How to achieve Brand Awareness using the example of Coca Cola
11 March 2013
According to Business Dictionary, brand awareness is the extent to which a brand is recognized by potential customers, and is correctly associated with a particular product. Creating this brand awareness is one of the most important tasks in Marketing. If consumers would not be aware of a brand they would not recognise various companies and their products and hence would have no information on where to go to satisfy their wants and needs. Ultimately brand awareness is needed to achieve the key goal for any business, which is to boost profits.
One company that really stands out in times of brand awareness is Coca Cola. Coca Cola might not be the most valuable brand as it has been surpassed by the latest technological advancement (Apple, IBM, Google, Microsoft), but for me Coca Cola is still THE brand that is recognized by everyone around the globe. It is available in every country except Cuba and North Korea and has a product portfolio of over 3,500 brands. (I went to the Coca Cola museum in Atlanta and it took me probably 2 hours just to taste a small selection of each continent’s Coca Cola drinks. I was also nearly falling into a diabetic coma afterwards.) In 2011 it had a market value of about $74 billion, which is more than Budweiser, Starbucks, Red Bull and Pepsi combined.
But how do you achieve great brand awareness, like coca cola has?
From 1993 until 2006 Coca Cola spent $ 26.7 billion on advertising and it is one of the first companies ever to spend more money on marketing than on the product itself. Another factor is its authenticity. Coca cola marks itself as the „The Real Thing“ with the formula being created 125 years ago and kept a secret since. Its strong self-belief and consistent identity also helped achieve its position in the market. Coca Cola has shown great flexibility and innovativeness, they adapted their drink to the various markets around the world and thereby achieved to satisfy the different tastes of the consumers. Coca Cola is also a very aesthetic product. The design of the curvaceous glass bottle design and the red-and-white branding of the cans is recognized all over the world.
What I experienced when entering the World of Coca Cola in Atlanta was not the drink itself (which was really only trivial), the emphasis was on the various commercials they showed, the hype around the huge safe where the secret formula was in and other marketing trappings (like the Coca Cola polar bear, the happiness factory etc.) To sum up, one can say that it is not the product itself that made Coca Cola one of the most recognizable brands in the world; it is the exceptional marketing around it.
One might ask how Broadgate is trying to achieve brand awareness in the Southeast Asian market? Well, even though Broadgate is a fairly young and small company, it is already well established and well known in the Thai market. Not only with its diverse service offerings but also with its unique corporate image and slogan (“Passionate About Investing”) Broadgate is differentiating itself from the competition. The company also has a vast presence on the social media websites Facebook and Twitter which helped raising the company’s brand awareness and achieving the great brand recognition it has now in the Southeast Asian market. So even here at Broadgate, an investment service company, it’s not all about finance but Marketing and Brand Management plays a big role as well.
Marketing Support Officer
The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official position of The Broadgate Financial Group.