In this episode of the Powerful Marketing Tips podcast, we delve into the lesser-known ways of measuring business growth and success with our special guest, Aditya Varanasi. Aditya, who spent 14 years at PepsiCo pioneering digital media strategies for brands like Cheetos and Lay's Stax, shares his journey from corporate America to founding his own business, Awarity, as well as key learnings that are relevant to all businesses.
Here are the key takeaways from the episode:
1️⃣ Brand Awareness as a Strategic Investment:
Aditya discusses how building brand awareness is crucial for businesses. He mentions that anytime a consumer has a need, they typically think of one to three brands first. Therefore, investing in brand awareness can position a company as a top choice in the minds of consumers when they are ready to make a purchase.
2️⃣ Differentiating from Competitors:
By investing in marketing and brand awareness, businesses can effectively differentiate themselves from competitors and control the narrative. Aditya gives the example of Tesla, which chose not to advertise. However, this decision led to misconceptions about electric vehicles among consumers, showcasing the importance of marketing in educating and influencing perceptions.
3️⃣ Customer Perception and Trust:
Marketing and brand awareness play a significant role in shaping customer perceptions and building trust. Aditya highlights that providing value greater than what customers pay for, along with a positive product experience, can lead to referrals and repeat business. This underscores the idea that marketing is not just about acquiring new customers but also about retaining and delighting existing ones.
4️⃣ Strategic Focus on Customer Journey:
Aditya suggests that businesses should align their marketing efforts with the customer journey. By understanding customer needs, preferences, and pain points, companies can tailor their marketing strategies to effectively communicate value propositions and address consumer concerns at each stage of the journey.
5️⃣ Consistency and Adaptability:
Aditya emphasizes the need for consistency in marketing efforts while also being adaptable to changes and feedback from customers. By continuously improving and refining marketing strategies based on customer interactions and feedback, businesses can stay relevant and competitive in the market.
In conclusion, the insights shared by Aditya Varanasi underscore the significance of brand awareness and marketing investment as strategic tools for long-term growth and success. By viewing marketing as an investment in building brand equity, attracting new customers, retaining existing ones, and differentiating from competitors, businesses can create a strong foundation for sustainable growth and profitability.
Quotes:
- "People need to see you an average of seven times before they take action.” (00:04:46)
- "Our mission is to make world-class advertising accessible to everyone." (00:07:37)
- "Think of your advertising strategy as a way to reach new customers in an efficient manner and stay with them throughout the customer journey." (00:10:50)
- "Stick with a plan that you feel like even if it's only 75% solid, stick with it. You'll see better results with that consistency than you will from just trying to change every week and not knowing if the change is meeting customer needs." (00:15:57)
- "If you neglect it and you say, I'm only going to do what I can measure to have immediate results, you're going to end up doing very little and your competition is going to build their brand over time." (00:21:24)
Timestamps:
- [00:04:46] Importance of Full Customer Journey
- [00:12:18] Simplicity in Advertising Messaging
- [00:14:32] Metrics for Measuring Advertising Success
- [00:21:14] Brand Awareness and Long-term Growth
- [00:28:37] Advice for New Business Owners
Links:
Connect with Aditya Varanasi:
- Website: https://www.awarity.com/
LinkedIn: https://www.linkedin.com/in/adityavaranasi/