Talking Points
How powerful is a brand? Branding can boost revenue by up to 20%. And consistent branding ensures customers have the same positive experience across all channels. Here are the facts and figures.
Guides to guidelines
Although 85% of companies have brand guidelines, only 30% enforce them, resulting in 77% of brands producing off-brand content. But engagements in online communities are highly effective at reinforcing a brand and building brand trust in some groups; for 64.3% of women and 44.9% of consumers aged 18-22, online community interactions greatly strengthen brand trust. Against this backdrop, social media, search engine advertising, and content marketing are the top three drivers of consumer attitudes.
The role of technology
Automation is reshaping branding, with around half of the marketers surveyed acknowledging that creative automation could improve brand consistency. For example, 69% of consumers are comfortable engaging with brands via chatbots. But marketers are concerned about audience engagement on overcrowded digital channels (26%) and their ability to produce requested content (25%).
The importance of transparency
Across all social and traditional media, transparency is crucial to building brand loyalty, with 94% of customers stating they would remain loyal to transparent brands. In fact, 39% would switch brands in search of transparency. But 45% of customers will unfollow a brand on social media that overpromotes itself.
The takeaway: Brand loyalty pays
The Harvard Business Review reports that shared values drive 64% of brand relationships, underscoring the importance of brand resonance with the target audience’s values. In terms of pricing, 13% of customers are willing to pay 31% to 50% more for companies they perceive as making a positive impact.
Ultimately, some 46% of U.S. consumers are willing to pay more for brands they trust.
Investing in branding, beginning with excellent service and a consistent brand image across all marketing channels, can help small businesses retain customers and reduce marketing costs.
Based on 34 Branding Statistics Every Small Business Should Know in 2023 by Elizabeth Kraus.
