Now let me rephrase this question – what would you do for your business if money wasn’t an issue? The answers I’ve gathered from clients are mostly related to branding – they say, “change my logo,” “revamp my brand,” and “make it look nicer.”
This makes complete sense as branding plays a significant role in how a business will stand out in a competitive market. In fact, with an unlimited budget, I’d be sure to look great on my first day on the job too!
But perhaps, you did not have the financial resources to invest in branding when you first launched your business. And by now, you are starting to realise that as your business begins to flourish, you will need to find new ways to keep the momentum going.
You know that branding is an essential component of your business’s long-term success; the long-term viability of your business will be heavily dependent on your branding strategies. Quality branding will serve an array of substantial benefits such as loyal customers, improved marketing activities, and a potential increase in net worth. Thus, no matter what your budget is, directing your effort into solidifying your company’s brand will always be worthwhile.
To show you that branding is worth every bit of your time, energy, and attention, let’s go over some stats that accurately represent the value of branding. This is your calling to begin your journey in branding!
How do you know it's worth it?
Photography by Canva
#1 It takes 0.05 seconds to make an impression
They say never judge a book by its cover, but it only takes 0.05 seconds for our subconscious mind to form an opinion about someone or something new to our eyes. In 0.05 seconds, an opinion about your website will be formed, and that opinion will then determine whether a person will stay or leave.
It sounds harsh but we can’t help it. We are naturally wired to attach meaning to everything we come in contact with. This is why branding matters; you could have everything a customer is looking for but you may never get the chance to present your offerings to them if their initial 0.05 impression of your brand falls flat.
#2 80% of brand recognition is attributed to colours
Colours can make or break your marketing activities, which is why it is crucial to select colours that will reflect the true nature of your brand as it is going to heavily shape the way people perceive your business. A brand’s identity is largely attributed to its signature colours, which has the ability to increase brand recognition by 80%.
It is also important to know that consumers make a subconscious judgment about a person, environment, or product within 90 seconds of initial viewing, and 62% to 90% of that assessment is based on colours alone, according to research compiled by Colorcom.
According to additional research, the effective use of colour throughout various marketing materials and logo design not only improves brand recognition, but it has shown improvements in perceived individuality and memorability too.
#3 Successful branding is based on trust 80% of the time
According to a recent survey, 81% of customers will put their money into brands that have gained their trust. And this is exactly why customer relations play an important part in branding – it helps a brand create a positive relationship with its audience. Because when brands build trust, consumers reward them. Consumers have expressed that a lack of trust is a lack of incentive; they need to deem a brand trustworthy to purchase from it. But this is self-explanatory, right? If you are a customer, would you buy from a dishonest seller?
A surefire way to gain trust is consistency. Consistency in branding will build a sense of familiarity that will allow people to feel closer to the brand as people are inclined to go towards what feels familiar to them. To develop successful long-term relationships with your intended audience, you’ll need to stick to the same branding style through thick and thin.
Additionally, consumers are no longer solely interested in the product experience, but they also have growing concerns about a brand’s impact on society. To show your audience that you share the same values with them, it all comes back to… that’s right – branding!
#4 When brand consistency is present, revenues will rise by 33%
If you need another reason to maintain a consistent brand, this is it! By standardising your values, images, and messages across all major marketing platforms, it will truly highlight the essence of your brand, which is deeply appreciated by customers. In fact, a consistent brand presentation has been shown to increase revenue by 33%.
If your only setback to branding falls within financial constraints, I’ve got news for you! The Enterprise Development Grant (EDG) is providing grants to Singapore companies to help them grow their assets and improve their business landscapes to thrive in today’s market. This grant will cover up to 80% of your project costs to help you develop capability, become more innovative, and penetrate new markets.
Brand equity grows as a result of consistent, strategic and authentic branding efforts. Your brand serves as a promise to your customers; it captures the true nature of the company and it gives customers a reason to choose you in a highly competitive and saturated market.
And now, it seems like you have the dollars and sense. So, I will leave you with a final question – would you like more data-driven insight and direction on perfecting your branding? If yes, I could help you with that! All you have to do is drop us a message and we can get down to the nitty-gritty details of your business’s branding strategies together!