Building Brand Awareness

Brand Awareness: Becoming Another Kleenex

What is Brand Loyalty?

In today’s world of marketing, if you are not building brand awareness, especially using online marketing, you’re missing a very big boat. Marketing is now a science with logistics and parameters that were largely unheard of just a few years ago.

However, that is not the case with the notion of brand awareness. The auto industry was probably the biggest contributor to the idea that brand loyalty could be utilized to sell more products. That industry is over 120 years old, and brand awareness became a fashionable tool in marketing automobiles by the early 1900s.

What Does Brand Awareness Do?

Brand awareness, of course, is the extent to which a name, label, logo, catch phrase, jingle, or another identifier that is associated with a brand, a specific product, or a company is easily recognized by customers. Brand awareness may be old news, but the Internet has taken the concept to new heights, becoming far more measurable and quantifiable as part of an overall marketing strategy.

There are many examples of successful brand awareness implementation. It has always been primarily produced by effective advertising. The most dramatically successful advertising campaign is the one where your product becomes synonymous with the product category.

For many years now, a facial tissue has been called a Kleenex regardless of what actual brand was used. This is the same result we see when some people refer to any sport-utility vehicle as a Jeep and any cola drink as a Coke.

Brand Awareness - Coke Bottle Top

Why is it Important to Create Brand Awareness?

The objective in advertising or any brand awareness marketing endeavor is not simply to get your product name or image in front of the consumer. It is to get the image into the mind of that consumer, so when the buying customer wants a product, he or she wants your product before that of any competitors. Repetitious advertising creates a memory trace that remains and is reinforced with every additional occurrence. Think of mayonnaise, hot dogs, ketchup, beer, and coffee.

The odds are pretty good that in each case you thought of a specific brand. It is no coincidence that the biggest selling brands are also among those most heavily advertised in various media.

How Do You Develop Brand Loyalty?

While a successful advertising campaign can create solid brand awareness, a limiting or cessation of advertising can erase the gains in a remarkably short time. Forty years ago, a steel wool soap pad was known as a Brillo Pad. Today, SOS brand is the big seller. Brillo sometimes doesn’t even get any shelf space, and we must ask when was the last time you saw an ad for Brillo scouring pads?

The manufacturer failed to maintain the brand awareness level they had established. A massive advertising campaign by the manufacturers of SOS soap pads was the driving force that changed the landscape.

How Do You Increase Brand Visibility?

Advertising remains key to increasing brand visibility, and today the most critical medium for reaching the customer is the Internet. No other medium offers such widespread advantages in both reach and monitoring capacity. With the Internet, you can track how many times your ad has been viewed and how many times it has been clicked on.

Furthermore, social media and blogging have opened up new avenues for tracking your brand’s impact. Programs exist that can tell you how many times your brand has been searched for by a search engine. Others can reveal how many times it has been mentioned in a blog anywhere on the World Wide Web.

These “mentions” can be even more critical to brand awareness than page views or clicks because each one may represent an impartial testimony to your product. Even negative discussion tends to reinforce brand awareness. The old saying applies: There is no such thing as bad publicity.

Establish it, reinforce it, and nurture it. Brand awareness can make the difference for you in becoming another brand like Kleenex.

What is Retail Arbitrage

What is Retail Arbitrage?

What is Inventory Arbitrage?

Enterprising individuals have found ingenious ways to leverage differences in perceived value.

Inventory or retail arbitrage is when you buy a product from a retail store such as Walmart and then resell the product on your own or mainstream e-commerce platforms at a profit. As an e-commerce business model, retail arbitrage is one of the best ways to launch an online store or Amazon business as it doesn’t require a lot of inventory to get started.

If you want to start retail arbitrage, you have to put the time into finding good deals or sales, then buy the products cheaper to sell at a profit.

The obvious question here is why would people pay more for your product?

Mainly because people are typically not as informed about places they can find the product at a better price. In other words, not everyone takes the time to shop around. They’ll see your product online and add it to the cart without doing a lot of research.

Is Repackaging a Product Legal

Is Repackaging a Product Legal?

If you have a generic product that is unbranded, it is completely legal to repackage a manufacturer’s product and put your brand on it. If your product has another business’s branding somewhere on it, however, repackaging is illegal and you may be slammed with a copyright or trademark infringement.

Many manufacturers specialize in producing white-label products that sellers can buy to resell as their own branded products. These products can include everything from coffee, to silicone coasters, to healthy food supplements.

When it comes to retail arbitrage, it is important to remember although repackaging a manufacturer’s product may be legal in some cases, it may not always help to boost your sales, especially if other sellers are selling the exact same product in a crowded marketplace.

In order to boost your sales from branding, you have to make sure that you differentiate your product or service to the buyer in some way that it hard to imitate by competitors.

What is Arbitrage in Economics?

Arbitrage refers to the act of simultaneously buying and selling a product or any other asset with the objective of profiting from the difference in the buying and selling price. This profit is due to the difference in two similar financial instruments in two different markets.

 

Demand and supply, for example, is the exact same concept in two different states, but the demand for a product may be lower in one of them, which means that the market price in the two states differs. Exploiting this price difference means that you can make a profit.

What is an Example of Arbitrage?

An example of retail arbitrage is when you find a fur coat for sale in Texas at, say, $45. You buy the coat and have the retailer send it to your third-party prep center in Kansas. You then list the fur coat on an e-commerce website for $120. Someone in Alaska sees the listing and buy the coat.

The demand for fur coats in Alaska is much higher than it is in Texas and, even if the supply is more or less the same, it means that the market price for fur coats is higher.