Congratulations on your new business venture. That is a big step, now don’t let it go to waste!
I have my website built, now what do I do? Easy Take the cost of the investment of building your website multiply it by 3 and that should be the budget you have set aside for marketing. That should be your shoestring budget for the year to market your company. If you are saying What are you kidding me? I just spent $10,000 on my website and you are telling me I need to spend $30,000 over the next year to market it. No, I am not kidding, I am stating a fact, 3 time your investment of your website should be your bare minimum for your marketing budget to be successful. Sure there are exceptions to the general rule, for instance, if you or your cousin is a brilliant developer and it only cost you a few thousand, you will need much more than that to market your business. If you built it on one of the thousand or so web builders out there, you will need a larger budget most likely. That said a lot of the decisions about the size of your yearly budget is determined on what you would like to accomplish throughout the year and what your competitor are willing to spend to dominate your market. here are some major factors in setting up your marketing plan;
- Brand Awareness
- Customer Loyalty
- Market Share
Brand awareness refers to the extent to which customers are able to recall or recognize a brand. Brand awareness is a key consideration in consumer behavior, advertising management, brand management and strategy development. The consumer’s ability to recognize or recall a brand is central to purchasing decision-making. Purchasing cannot proceed unless a consumer is first aware of a product category and a brand within that category. Awareness does not necessarily mean that the consumer must be able to recall a specific brand name, but he or she must be able to recall sufficient distinguishing features for purchasing to proceed. For instance, if a consumer asks her friend to buy her some gum in a “blue pack”, the friend would be expected to know which gum to buy, even though neither friend can recall the precise brand name at the time.
Different types of brand awareness have been identified, namely brand recall and brand recognition. Key researchers argue that these different types of awareness operate in fundamentally different ways and that this has important implications for the purchase decision process and for marketing communications. Brand awareness is closely related to concepts such as the evoked set and consideration set which describe specific aspects of the consumer’s purchase decision. Consumers will normally purchase one of the top three brands in their consideration set.
The fact is if you are just now building your website it is likely you have zero brand awareness, and you will need a large piece of your marketing budget to generate some. Even if you have a pretty good local following, you are likely going to want to broaden your market share by increasing the number of folks you want to market too, so they know who you are and what it is you sell.
Do you know who this company is?
Of course, you do, if you said Nike, then yes you are correct, do you know why you know who that company is? They work very hard to have awesome brand awareness. Not only is Nike a Household name, but the logo “The Swoosh” is also well recognized.
Nike spent a lot of money and time to make sure that they had great brand awareness. Everyone, even the people who live under a rock know who Nike is, they know the swoosh is associated with the nike brand.
Branding is a very old practice, you guessed it, ranchers started branding their cattle so they could tell which ones were theirs. And so could everyone else.
Today branding is more psychological it is about associating your logo, tag line or other medium with your company. Like Nike, when you see the “swoosh” you know it is Nike without even seeing the name.
If you would like to learn more about how we can brand your company, get in touch.