Introduction

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In the ever-evolving landscape of business, building and maintaining brand awareness is crucial for success. It's not just about having a great product or service; it's about making sure your target audience knows about it. With 2024 just beyond the horizon, it’s important to start optimizing your strategies for the coming year. In this article, we'll explore five essential strategies to enhance brand awareness: budgeting, investing in data, brand safety, staying relevant, and being open to change.

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Strategic Budgeting

One of the fundamental aspects of building brand awareness is allocating a budget specifically for marketing and promotional activities. Whether you're a startup or an established brand, a well-planned budget ensures that you have the resources to execute effective marketing campaigns. This includes both online and offline channels such as social media, in-app, CTV, and web/mobile platforms.

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In the past year, digital ad spend worldwide has increased about 10%, hitting over $600 billion. This is only expected to increase as we head into 2024. With so many businesses increasing their marketing budgets, it can be intimidating - especially as a small business - to try to get your foot in the door. But don’t worry! This is why we are recommending strategic budgeting - not necessarily increasing your budget.

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What matters most is that your content is being seen by the right people. Your strategy should focus on efficiency rather than ubiquity. Use solutions that help you target the right audiences in the right places. 

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By strategically allocating funds to various channels, you can reach a diverse audience and maximize your brand's exposure. It's important to regularly evaluate the performance of different channels and adjust your budget accordingly to optimize your marketing efforts.

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Investing in Data

In the digital age, data is a powerful tool that can significantly impact your brand awareness efforts. Invest in tools and technologies that allow you to gather, analyze, and leverage data to understand your audience better.

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We do not recommend investing in 3rd-party data solutions, as current legislative efforts are slowly wiping out the use of such data. Companies like Google and Apple have already implemented policies that restrict the use of personal user data and 3rd-party cookies. Instead, we highly encourage businesses to invest in 1st party data solutions - particularly contextual advertising.

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(You can read more about contextual advertising here.)

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Utilize data-driven insights to tailor your marketing strategies. Personalized content and targeted advertising can significantly increase the effectiveness of your campaigns, resonating more with your audience and fostering a stronger connection with your brand. 

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Brand Safety

In an era where consumer trust is paramount, ensuring brand safety is crucial for building and maintaining brand awareness. Brand safety involves protecting your brand from associations with inappropriate or harmful content, whether it be on social media, online advertising, or other platforms.

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Implement strict guidelines and use technology to monitor where your brand appears. Make sure that the advertising solutions you are using are ensuring the protection of your brand. Be proactive in addressing any potential issues and swiftly take action to disassociate your brand from content that may damage its reputation. Prioritizing brand safety builds trust with your audience and helps safeguard the integrity of your brand.

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Staying Relevant

Relevance is key to capturing and retaining the attention of your target audience. What you don’t want is for your brand to appear in front of irrelevant audiences. Not only is it a waste of your budget, but it also contributes to ad fatigue. If your advertisement is irrelevant to the user’s current interests, then you just become a part of the white noise of the internet. 

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To keep audiences engaged, you need to be placing your brand in front of people that care. This is the only way to really see results. One of the best ways to do this is by investing in a contextual advertising solution because it places your brand in front of relevant audiences based on their interests in real time. This increases the likelihood that they will engage with your ad. 

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Furthermore, relevancy doesn’t just apply to where you place your brand. Regularly reassess your brand messaging and adapt it to align with current trends and cultural shifts. This involves staying informed about industry developments, monitoring your competitors, and actively engaging with your audience on social media.

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By staying relevant, you demonstrate that your brand is attuned to the evolving needs and preferences of your audience, positioning yourself as a contemporary and forward-thinking entity. Consistently delivering timely and engaging content keeps your brand in the forefront of your audience's minds.

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Being Open to Change

The business landscape is dynamic, and successful brands are those that can adapt to change. Being open to change means being willing to reassess your strategies, embrace emerging technologies, and pivot when necessary. It also involves listening to customer feedback and analyzing data, using it to refine your brand positioning and messaging.

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“Good leaders adapt when needed. Change, although often uneasy, can lead to a positive transformation.”  - Jarett Boskovich (WowYow CMO & Cofounder)

Remaining flexible in your approach to brand building allows you to capitalize on new opportunities and navigate challenges effectively. A brand that is resistant to change risks becoming stagnant and losing relevance in a fast-paced market.

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Conclusion

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Building brand awareness is an ongoing process that requires a strategic and multifaceted approach. By carefully budgeting, investing in data, prioritizing brand safety, staying relevant, and being open to change, your brand can establish a strong presence in the minds of your target audience and thrive in a competitive business environment.

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