It's not the first time we address the importance of a solid branding strategy. Many companies struggle when it comes to communicating what they do, and how they do it. Consequently, it is unlikely that anyone would want to buy something they don't fully understand.
What is the difference between brand and brand strategy?
A brand is the feeling that a business evokes in its customers, it ought to represent something the customer can identify with, while the brand strategy guides how and what you communicate with your customers. In this blog post, we will look at branding from a statistical point of view to shed light on the quantifiable benefits of developing a solid brand strategy.
Audiences have become resistant to pushy marketing and advertising messages that don't add any value and don't seem genuine. This is the age of authenticity and to establish a connection with the audience, brands must be sincere about what they communicate and not create false expectations. In fact, 86 per cent of consumers say that authenticity is a key factor when deciding what brands they like and support.
However, even though it might seem evident, brand authenticity is a relatively recent concept, mainly pushed forward by digital natives (Millennials & nowadays Gen Z). Digital natives, which are a significant portion of the audience of the present, as well as the audience of the future, demand that businesses care for something more than just making a profit, and if that isn't the case, they won't hesitate to look for a brand that does.
Very closely related to authenticity is trust, a survey carried out by Edelman showed that 81 per cent of consumers said that they need to be able to trust the brand in order to buy from them, customers reward brands they trust with their loyalty, supporting the same brand through rough and smooth, this is the power of building trust and delivering on the promises that are made to the customers.
If you are unfamiliar with colour psychology this may seem superfluous, however, it is proven that colours can impact how people perceive your brand. Furthermore, using a signature colour can increase brand recognition by 80 per cent. 80 per cent, that is quite a significant figure! The more identifiable a brand is the easier it will be to create brand awareness and recognition and these are key qualities for success, especially in today's increasingly competitive business environment.
Like we've highlighted in other publication, in today's digital era your website speaks for your business and your brand, it takes about 0.05 seconds for people to make an opinion about your website, hence why it is so important to take this very seriously. How many times have you come across a website that seemed untouched since the 90s? Surely more than once. Just like fashion, digital content follows trends, it is very critical to ensure your brands has a contemporary feel to it as this will make users feel comfortable and provide a good experience. In addition to a good user experience, a good website adds credibility to your brand.
All of the above is useless if there is no consistency, in order to build a strong brand you ought to see your brand as something your customers can relate to. If there is a lack of consistency, it is unlikely that customers will understand your brand's values and establish a connection, this, of course, will have an effect on revenue. According to Lucidpress, consistent presentation of a brand has seen to increase revenue by 33 per cent.
In the present we live in, user-generated content is something business must keep a close eye on, you can have a beautiful website and be highly effective in your marketing strategies, but at the end of the day your customers will be the ones to create an image of your brand and they will share this image with other potential users through reviews, comments and even video-blogs. 79 per cent of people say that user-generated content highly impacts their purchasing decisions.
This brings us back to sincerity, in today's highly social and hyper-connected world, transparency regarding where the brand sources its materials and how it treats employees, as well as being open about its position regarding social and political issues is very powerful. 66 per cent of consumers think transparency is one of the most attractive qualities in a brand. Moreover, although you may think that taking a stand can mean alienating a certain group of consumers, statistics tell a different story; 64 per cent of consumers around the world said that they would buy from a brand or boycott it solely because of its position on a social or political issue. As mentioned above, users want to support brands that care for something more than just making a profit.
As you can see there a lot of factors that play a key role in building a solid brand and understanding consumer's expectations is fundamental for success, these statistics illustrate just how much of a difference a well throughout branding strategy can make, at Kenshō nothing brings us more satisfaction than helping businesses reach not just their goals, but their highest potential.
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