Transcript Top of Mind Awareness for Profitability

Share of Mind = Share of Business!
How Brand Awareness Can Increase Your
Profitability
Local Branding Research
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Citadel researched the Tri Cities Consumer.
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Citadel is investing in research to become a better
business partner and a resource to local businesses.
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The survey results will help business owners evaluate
their branding position within the marketplace.
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A position that is directly tied to profitability.
385 area residents were surveyed
25 Business Categories were researched
Results demonstrate Brand Awareness for Businesses
What is Brand Awareness?
Write down the first business that
comes to mind when we say…
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Cola
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Fast Food
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Soup
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Home Improvement Store
Did you write down…
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Coca-Cola?
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McDonald’s?*
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3 of 4 do
Campbell’s?
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3 out 4 do
9 of 10 do
Lowe’s?
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64% do
How Did They Do It?
*Local market results differ due to category competition
Would you believe that the business with
the highest brand awareness percentage
always outsells numbers 2 and 3
combined?
It’s True!
Why?
99.2%* of people surveyed said they’d be
more likely to use a business that came to
mind first!
*Winter 2006 Branding Survey
Business Categories
The X survey identified two types of business categories:
Non-Mature
Mature
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Dominant leader
established
Low no-response rate,
nearly everyone is
familiar with a business in
the category
Lowe’s is a “categoryking” but 10-15 years
ago, the Home
Improvement category
was non-mature
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No dominant leader
established (yet)
High no-response rate,
many people don’t know of
any business in the category
Example: Typically the
Chiropractor category has
an 85% no-response rate
No “Category king” – it will
be less expensive to
dominate a category now,
you could be this category
leader in 10 years!
Is your business in a Mature or Non-Mature Category?
What’s unique about your business that will distinguish you in your category?
Is there a leader in your Category?
Locally, How Do You Get
Brand Awareness Like
Lowe’s?
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Consistency in your message and
marketing
Influence consumers with Intrusive Media
Get More Relational Customers For Higher
Profitability
Avoid The 5 Causes of Advertising Failure
Achieving Brand Awareness
with Consistency throughout
the Product Cycle
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People encounter about 3,365 advertisements daily
Will they close their eyes and miss yours?
Will they forget yours when they go to sleep?
Long-term, consistent advertising is essential to
success
With consistency you will be able to imprint your
business into consumers minds!
Consumers Are Either In or Out
However, they are always in the purchase cycle.
They fall into one of two groups:
1. They are in the market to buy right now
1. They aren’t in the market, but may be in the
future. They may also influence others that are
in the market right now. (Word of Mouth)
Two Forms of Media
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Passive Media (Newspaper, Magazines,
Internet, Billboards & Yellow Pages)
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Useful only for consumers who are actively seeking product right now
Useless if consumer already has someone else in mind
Intrusive Media (Radio & Television)
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Reaches EVERY potential consumer, those who need it now or may in
the future
Establishes Branding Awareness!
Lowe’s is a leader in its business category, and they advertise
primarily with Intrusive Media.
Look in the Yellow Pages, how big is the Lowe’s ad?
The Power of Radio
Intrusive Media is so powerful that that government ruled that
Tobacco couldn’t use it to advertise, but 35 years later, most
people can still complete the slogans:
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“I’d walk a mile for a Camel”
“Winston tastes good like a cigarette should”
Can you finish this song?
“Two all beef patties, special sauce, lettuce, cheese,
pickles, onions on a sesame seed _____”
Consumers Said…
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The survey showed that an
alarming 59.3*% of yellow page
users already have a business in
mind when they open the book!
Consumers pass over ads of
businesses unknown to them.
75.4%* of the people say they
would choose a business with a
small ad that they have heard of
over a business unknown to them
that had a larger ad.
Only 8.0%* say they would
choose the unknown business
with the larger ad.
Cutting back on the size of
a newspaper or yellow
page ad to buy Radio
increases overall:
 Reach
 Frequency
 Impressions
 Brand Awareness
Branding with intrusive media is what makes this happen!
*Winter 2006 Branding Survey
Roy Williams:
Reach your core customer… There are
Two Types of Consumers
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Transactional Customers
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Purchase based on price alone
No business loyalty
Consider themselves to be the product “expert”
Typically the type of customer that complains more, returns more etc.
Transactions yield less profits because they only purchase at marked down
prices or rates
Relational Customers
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Find a business and are very loyal
Seek a trustworthy expert; you as the business owner
Not as concerned with price savings as they are with the purchasing
experience
Appreciates the relationship established between themselves and the
business
Business yields more profits because they will purchase at full or near to
full price
Influence is More Important
Than Reach
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You can influence the entire market population
10% of the way with little results
OR
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You can influence 10% of the market population
100% of the way with greater results
Every Business Can Do It!
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Almost any business can afford to influence a
portion of the market
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It’s important to focus your concentration, then build from a
solid, consistent platform
“Pal’s is a great example of a local business
taking a strong position within their category
Your Results
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See survey results
From these results, is your category
Mature, or Non-Mature?
Is your position what you expected?
Where would you like to be in the next
five years?
Will it be You?
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Someone will become the dominant figure in each nonmature category
Someone will gain larger market share by finding a niche
in each mature category
Everyone has the opportunity to boost their Mind Share
and Brand Awareness
A branding campaign will increase
Profitability
Are you ready to increase your Profits?
How Can You Increase Your
Awareness?
1.
Consistency
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2.
Duration
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Create a USP (Who, What and Why You?)
Consistently remind people using intrusive media.
Relational Customers
1.
7.
Influence 100% of who you can afford, then Grow!
Increase Brand Awareness
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6.
Intrusive media can influence consumers in and out of the buying cycle---There is no wasted advertising.
It isn’t about “Reach”
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5.
The desire for “Instant Gratification” is among the top reasons for advertising
failure. Stick With It! You can’t stop! Long term advertising pays off!
Influence
1.
4.
Build a long term relationship with your customers and potential customers
and brand with a consistent message.
Are you reaching your core customer
Avoid the 5 Reasons for Advertising Failure
The 5 Reasons Your Advertising Can
Fail
1. Targeting
the wrong people
2. Your
media schedule is so thin or fragmented that it doesn’t
penetrate the minds of the target audience.
3. Bad
Creative – The message and presentation has to memorable
or internal weakness with your business – Signage,
location, sales-force, product, service, etc.
4. Marketing
5. Your
expectations aren’t realistic – What will constitute success?
Thank you!
We look forward to helping your business
increase its share of mind and
profitability!