Do you know the importance of branding?
A proper branding brings a lot of benefits to a company.
It brings easier brand recognition, build customer loyalty, influence your audience buying decision, and even help the employee understand how much impact they influence for the work they did.
Let’s keep on reading these stats to find out why branding is important for your business.
1. Shared values account for 64% of brand relationships
According to Harvard Review, shared value improves the brand relationship with your audience.
Find out who is your customers and what value they share. This will form a connection between your company and your customer.
Is your customer care about an environmental issue?
Then maybe you can come out with a product made from recycled material.
2. It takes 5 to 7 impressions to produce a smidge of brand awareness. Consistency of experience & repetition over time increase brand recognition
What is the first impression your customer towards your business before engaging with your business?
How your product make them feel?
How your customer service make your customer feel?
How do they feel after using your product?
Repetition impression is not just limited to how many times your customer sees your ads, but how you make your customer feel before, during and after when they interact with your business.
3. It takes just 10 seconds for people to form an impression of your brand
Getting the right visual impression to guide how your customers feel towards your business is so important.
If you are selling vegan food and the theme of your packaging is blue color, that might give a wrong first impression.
People might think you are a corporate company.
Here is one more thing about
Tropicana orange juice sales plunge 20% (roughly $33 million to $137 million) between Jan 1 and 22 Feb after redesigning their packaging.
Why?
Because the redesign is so drastic that it took away the usual first impression that people have towards Tropicana Orange Juice.
People get confused when they tried to buy the juice and they move on to other juice when they can’t find the “big orange”
4. A “signature color” for your brand boosts brand recognition by 80%
Brand identity and brand guidelines play a very important role to ensure your business brand consistency.
Visual consistency will develop a signature color in your customer mind over time.
Make sure color stay consistence with your packaging and all your marketing campaign.
5. 73% of consumers love a brand because of great customer service
Customer service is a great platform to build your brand. How would you feel when the restaurant offers you a free meal when their service is delayed?
I am pretty sure you are still going to leave a good review for them.
Besides 93% of customers are likely to make repeat purchases with companies that offer excellent customer service. (source: HubSpot Research)
6. Consistent branding increases revenues by up to 23%
Visual branding, customer experience, marketing message or product quality have to stay consistent throughout the customer journey.
While most companies only focus on external branding, let’s not forget about internal branding as well so your customers won’t have a disconnected brand experience.
Here is what creative expert thought about the importance of branding
As I wanted more opinions about the importance of branding, I have reached out to brilliant creatives to share their thought on this topic.
Here is what they think about the importance of branding.
Micheal Janda
“Your “brand” is the perception people have of your business. You can either define the brand yourself, or they will define it for you. EVERY business has a brand, intentional or unintentional”
Michael Janda, Author of Burn Your Portfolio
Melinda Livsey
“What’s the last product or service you bought that you were thrilled with – one where you couldn’t stop telling everyone about it? You may not have even realized it, but branding played an integral part in the whole process. Branding helps businesses win the hearts of their customers”
Melinda Livsey from Marks and Maker
Nick Stewart
“Branding is the first impression that potential clients get of your business. It will propel your business in either a positive or negative direction”
Nick Stewart from Vanguarddesignco.com
Miriam Isaac
If you want to create a business that goes beyond the realm of commodities then investing in a strong, robust and scalable brand will give you the tools you need, to compete on a completely different playing field.
Miriam Isaac, UX Designer
Tom Ross
Branding is how the market you’re serving perceives you. It’s the difference between you having to directly sell to each customer, vs being the first company/person to come to mind when people consider your subject matter. It’s a longer term play than sales and needs consistent hard work to build up, but the inbound power of a solid brand is everything.
Tom Ross from designcuts.com
Julian
The importance of branding relies on whether a business needs branding. Branding is not the answer to all business problems. With that being said, a business that is in a position to leverage branding—can reap many benefits. Connecting with their audience on an internal level over external is powerful. Turning customers into brand advocates is the importance of branding.
Julian from Juju Branding
What is your take on the importance of branding? Leave me a comment below.
Related post: What is Branding?