Many entrepreneurs fail to realize the importance of branding, and as a result, are unable to get the desired results from their business. Every business has products and services that they sell to generate revenue, but one of the most important factors that define success is good branding.
Doesn’t matter if you name your business using a random brand name generator, but if you pick the right name, it will help in building your brand. Similarly, using the right colors, showing your brand repeatedly, providing excellent customer service, writing a blog, and more, all come together in making your brand outshine.
To help you understand the importance of branding, we have put together a few eye-opening branding statistics. Let’s have a look:
#1 It takes 5 to 7 impressions for people to remember a brand
It is understandable that because there are so many brands out there, it is nearly impossible for any brand to create a mark on the first go. People might have to look at your logo a couple of times before they start remembering your brand.
Usually, after people have looked at your brand 5 or more times, it will have created an impression strong enough for them to remember. Businesses should use various branding techniques including social media so that they can build a strong brand image in the eyes of the people.
Most brands use techniques that help them in identifying people that might be their potential customers due to their consumer behavior or what they search on the web. And then they keep showing their brand or products to these very people so that they eventually end up remembering the brand and whatever they are selling.
#2 Color improves brand recognition by up to 80%
When I say “Coca Cola”, which color comes to your mind? Or “McDonalds” reminds you of which color?
You know what I mean! “Coca Cola” made you think of Red, and “McDonalds” yellow, right?
You never actually must have sat back and tried to memorize these colors. But these brands have used them so efficiently throughout the years, that any person can associate these colors with these brands without even consciously thinking for a second.
This is how color can improve the recognition of any brand by up to 80%. And that percentage totally depends on how well you have used color in your branding.
Do not think that the color can be used in just your brand logo. Instead, get creative and think of how you can include your brand color throughout your other branding tools like digital content, promotional material, products, and so on.
What’s most important is that you pick a specific color that best defines your brand, your products, your idea, etc. And then induce the idea of the color with your brand inside the minds of the people by effectively using it in your branding.
#3 73% of consumers love a brand because of helpful customer service
Liking the products of a particular brand is one thing. But loving that brand is a completely different thing.
And the latter comes with not how great a brand’s products are, but how well it treats its customers. One of the biggest reasons people love Amazon so much and prefer it over other online marketplaces for buying their products is because of its outstanding customer service.
The biggest drawback of the world of eCommerce is that people can’t physically touch and feel the products before buying them. As a result, they are too scared about whether their product is actually what they are expecting it to be.
And sometimes it isn’t so, honestly speaking. And if you don’t have a great customer service policy that can help them give it back and get what they actually need, they are not going to buy from you again.
Even if they don’t want to return it, sometimes there are other issues they might face, like installation, or how to exactly use the product. Now it is your responsibility to help them with their concerns so that they can happily use their product.
If you can make your customers feel valued with a great customer service policy, believe me, they will go out of their way to pick your brand over others. Don’t just focus on selling products or services, but focus on selling experiences.
#4 Presenting a brand consistently across all platforms can increase revenue by up to 23%
One of the most important aspects of branding is consistency. Brand consistency is defined as the practice of delivering a message always that is deeply aligned with the core brand values.
Does not matter what you are putting forward and where. You need to make sure that they are all in the same tone, create a similar kind of impression on the audience, showcase the same brand logo everywhere, repeat the colors and visual representation of your brand in every way.
When there is an inconsistency with how a brand is presenting itself, people tend to lose a bit of the connection or do not relate very well. For instance, if a customer knows about a brand, and at some point they see it being presented in a different light, they might not even notice that it’s the same brand.
Brand consistency not only helps in shaping your brand’s perception in the minds of the audience but also in evoking positive emotions with the right use of words and messages. It helps in generating brand loyalty, developing trust, and also in differentiating from other similar brands.
#5 1/3 of the world’s top 100 brands include the color blue in their logos
We already mentioned the influential role color plays in creating a brand’s visual impression and how important it is to pick a specific color that represents your brand best. But a surprising yet strange fact is that one-third of the world’s top 100 brands have incorporated the color blue in their logos somehow, why is that?
We all know that 71% of Earth, the very planet we live in, is water in the form of oceans and the color of it is blue. Look at any map or globe, everywhere we look at the earth, we see the color blue majorly.
Whenever we look up every day, we look at a blue sky, and we have been seeing this for years every day since we were born. We are so deeply surrounded by the color blue, that it is embedded in our minds, and we automatically feel some sort of a connection towards it naturally.
And that is why 33% of the biggest brands of the world have made sure that their logos include the color blue in some way or the other. Now, this is not an actual fact why the color blue works so well, yet it does seem to work for so many big brands, and it should work for you as well.
#6 72% of the best brand names are made up words or acronyms
Very many times, businesses are unable to come up with the perfect word that can define their brand. And end up either using a made-up word as a brand name or sometimes the acronym, that is the abbreviation formed from the initial letters of names or a phrase, pronounced as a word.
For instance, ‘googol’ is a word that is used for the number 1 followed by 100 zeros, signifying a really large number. While naming themselves, Google wanted to use that word so as to imply the vast amount of information that they can expose you with, but ended up using a misspelled word, ‘Google’.
And many brands have successfully used acronyms as brand names, some of which people are not even aware of. For example, BMW actually stands for Bayerische Motoren Werke in German, and Bavarian Motor Works in English.
M&M’s stands for Mars and Murrie, which are the last names of its owners, KFC stands for Kentucky Fried Chicken, WWE stands for World Wrestling Entertainment, and so on. There are so many popular brands that are simply acronyms or just made up words like Häagen-Dazs.
And if none of that works for you, you can always take the help of a random brand name generator to come up with the best brand name for you. A random brand name generator takes into consideration your primary keywords, niche, industry, location, and finally comes up with the perfect name for your business.
#7 Brands with poor company branding pay 10% higher salaries
Many entrepreneurs make the foolish mistake of saving money in branding and don’t realize that it makes them spend more money elsewhere. A brand that is well maintained communicates a unique EVP or employee value proposition, and employees are excited to work for such a brand.
But employees don’t think twice before leaving a poorly maintained brand, and such companies end up offering more to retain them. If you have a weak brand image, you will have to spend more to keep your existing employees from leaving your company and working for a company with a better brand.
Besides, it will also be difficult for you to attract new hires to work for you, and you will have to spend a lot more money and resources because of that. The easiest way to judge whether the money spent on branding is sufficient enough is by comparing your salaries with the average salary scale within your industry.
#8 Over 70% of brand managers consider building an audience more important than converting sales
If you look at it objectively, where do revenue and success for a business come from? From its sales right!
But where does the sales come from? From its audience.
Especially since the eCommerce revolution, and since businesses started having a digital presence, the importance of having a loyal audience was bigger than ever. Unless you have a huge audience that is aware of your brand, exposed to your products, your vision, the message you put forward, it is really difficult for you to generate the numbers required to run your business.
If you start running after sales blindly, you might end up hurting your brand or your potential customers in some way. For instance, if you’re too promotional, your customers might find you to be desperate and might move to another brand.
Or you might hurt their sentiments by trying too hard to get them to buy, making them feel that they are not valued. On the contrary, if you work on building an audience, establishing trust, earning their loyalty, it’s these very people that will convert into your customers and give you your sales.
Moreover, they will also recommend your brand to their friends and families increasing your sales even more. Besides, building an audience always helps you in reaching out to a newer set of potential customers, that will eventually convert into your loyal customers.
#9 89% of shoppers stay loyal to brands that share their values
Let’s say, you are a vegan or vegetarian, or just someone who cares deeply about animals. There are two brands that sell the same product you need, and at equal prices, brand A and brand B.
Now brand A is a regular company, but brand B on the other hand has a lot of policies towards the betterment of animals. For instance, it donates towards and supports the cause of an animal rights NGO, or it proclaims that it never makes products by testing them on animals or harming them in any way.
Which brand would you buy from? Of course brand B.
That’s how it works. Even while shopping, emotions are involved, and customers prefer buying from brands that share their values.
Not necessarily the example we shared above, but it could be anything. What matters is that the customers should feel that their values are aligned with a particular brand.
And once that happens, they do not easily move to another brand, even if the other brand is slightly cheaper than this one.
#10 Brands that blog generate 67% more leads
Blogs help a brand in a lot more ways than one, eventually generating a lot more leads than there would be otherwise. Firstly, a well-written and regular blog helps in building an audience, and since this audience relates to your content, they are also your potential customers who convert.
Secondly, with the help of SEO optimization, a blog can help in driving huge traffic to your website, which again would be your potential customers as they search for related keywords. You can use your blog to emphasize your values, engage with your audience, and build a loyal audience that falls into your buyer persona as well.
By now you must have understood how important a role branding plays in the success of any business. If you haven’t, now is the time to put in a few good bucks towards the proper branding of your business.
You have no idea the kind of wonders it would do in making your business stand out from the competition. Good luck!