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Why Building your Brand is Important

o called Top of Mind Awareness is the first company or product that a consumer thinks of in a particular category. For example, most Australians needing a tissue would think of Kleenex and those wanting a cola drink would order a Coke. Usually the company with

Top of Mind Awareness is also endowed with other qualities in the consumers mind such as best quality, most popular and most reliable. Your mission, should you choose to accept it, is to secure first place in Top of Mind Awareness for the product or service you offer,

so that when consumers have such a need they immediately think of you. While it is widely believed that brand advertising is not truly measurable, the value of a brand itself and annual increases in that value, are in fact measurable. Each year Interbrand, a global brand consultancy,

calculates the value of the worlds top brands. This is based on measures of the premium price the brand can command relative to alternatives, the importance of the brand in consumer purchasing decisions relative to other productbased qualities and the Continued on page 2

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profit margin of the brand term. versus its total inputs. If it is too late to be the First In 2010, Coca Cola was Mover, it is possible to be once again the worlds most the first to claim a niche valuable brand at US$ 70.4 within a category. So you billion. might not be the first florist One of the most important in Newcastle but you may ways to be the first achieve Brand advertising florist in the Top of Mind is most successful southern Awareness suburbs of when it is is the so- most consistent and Newcastle. called First The most most continuous. M o v e r important Advantage. In 80% of part of brand advertising cases, the first product is your brand identity or service launched in a business name, logo, category will become the corporate colours and most established. standard images. It is worth So if you are starting a new investing time and money in business concept in your these as in your head, not area it is important to market in your tax return, you could heavily during your launch realistically amortise such phase to claim first position an investment of $10,000 in all consumers minds. over five years at $2,000 per It will be very difficult and annum. expensive for a newcomer to Interestingly, one of the supplant your position and most successful brands you should yield significant of recent times, eBay, dividends over the long was meant to be a kind

of electronic newspaper Worlds Top 10 Brands for the San Francisco Bay area but instead became $70.4 b synonymous with online auctions. $64.7 b So, even with a business name that is not immediately relevant it is still possible to $60.8 b succeed. Brand advertising is most $43.5 b successful when it is most consistent and when it is $42.8 b most continuous. After all, repetition is the mother of learning. $33.5 b In developing your marketing strategy, you may choose to run tactical $32.0 b campaigns to promote new products and services but $29.4 b at all times you will want to supplement these with long term brand advertising. $28.7 b Constant reinforcement of your brand will lodge $26.8 b it in brain cells, so smart marketers will look for Source: Interbrand 2010 advertising media that offer low cost impressions over long periods.

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