to your brand through numerous channels, and may even bring positive associations with the brand.
People enjoy receiving freebies and are more likely to support a brand that offers them realistic opportunities to receive free items. So, ensure your competition or giveaway is fair, and all participants have equal opportunities to win.
#4 – Branded packaging
It is likely that when your brand was established, your budget and financial policy were created to reduce expenses and drive up profits. However, as your brand has become more established, you might find sales stagnating.
Brand recognition can drive up sales, but you need to take a fresh and relevant approach to improve brand recognition rather regularly. Using the same strategies over and over can become dull and boring, and this might result in consumers losing interest in your brand.
While freshening up your advertising campaign, making your social media more relevant, and implementing opportunities for competitions may seem like obvious marketing ploys, you can implement subtle ones too.
When re-evaluating your financial policies to see where the money is being well-spent, you can implement a policy change to make room for branded packaging.
Branded packaging adds a personal touch to your items. It lets customers know that you are proud of the product you are presenting because you are willing to put your name on it. It also helps present the product in a more professional way than a plain box or unbranded bag.
The branded packaging does not need to be absolutely unique, but uniqueness drives up the novelty factor, which may improve enthusiasm around the brand.
By branding your packaging, you ensure every sale becomes an advert. When people see that particular style of packaging or the combination of colors, they are immediately aware that it is your product from your brand.
If customers are carrying around a package of products or items from your brand, they are advertising it everywhere they go. This gives your brand free advertising, and the only price you pay is for the creation of the packaging.
#5 – Collaborate for new ideas
Brand collaboration hardly seems to spell out occasion for revision of brand financial policy. You approach another brand and work together to promote one another. How much more investment will you need to make in addition to what you already spend?
Brand collaboration goes a bit deeper than simply shouting out the other brand, or driving traffic to their products in relation to yours.
Brand collaboration benefits two brands equally. Your products may or may not be related, but somewhere there is value in highlighting the other brand. One way to make brand collaboration work better is by using it as a way of creating new and innovative ideas. Innovation breeds success, and people are more interested in brands that come up with new and interesting ideas.
Sometimes, brand collaboration is obvious. Creating a new product is the simple process of combining one product with another. A good example of one such brand collaboration is Breyers ice cream and their collaboration with brands like M&Ms, Oreo, and Reese’s to create new flavors of ice cream.
The most difficult step in brand collaboration, once you have found a brand to collaborate with, is identifying a new product that can be created in a brand merger project.
To pull this off successfully, both brands need to address financial policy to ensure there are funds set aside for combined research and development opportunities, production processes, and launch marketing for the new product. Allowing financial policy changes to include developments and collaborations such as these can improve brand awareness through innovative ideas.
To sum up
Marketing and brand recognition might seem like a straightforward practice, but it requires a large amount of adaptation and understanding from the whole company. While you might feel that simply changing your strategy will be enough to boost brand recognition, you might need to consider financial changes. Brand recognition strategies change frequently, and to remain relevant and effective, you need to be willing to make a financial investment.
Implementing ideas such as sponsorships, competitions, collaborations, and package branding require a revision of the budget. Ensuring there are enough funds for the necessary improvements, and ensuring policy allows for usage of these funds is the basic necessity to remain relevant.
About the Author!
Donna James is a high skilled freelance essay writer and proofreader from Michigan, United States who currently works on various projects focused on the IT&C industry apart from her work at Twiftnews. She is interested in everyday development and writes blog posts on various topics, such as marketing and technology.