In modern times, we see how much businesses have to struggle to get by in a competitive market. They have to go above and beyond the ordinary to make and secure their place in the market in which they are working in. The survival stage is what makes or breaks the business. One significant aspect of a company's survival is the way people know the company, which is called brand awareness. On the other hand, people who care about you is called brand affinity. That’s why companies are shifting from brand awareness to brand affinity that allows them to make a deeper relationship with the consumers. Let’s dig into it in detail!
Brand awareness vs. Brand Affinity
It describes and identifies the consumer recognition of a brand or product by its name. In simple words, it refers to as brand image that helps the businesses to differentiate its product from their competitors.
It is a next-level marketing term as the people who know about brand, product, your values and care about them. If you have good brand affinity means you have more brand advocates.
Why companies are shifting from brand awareness to brand affinity?
In recent times, companies are moving away from traditional and basic brand awareness and are moving towards a more deeply rooted relationship with the customers. More and more companies are moving towards brand affinity rather than simply having the customers aware of their presence.
1. Stronger Brand affinity means more profit
The reason for the change is that business owners are more likely to want to run their business meaningfully. They may want profits as well, but providing a service to their society in a way that shows their values and developed relationships are more important to them. Therefore, they aim to establish alliances with their customers as well as earn profits as a secondary objective.
2.It builds a loyal customer base
As a famous American psychologist, Maslow, suggests that the pinnacle of human success is self-actualization, affinity can be considered the pinnacle of branding. With affinity, the customer is going to be loyal to them in the future. It’s one step above basic customer loyalty where your business and the customer share a profound relationship. This way, customers are likely to tell others about the company and spread the positive message; this, in turn, will create a better image for the company.
3.Marketing costs drop
Other than simply creating a better image in the market, there are a few reasons why businesses might want to consider pursuing affinity. The first and foremost is that your marketing costs are going to drop drastically. You no longer have to aggressively market products to the public, hence saving your money. Word of mouth through the customers which you do have is going to do the trick just fine.
4.The great driver of sales
Brand Affinity is the main reason behind the high streams of sales of any reputable brand. Moreover, you can expect a stable cash flow as you are going to have returning customers coming back to you regularly as they have aligned themselves with your business for the mid to far future. This means that there is a cash flow which you can count on. With both of aspects, you can plan ahead for the future of the business fairly well, with steady cash flow and reduction in costs, assets can be invested elsewhere, and the business can plan for future endeavors.
If you are looking for a company to help you increase your brand affinity and set your place in the market, Additude could help you out with that. For most businesses, they are going to need some sort of guidance to jump-start their brand affinity. It's not going to happen just like that. There is time, money, and patience, which needs to be invested. You need to be aware of how to invest in your brand affinity and nurture it in a way where your company benefits from having a loyal and recurring customer base.