Before you can employ a truly effective advertising campaign, your target markets need to be aware of your brand. Newly created businesses that venture into an already-congested market need to position their brand or brands in an optimal way to get the attention of prospects and turn them into customers. In the same way, known brands need to leverage the recognition they have already earned so as to retain their customers and keep them from defecting. A good way to foster brand awareness is to use gift card promotions in advertising the brand and rewarding loyal repeat customers.
What is Brand Awareness
Brand awareness is a benchmark that illustrates how well a brand is recognized by target customers and how these customers perceive the brand in relation to a specific product. According to marketing experts, a brand is one of the most important assets any business or corporation can have. Since it is the brand that differentiates your product from similar products offered by your competitors, it is important for your brand make the right impression and to compel your customers to transact with you.
To create brand awareness, you need to employ marketing messages that bring your brand to the attention of your markets. This can be done through print, radio, TV or online advertising or promotions that serve to communicate what you can offer and what your clients can expect by choosing you above other brands in the market.
The Challenge Faced by New Businesses
According to a study published by the National Business Incubator Association, as much as 80% of businesses fail within their first 5 years of operation. Creating brand awareness, therefore, remains to be one of the most pressing challenges faced by new players in most cutthroat industries. Many new enterprises fold up in just a couple of years, especially with the need to double or even triple marketing and promotional efforts. Working to build your brand early on helps to ensure a thriving business, despite the presence of bigger and better-known competitors in the market.
The Advantage of Gift Cards – Wholesale Gift Cards
A good way to foster brand awareness is to use gift cards. These gift cards are valuable in advertising not only your brand but also advertising the way you do business. Wholesale gift cards, for example, can give your customers the impression that they are highly valued by your business. Word-of-mouth marketing is also helpful in communicating your brand and your business. Gift cards, whether in the form of gas card promotions or shopping cards, help in spreading the word about your company and how your products and services can benefit your prospects.
With the huge number of businesses failing within the first 5 years of operations, you need a promotional strategy that will have your company “remembered” by your target clients. Using bulk gift cards that show the logo or slogan of your company helps to build brand awareness and secure brand loyalty beyond the short term.
In need of the right rebate promotion or promotional gift card strategy? Get in touch with us at Mpell Promotions today to see how we may be of help to you.