Importance
"Awareness, attitudes, and usage (AAU) metrics relate closely to what has been called the Hierarchy of Effects, an assumption that customers progress through sequential stages from lack of awareness, through initial purchase of a product, to brand loyalty." In total, these AAU metrics allow companies to track trends in customer knowledge and attitudes.
Brand awareness plays a major role in a consumer’s buying decision process. The knowledge of an acquaintance or friend having used the product in the past or a high recognition of the product through constant advertisements and associations coaxes the person to make his decision in the favour of the brand.
The eventual goal of most businesses is to make profits and increase sales. Businesses intend to increase their consumer pool and encourage repeat purchases. Apple is a brilliant example of how there is a very high recognition of the brand logo and high anticipation of a new product being released by the company. An iPod is the first thing that pops into our minds when we think of purchasing an mp3 player. iPod is used as a replaceable noun to describe an mp3 player. Finally, high brand awareness about a product suggests that the brand is easily recognizable and accepted by the market in a way that the brand is differentiated from similar products and other competitors. Brand building also helps in improving brand loyalty.
Read more about this topic: Brand Awareness
Famous quotes containing the word importance:
“We ought to esteem it of the greatest importance that the fictions which children first hear should be adapted in the most perfect manner to the promotion of virtue.”
—Plato (c. 427–347 B.C.)
“What is done for science must also be done for art: accepting undesirable side effects for the sake of the main goal, and moreover diminishing their importance by making this main goal more magnificent. For one should reform forward, not backward: social illnesses, revolutions, are evolutions inhibited by a conserving stupidity.”
—Robert Musil (1880–1942)
“There are secret articles in our treaties with the gods, of more importance than all the rest, which the historian can never know.”
—Henry David Thoreau (1817–1862)