Establishing Brand Awareness Is Essential for Businesses to Differentiate From Competitors and Achieve Sustainable Growth, Says SoftwareReviews

SoftwareReviews' latest research explains that while the return on investment (ROI) from brand awareness activities may take longer to realize, the benefits are greater than that achieved through short-term initiatives. 

TORONTO, June 28, 2023 /PRNewswire/ - Recognizing the significance of brand awareness in today's competitive market landscape is a pivotal factor in contemporary marketing strategies. Brands neglecting to cultivate awareness often grapple with issues such as limited visibility, ineffective reach to the target audience, low digital engagement, and challenges justifying premium pricing. In response, SoftwareReviews, a leading source for data, insights, and advice to improve the software buying and selling experience, has published its newest research-backed blueprint, Accelerate Business Growth and Valuation by Building Brand Awareness.

Blueprints are the firm's proprietary methodology for helping users complete their technology initiatives. This comprehensive blueprint aims to guide organizations in developing effective, multi-touchpoint brand awareness strategies, positioning them as top-of-mind choices for consumers.

"Achieving high brand awareness in a given market and becoming the benchmark for buyers is what every brand wants to achieve, as it guarantees success," says Nathalie Vezina, Marketing Research Director at SoftwareReviews. "Building brand awareness, even though its immediate benefits are often difficult to see and measure, is essential for companies that want to stand out from their competitors and grow sustainably. The return on investment (ROI) may take longer, but the benefits are also greater than those achieved through short-term initiatives with the expectation of immediate, albeit often limited, results."

The latest study from SoftwareReviews underscores the complexities inherent in advocating for robust brand awareness, especially when positive results are difficult to measure and ROI is often longer-term. Brand leaders face several challenges, including an organizational focus that is too heavily skewed toward immediate ROI and short-term growth strategies, a deficiency in understanding the market and target consumers, and a lack of clarity on the brand's unique attributes. These obstacles are further amplified by the struggle to synchronize brand messaging and create engaging content that captivates, interests, and retains the target audience's attention.

Inspired by top-performing businesses and best practices, the firm's blueprint advises brand leaders to gain market intelligence and a clear understanding of the buyers' needs, which will be a competitive advantage and key differentiator. Further, it is crucial to develop a clear and compelling value proposition and human-centric brand messaging driven by the brand's values. Without brand awareness, the firm cautions, brands become less attractive to buyers, talent, and investors and their ability to grow in the competitive market is limited. To this end, SoftwareReviews' blueprint recommends brand leaders consider the following approach while developing branding strategies:

1. Define the Brand's Personality and Message:

• Gather market intelligence and analyze the market.
• Develop and document the buyer's persona and journey.
• Uncover the brand mission, vision statement, core values, value proposition, and positioning.
• Define the brand's archetype and tone of voice, then craft a compelling brand message.

2. Start Building Brand Awareness:

• Achieve strategy alignment and readiness.
• Create assets and workflows and deploy tactics.
• Establish key performance indicators (KPIs) and monitor and optimize them on an ongoing basis.

The new resource further explains that brands familiar to their target market have greater credibility, generate more sales, and have a more loyal customer base. Also, the successful implementation of brand awareness programs by CMOs not only contributes to building brand equity but also drives company valuation growth.

Download the Accelerate Business Growth and Valuation by Building Brand Awareness resource to learn more about how organizations can significantly enhance project results by building brand awareness.

SoftwareReviews' research-based resources are developed by industry experts to provide instructions, tools, and project artifacts to help organizations dramatically reduce project duration and improve project outcomes. 

For more information about SoftwareReviews or to access resources to support the software selection process, visit softwarereviews.com.

SoftwareReviews, a division of Info-Tech Research Group, empowers organizations with the best data, insights, and advice to improve the software buying and selling experience. 

For buyers, SoftwareReviews' proven software selection methodologies, customer insights, and technology advisors help maximize success with technology decisions. For providers, the firm helps build more effective marketing, product, and sales processes with expert analysts, how-to research, customer-centric marketing content, and comprehensive analysis of the buyer landscape. 

Media professionals can register for unrestricted access to research across software, IT, and HR and over 200 industry analysts through the firm's Media Insiders program. To gain access, contact [email protected].

SOURCE SoftwareReviews