What's all that buzz?
At DRUM, we pride ourselves on jargon free down to earth communication with our clients, but in the digital industry, you’re never that far away from a buzz word being used that may stop you in your tracks and make you question what these mean.
Over the years even in traditional marketing, I’ve seen a surge in buzz word popularity, but do you really know what these mean? Far too often marketing managers use branding jargon incorrectly, so let’s look (or take a deep dive if you’re into jargon) at what these phrases are and what they really mean.
This is how well your customers are able to recall or recognise your brand and is central to their decision-making when purchasing a product or service. Consumers tend to buy from brands that are more familiar to them and on average hold 3 - 7 brands in their minds. Typically you will need to make it into their top 3 to make that sale over your competitors!
This is a component of brand awareness. Where brand recall is more to do with memory retrieval, brand recognition involves object recognition. So to put it more simply, that could be your logo, colour, a key phrase or tagline like ‘Just Do It’. Most importantly it doesn’t have to be your brand name to make an impression, which just goes to show how important all aspects of your brand are.
What marketing dreams are made of! This is where a customer has positive feelings towards your brand and they commit to repeat purchases becoming dedicated to your brand. They might also engage in word of mouth marketing, bringing in new customers for you. Or even become a brand ambassador actively working with you.
This is where we attribute a set of human characteristics to a brand in order to give it a relatable personality. Customers then gravitate towards brands that mirror characteristics they value the most.
Let’s get slightly mathematical for a second. On your brand balance sheet your equity is the sum of the assets and liabilities relating to your brand, your name and logo. When something changes like your logo in a rebrand, it can have either a positive or negative effect on the assets and liabilities in your brand.
This is sometimes described as marketing ‘currency’. The more customers trust you, the more likely they are to buy from you. It’s as simple as that! Trust can be built through fairness and transparency, not just in your pricing, but also in how you treat the planet, your customers and employees, and your communities.
With all of this knowledge now at your fingertips, ask yourself, do you truly have the correct brand presence?. Be prepared to speak to your ideal customers, get some uneasy or harsh answers, alongside some positive responses and use this knowledge to position yourself correctly.
Knowledge is power and once you harness who your customers really are and what they want, your brand can only go from strength to strength.