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You hear it all the time. Companies talk about having a consistent brand. They talk about brand recognition and how it’s going to take them to the top. But what does all this really mean? In this article, we are going to take a look into why branding is important and how you can use it to your advantage with your marketing strategy. But before going any further, let’s define what branding is.
What is Branding?
Branding is the promotion of a specific business or organization through visuals, messaging, customer experience, and other marketing collateral. The goal of branding is to draw out a certain emotion or feeling from an audience so that they can easily be able to pick your business out of a crowd and gain a sense of loyalty towards your brand. Branding is one of the pieces to the marketing puzzle that will make a memorable, long-lasting impression on potential customers — if executed correctly.
Let’s take a look at the top branding statistics you need to know for 2021.
The Top Branding Statistics for 2021
- 86% of consumers say that authenticity is a key factor when deciding what brands they like and support.
- It takes about 50 milliseconds (0.05 seconds) for people to form an opinion about your website.
- Consistent presentation of a brand has seen to increase revenue by 33%.
- According to a survey, 66% of consumers think transparency is one of the most attractive qualities in a brand.
- It takes 5 to 7 impressions for people to remember a brand.
- 31% of consumers believe that trustworthiness is the most important aspect of a brand.
- 43% of customers spend more money on brands they are loyal to.
- 90% of users expect to have a similar brand experience across all platforms/channels.
- Businesses that brand consistently are 3.5x more likely to get strong brand visibility than inconsistent brands.
- 90% of customers purchase from brands that they follow on social media.
We took some time to go over some important branding statistics. Now, let’s look at the reasons why branding is important to your business.
4 Reasons Why Branding is Important
Each business requires a unique brand, and each brand requires consistency in order to be successful.
Still not sure if you’re convinced about the power behind branding? Here are 4 reasons why branding is important in today’s marketplace.
1. Gives Your Business an Identity
Branding gives your business an identity (or DNA so to speak). And, if you're not branding your business consistently, you may find yourself sending mixed signals to customers. Basic branding includes things like the colors used in branding, the fonts used, and even the logo itself. More advanced branding means thinking about all the ways your brand is communicated to customers from the moment they begin interacting with your business.
2. Builds Awareness
When it comes to brands like Nike, Airbnb, or Amazon, it’s pretty easy to point out which company is which by looking at their branding on social media, their website, or even on a billboard! By using consistency in your business’s branding, your ideal audience will be able to have a better awareness of who you are and what you have to offer too.
3. Makes You Stand Out
If your branding looks the same as the competition, it will be hard for customers to know the differences between your companies – even if your products or services have an edge over the competition! If you are in the midst of redoing your brand, it’s okay to look at the competition for inspiration, but you by no means want to look identical.
During this time, you will want to find out some of the things that make your business unique and capitalize on that. It may even be worth bringing in a digital marketing agency to help you out in the branding process.
4. Provides Value
Have you ever bought a product just because of the brand name associated with the product? We know we have.
Whether you are a start-up or enterprise, your brand is one of your most valuable assets. There is no other business that can take your brand away from you and your unique branding allows potential customers to easily be able to pick your business out of a crowd.
It’s Time to Focus on Your Brand
Building an awesome brand takes time and consistency. Your brand won’t just flourish overnight, and you can’t afford to put in the effort for a few months just to stop and give up. Branding is a never ending journey, but if used consistently, your business will grow to new heights and reach customers that you may have not gotten to connect with otherwise.
About Ryan Gould
He is Vice President of Strategy and Marketing Services at Elevation Marketing.
From legacy Fortune 100 institutions to inventive start-ups, Ryan brings extensive experience with a wide range of B2B clients. He skillfully architects and manages the delivery of integrated marketing programs, and believes strongly in strategy, not just tactics, that effectively aligns sales and marketing teams within organizations.
Ryan is known for taking complex marketing and business challenges and developing solutions that simplify processes while driving customer outcomes and business value. He also thrives on guiding Elevation teams toward execution of strategies that help companies succeed in new verticals, while staying true to core values and brand integrity.