When it comes to building your business, you probably already know that you need a solid brand identity.
Logo, color, fonts, graphics and language are all important pieces of a brand, but it can be hard for entrepreneurs to see the direct benefit of these assets working together.
Because of this, business owners will often cut corners that end up harming their brand in the long run.
Don’t Underestimate the Importance of Branding
Good branding not only makes you look good and sound consistent, branding plays a big role in purchase decisions.
There are five factors that help determine if your brand identity is truly working for you:
Your brand should help customers to understand your business.
Your brand should create a lasting impression, or memory for your customer.
The consistency of your brand should generate trust to make your customer confident in their purchase.
Trust generates loyalty, bringing you return and new customers.
Combining these elements create a strong brand that will increase brand interest and sales.
These 10 Branding Statistics Show How Much of a Difference Good Branding Can Make:
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 take in your brand 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.
Images are truly worth a thousand words, and with limited time you have to say enough to convince them you’re worth it.
Visual presentations are 43% more persuasive than non-visual presentations, and with only 7 seconds to make that first impression, you better make every second really count!
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.
It’s not just colors that will help your brand’s memorability; visual content also helps create a lasting impression. 65% of people can recall visual content they see almost 3 days later.
Giving your customers visual aids can help create strong associations with your brand and your products.
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!
Looks go a long way when it comes to building trust, and it’s important to build on that trust by showing your customers you care.
64% of consumers say they feel brands with shared values help create trust. Using your brand voice and identity can help express those values to your customer.
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.
59% of customers prefer to buy new products from brands they are familiar with. Which means customers who know your brand are more likely to keep coming back, and even take a chance on new product offerings.
Honesty and transparency goes a long way when it comes to customer loyalty. If a customer feels that they know your business inside and out they are more likely to go to bat for you. In fact, 94% of customers are more likely to be loyal to a brand that is fully transparent.
When it comes to advertising, the easiest solution is to pay to get to the top of the search results. In actuality content marketing is 3x more effective than paid search advertising.
Custom content is more personal to your brand and engaging for your customer, and ultimately more likely to convince a customer you’re worth it.
Based on the above stats, it’s not surprising that companies which emphasize brand design are selling more than their non-design-centric competition.
Investors are also paying attention to the trends of good branding, 70% of Private Equity firms believe that brand strength is very important. Brand strength can be a deal breaker when it comes to scaling your business, and getting the funding you need to grow.
Following these important branding statistics can make your brand work for you.
Business owners who cut corners on branding will impact their business’s profitability. This is because branding has a major impact on how customers decide how they feel about your business, and ultimately if they are going to buy.
In order for your brand to be truly effective, you need to make sure that it is understood by your target audience, and you make a lasting impression.
Your brand must also establish trust in your products and your company, which in turn will generate loyalty and expand your customer base. Combining these factors will generate more profit and sales for your business.
To make sure that your band is truly representing your business, check out our article on 10 Easy Mistakes That WIll Ruin Your Cannabis Brand.
If you feel like your brand needs a refresh, learn more about when it’s the right time to rebrand your business.