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How to Double the Likelihood Your Brand is Purchased
Business owners who believe that brand awareness doesn’t matter are making a costly mistake.
The ones who do believe it matters will gain the competitive advantage.
The ones who don’t will keep losing; frustrated because competitors are always a step ahead.
When your business is top of mind, you are more than twice as likely to be chosen than brands that aren’t top of mind, according to McKinsey & Company.
Brand awareness matters because when consumers are overwhelmed by choices and advertising messages, they fall back on a small set of brands that they remember.
This set of brands is known as the Initial Consideration Set.
87% of consumers shop around before making a purchase.
58% of those consumers switch brands. We’ll call them “switchers”.
69% of the brands purchased by switchers were in their initial consideration set when they started shopping.
Yet some companies still ignore brand awareness and focus their marketing exclusively on the Active Evaluation and Moment of Purchase steps of the decision journey.
This strategic mistake is costing them loads of customers.
Because brands in the initial consideration set are more than twice as likely to be purchased as brands that were considered only later in the decision journey.
Here’s how to double the likelihood your brand is purchased and avoid making a costly marketing mistake. It’s a simple marketing strategy:
Go small to grow big.
Narrow your targeting until you can saturate and dominate it with your brand. Even if it’s as small as a single neighborhood or a block.
Address all four battlegrounds of the decision journey with your marketing investment.
Once you’ve become the “go to” brand there, protect your gains with a sustained effort to maintain awareness and loyalty, then begin your conquest of the next target.
A massive growth opportunity is in front of you, but once your competitors realize it, it’ll be gone.
For many business owners, it’s challenging to capitalize on this growth opportunity because they lack the plan and personnel needed to move forward quickly.
That’s why they choose Simple.
We jumpstart growth for companies like yours with SURGE℠, the Strategic Unified Revenue Growth Engine.
Why not book a 15-minute meeting with us to discuss your goals? You’ll see some ways we help other businesses, and then together we can decide if it makes sense to set up a deeper conversation.