Table of Content
- What is a Brand?
- Elements of Branding
- Need for Brand Awareness
- Brand Marketing and Performance Marketing
- Difference Between Brand Marketing and Performance Marketing
- What is a Brand Performance?
- Frequently Asked Question
- Wrapping Up
A brand’s performance is measured by its performance compared to its marketing and business objectives. The brand performance examines the campaign’s outcomes to determine the effectiveness of the branding for the firm, as opposed to brand delivery, which focuses on how branding is implemented throughout a marketing campaign.
This article gives you knowledge about what a brand is, what are the elements of branding, why there is a need for brand awareness, and what brand awareness is, so you will gain knowledge about the difference between brand awareness and brand performance.
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What is a Brand?
A brand is a unique identity that helps the audience recognize a company or its products. It also helps the audience differentiate it from other brands. For example, you may have heard about Zara and Levis. These are both clothing brands but you can easily identify one from the other because of their brand.
These brands have the following unique and distinguishable characteristics:
- Style of clothing
- Customer service
A strong brand helps the audience to recognize a company or product easily and almost automatically. It can also help companies perform well against competitors because people prefer brands that they have a connection with.
While the brand is the unique identity of a company, branding is how the company curates that identity. It’s a collection of strategies that help your audience understand who you are and who you are not. It helps in establishing trust and creating meaningful relationships with the audience.
Elements of Branding
The positioning of a brand is achieved through strategies that give a unique space in people’s minds. It revolves around the things you can do to help you create what your brand is to your consumers. It also helps differentiate you from your competitors in the mind of your customers.
A brand personality consists of human characteristics that can be associated with your brand. It’s creating a personality that helps represent who you are as a brand. As a result, your customers will also be able to find something they can resonate with. It makes your brand more relatable and personal to your customers.
As a brand, you have goals, visions, and missions that guide you and your growth. These become your promises to your customers because these are the things that you will aim for. As a result, these should also be observed in your brand.
For example, you’re a company that aims to bring quality products while reducing carbon footprint and reducing waste. How is that seen in your brand? Do you have organic and cruelty-free products? Do you have recycled packaging that can decompose quickly? Do you reduce plastic and carbon emissions in the process of creating your products?
Brand Story and Association
A brand story is simply the journey of your brand. What made you create your brand? What were the struggles you faced? How did you solve these problems? Customers will be able to relate and resonate with you more if you have a brand story. It lets them find something about you that they can identify with.
Why is There a Need for Brand Awareness?
Brand awareness plays a crucial role in establishing a startup. It has an impact on the marketing and growth of the company. It is the first step to make the brand familiar to the audience along with its products and services.
Through brand awareness, the company makes sure that they are seen in the market. This in turn attracts the brand’s target audience since the strategies of brand awareness should be tailored to them.
A lot of people think that brand awareness is only for businesses that are just starting out. In reality, even established companies need brand awareness to help them increase the scope of their audience. It also helps in reminding your audience that you’re here for them.
Brand Marketing and Performance Marketing
Have you heard about Brand Marketing? Is it different from Performance Marketing?
Brand Marketing is the set of strategies that builds a company’s reputation. It helps a brand maintain a trustworthy relationship with its customers.
For example, you probably know Starbucks. It’s a popular coffeehouse chain that started in Seattle and has now expanded worldwide. The main reason why Starbucks is so famous is because of its brand marketing strategies. This long-term strategy helped them change people’s opinions about coffee and ultimately helped them grow as a brand.
In this example, we can see how marketing strategies can increase customer loyalty. It also has an impact on boosting sales.
Importance of Brand Marketing
- Brand Marketing can generate leads and market shares.
- People start recognizing and differentiating your brand from competitors.
- Brand Marketing can improve the traffic on the company’s websites.
- Educating your target audience about your brand and promoting it can help build trustworthy relations and increase sales.
- Brand Marketing attracts customers by presenting the products in a unique way.
- Brand awareness can bring a positive impression to the people and can create a network across the world.
- Maintaining constant brand features can bring equity and make it more valuable.
Performance Marketing is a type of digital marketing that follows specific strategies and channels. It is a process where marketers only get paid when the companies or brands meet their goals. The brands expect to gain the desired actions in Performance Marketing. It ensures and measures the performance through marketing campaigns.
Importance of Performance Marketing
- Performance Marketing is a relevant strategy in the growth of the company.
- It helps companies gain high marketing achievements through targeting wisely.
- Performance Marketing avoids the chance of risk to both the marketers and the companies in achieving goals.
- It leads to a high rate of ROI through multiple distribution channels.
- Performance Marketing can encourage more visibility to websites and can convert the target audience to customers.
Difference Between Brand Marketing and Performance Marketing
The major difference is that marketing a brand takes time to achieve results. On the other hand, Performance Marketing is a short-term process where you get results faster.
Is it possible to measure the efforts of Brand Marketing like Performance Marketing?
Measuring performance and tracking them is difficult in Brand Marketing. In contrast, the marketing efforts can be easily measured in Performance Marketing.
The major goal of brand marketers is to establish trust in the customers and improve brand identity. In Performance Marketing, marketers focus on improving website traffic through actions. Those actions can be an increase in sales, more visits, likes, and followers on the company’s website.
Brand Marketing can be more expensive than Performance Marketing yet. But interestingly, Performance Marketing drives higher ROI than Brand Marketing.
Mostly, branding campaigns are monitored by key metrics. Some of them are brand awareness, brand attribution association, and purchase consideration. On the other hand, Performance Marketing is tracked by ROAS, sales, number of conversions, etc.
What is a Brand Performance?
Brand performance states the percentage of profit achieved in meeting the business strategy. It is a measurement of actions and performance during the marketing process. It shows the level of brand visibility and equity obtained through brand campaigns.
Frequently Asked Question
What is the role of branding in a company's growth?
Branding is a marketing strategy through which a company gets unique recognition. It differentiates the company from competitors. People recognize and maintain a trustworthy relationship with the company through branding. So, branding plays a great role in the growth and success of the company.
What is the difference between Branding and Performance Marketing?
Branding is a long-term strategy through which a company improves its growth through good brand identity and recognition. It will lead to building relationships with the customers.
Performance marketing is a process where the marketers get paid after the desired actions. It uses various strategies in multiple distribution channels.
Why is Performance Marketing important?
Marketing technology companies use performance marketing as a tool to encourage web traffic and visibility on the company's website. It will improve the sales and the growth of the company.
Need for Brand Performance
It is necessary to measure or track performance during Brand Marketing. Even though Brand Marketing is a slow process, the company should still be aware of its performance. Measuring performance helps identify the strength and weaknesses of the brand.
Brand performance helps in making better decisions by using the analytics of the performance. It encourages improving the strategies based on the data you’ve gathered. It can be tracked by measuring brand awareness, purchasing intent, brand advocacy, etc.