20 Stats That Will Remind You of the Importance of Your Branding

branding-statistics

Originally published 9/28/17. Updated for accuracy 5/16/22

No matter if your business is small or large, and regardless of the industry in which you serve, the importance of branding for business success cannot be overstated. In fact, your branding is the major touchpoint that the public uses to form an opinion on your business. Branding affects more than just sales and revenue. It affects your perception in the marketplace, your ability to hire and retain quality employees, and your ability to make a positive impact on your community.

Therefore, ensuring you control this touchpoint is vitally important and why an emphasis on branding is so important. Keep the following stats in mind to remember the importance of branding as you continue to build your business:

  1. Color Improves Brand Recognition:
    A Forbes study found that consistency in the color palette for your brand’s logo, digital content, and promotional material can improve brand recognition by upwards of 80%. Brand recognition is of course when customers can identify your brand based on your product or logo.

  2. Brand Consistency Across Platforms Increases Revenue:
    Another noteworthy stat to know on the importance of branding is the fact that consistent presentation of your brand will increase your revenue. According to Forbes, simply being consistent when you present your brand, no matter where you are posting can create a uniform message and promote brand identity which can increase your revenue by up to 23%.
  3. Self Promotion Can be Too Much:
    Some consumers will unfollow your brand if they feel your activity is self-promotional. Therefore, it’s important to remember that branding and marketing aren’t about tooting your own horn. Instead, it’s vital to provide engaging, helpful, and valuable information.

    The-Basic-Building-Blocks-of-a-Radio-Campaign
  4. Emotional Branding is Important:
    Your customers will form a long-term bond with you, remaining loyal through the years if they feel an emotional connection to your brand. Consequently, some 43% of customers say they spend more of their hard-earned money on brands to which they are loyal. Therefore, with emotional branding, you create a win, win situation, where you create loyalty and increased revenue. In fact, some 94% of consumers said they would recommend a brand with which they are emotionally engaged, according to Gensler.

  5. Authenticity and Transparency Are Key:
    In addition to all the other factors listed, creating an authentic persona or brand image is important. In fact, according to a Label Insight review, over a third of surveyed consumers are more open to trying new products from brands they feel are honest, authentic, and transparent. Another 59% of consumers prefer to buy from brands they trust according to Invesp. Therefore, this showcases the immense value of authenticity, trust, and transparency in branding.

  6. Your Current Customers Are a Goldmine:
    With data showing that an average of 65% of business revenue comes from existing customers, finding ways to super-serve them, appreciate them and keep them coming back is pivotal to a business’ growth. High customer churn can commoditize a business, making a business have to work harder for every dollar. Fighting the fray to earn a new customer is more expensive than building customer loyalty to your brand.

  7. Loyalty is About a Few Factors:
    Other than emotional engagement as outlined above, there are four other qualities that brands can utilize to promote increased loyalty to their brand long-term, and these are cost, quality, experience, and consistency. This is according to a Facebook study that surveyed 15,000 consumers on what is appealing to them about various brands. 

  8. Music is Also Important:
    As with colors, music can increase engagement and brand recognition as well. In fact, according to stats from Man Made Music, you can nearly double your profit margin if you add a branded sound to your promotional materials and social media pages. 
    tracking-marketing-roi-zimmer-radio
  9. Personalization is Key:
    Although we live in a digital age with consistent technological advancement, consumers still appreciate being treated like an individual. In fact, according to WP Forms, some 73% of all consumers surveyed stated that they prefer brands that personalize their shopping experience. This can include features like personalized emails, or deals based on previous purchase history.

  10. Consumers Care About Giving Back:
    While being cost-effective and affordable is important, according to at least 13% of consumers surveyed by Customer Thermometer, they would pay 31-51% more for a product and/or service if they felt the brand was making a positive impact in the world around them.

  11. Customer Service is Still Important:
    According to Curatti, offering a high level of customer service is still a noted reason for brand loyalty, at least for 73% of consumers surveyed. This means creating a highly skilled customer service element to your business can help ensure that your brand is thought of as friendly and helpful.

  12. Emotionally Connected Customers Spend as much as Twice the Average Consumer:
    small-business-guide-to-building-an-effective-marketing-strategyThe more a customer feels connected to a brand emotionally, the more they will spend with that brand. In fact, according to a study by Motista, their lifetime value is 306% higher. An emotionally-connected customer stays with a brand longer and is more likely to recommend it to people they know.


  13. First Impressions are Everything: 
    You Have .05 Milliseconds to Make an Impression. In literal fractions of a second, a website visitor makes an instantaneous decision about whether or not they will stay on your site. The brain takes in a comprehensive analysis of factors like your color scheme, site structure, symmetry, spacing, font, text, and more. In 1/10th of a second, they decide whether or not to continue on and learn more or to bounce and keep looking elsewhere.

  14. Brand Loyalty is Built on Four Factors:
    Brand loyalty is determined by the personal opinion that is the result of four factors: cost, experience, quality, and consistency. Make sure that the customer experience with all aspects of your business is consistent with the message you are putting out there. Tell them about what to expect, and then show them the magic when they walk in the door.

  15. Consistency Makes a Brand Trustworthy
    Related to brand loyalty, 90% of potential customers expect to have a similar experience with your brand across all marketing platforms/channels. And yet fewer than 10% of B2B companies say their branding is very consistent. Disjointed marketing results in a loss of brand trust, in many cases before a customer ever walks in the door.

  16. Branding is an Important Recruiting Tool
    A strong brand can reduce hiring and training expenses by as much as 50%. When competition for quality employees is high, your brand reputation can make a difference, tipping the hat in your favor as a candidate chooses which job offer to select.
    Recruitment-advertising-resource-guide
  17. Your Online Reputation Matters to New Employees
    Additionally, over 90% of people would consider taking a job If it were offered by a company with a great corporate reputation. If you are wanting to hire quality employees, check your online brand reputation. It’s worth investing in!

  18. Consistent Branding Across All Channels
    Simply making sure there is a consistent brand presentation across all platforms can result in an increase in revenue by up to 23%. This means you’ll want to develop a brand guide and make sure everyone follows it.

  19. Content is King
    Reading customized content helps 82% of consumers feel more positive about a business and 61% of people are more motivated to buy from companies who publish. For your brand, positive impressions are the difference between long-term customers and an audience that looks elsewhere to get what they need.

  20. Video content is in huge demand.
    People much prefer watching about a product than reading about it. In fact, 64% of consumers purchase a product after watching a branded video on social networks. Video doesn’t have to be complex and expensive. You can start with Instagram or YouTube, for example, and link it to your website and other platforms

Keep these 20 stats in mind when you consider the importance of branding for your business growth. Each of them proves an interesting and worthwhile point that highlights areas you can improve on if you aren’t currently experiencing the brand growth you hope to achieve.  

Consistency builds credibility and credibility builds trust. Consumers spend more with brands that they trust. Investing in consistent ongoing long-term branding communicates to a consumer that you can be trusted to do what you say you’ll do, that the experience will be what you say it is, and that the product or service will deliver what you say it will deliver.

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