To assess the market position, it is necessary to collect information that demonstrates the level of this. The data of such analysis is important from the point of view of:
Formation of demand. Its generation is the first stage in the sales funnel, where brand recognition plays a key role. If the target audience is familiar with or has heard about the brand before, they are more likely to want to purchase the company's product. Involvement in the funnel subsequently leads to the return of customers and repeat purchases, which contributes to the formation of a user base loyal to the brand.
Expanding market presence. The size of the occupied niche is an indicator of the effectiveness of the marketing strategy for brand promotion. To accurately determine the market share, it is necessary to take into account the price category and segment. For example, for the Balenciaga brand, it is necessary to proceed from its presence in the premium segment, and not in the broad category of "clothing and accessories".
Building trust among the portugal email list target audience. When faced with a wide range of products, the consumer is more willing to choose familiar items. These may be brands that he has already heard of or had experience buying their products.
The consumer knows some characteristics of such products (taste, color, design, etc.), which helps to build trust in the brand and the quality of its offerings. Depending on how much he trusts the brand, the likelihood of the desire to make a purchase increases. Quite often, this happens involuntarily (automatically).
Objectives and types of brand recognition
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Speed of decision-making by representatives of the target audience. The level of brand awareness affects the time that a potential client spends at the point of sale and alleviates the stress caused by the need to make a choice.
Differentiation from competitors. An example is the jewelry company "Lines of Love", which uses red in its corporate style, which is associated with romance. Wedding and holiday elements have become a kind of "trick" of the brand, helping to increase its recognition. The buyer forms an associative connection: "Lines of Love" - a romantic mood. Such visual and textual characteristics help the brand stand out from its competitors.
Target audience loyalty. Increasing brand awareness helps retain consumers in the sphere of well-disposed ones. Ambassadors who act as influencers are ready not only to purchase the brand's products themselves, but also to recommend them to their circle. They study new offers of the brand, ensuring growth of attention to it from a wide range of the target audience.