According to a recent Nielsen study, driving brand awareness has never been more important: marketing accounts for 10% to 35% of a brand’s equity and marketers state that building brand awareness is a top priority. Following are key findings:
- MARKETING OBJECTIVES:
Brand awareness is ranked as the most important objective for businesses, followed by customer acquisition and retention:
- MARKETING METRICS:
Brand awareness tops the list of important marketing metrics and correlates with an increase in sales:
- Two-thirds of marketers rank brand awareness as the first important marketing metric, followed by engagement* and marketing mix modeling.
- A 1-point gain in brand metrics, such as awareness and consideration, drives a 1% increase in sales.
Today, amid media fragmentation, brands need to leverage an array of channels to reach the widest audiences, and marketers are increasingly more interested in driving brand awareness.
*Engagement: e.g. time spent, video views, clicks, etc.
Source: marketingcharts.com; Nielsen’s 5th Global Annual Marketing Report