14 Dec Branding Makes a BIG Difference [Infographic]
When it comes to building your cannabis business, you probably already know that you need a solid brand identity.
But many entrepreneurs fail to understand WHY they should focus on branding. And in turn, they often cut corners that end up harming their brand in the long run.
No, branding isn’t only important because it makes you look good or sound consistent. Branding plays a big role in purchase decisions, for reasons you might not have considered. Here are 5 statistics that show just how much of a difference good branding can make:
If someone sees your brand and enjoys it the first time, but has no recollection of who you are the next, it’s not going to do you much good.
By using a consistent color scheme in your brand, you will improve your chances of being remembered by 80 percent. That means, for every 100 people that experience your business, approximately 80 will know exactly who you are the next time they see you. That’s some pretty great odds!
No matter what sector of the marijuana industry you work in, there are several- if not hundreds- of other businesses offering the same product or service. When it comes to making that first purchase decision, you want to be a top contender right?
Unfortunately, 94 percent of people will dismiss a brand due to poor design. So even if you have the best product/service/solution to fit what they’re looking for, a buyer won’t even consider you unless your business also looks the part!
Close your eyes and count to seven… that’s how long you have to make a first impression with a buyer.
It’s not enough time for them to read about your company or research your competition. It’s barely even long enough to stare at your design and find confirmation that you offer what they’re looking for.
Designers know this, so they carefully create brands that will convey an entire story through a logo, color scheme, fonts and patterns. Because if you only have 7 seconds to make that first impression, you better make every second really count!
Based on the above stats, it’s not surprising that companies which emphasize brand design are selling more than their non-design-centric competition. But the actual numbers are amazing!
Over a period of ten years, design-focused brands outperformed the S&P Index by 219%. That’s more than triple the size, revenue, and market share, all because one company looked more appealing than the other!
Overall, the most important benefit of good branding is customer loyalty. The stronger your brand, the stronger people will feel about it. And the stronger they feel about it, the more likely they are to keep giving you their business exclusively.
Several reports have found that customer loyalty is ten times more valuable than a single purchase, meaning that it would take ten individual buyers to make up for one loyal customer. (Although, really, ten loyal customers is a much better goal!)
If you’d like to read more about the role that branding should play in your cannabusiness, try any of these resources from our team!