The Value of Brand | By the Numbers
Why We Wrote This
Over the last decade a good deal has changed in the brand world. An increase in awareness around the need for a visual brand identity, the continued growth of social media platforms, and an increase in audience awareness (and blindness) are just a few of these changes.
Today’s post gathers statistics published around the web focused on the value of consistent, relational, and cause-driven brands. These are all important steps in developing a brand that strategically takes on the goal of thinking bigger and establishing why decisions are made. Our goal with this post is to provide a basis for why an investment in brand is worth it from a numbers perspective. We will save the philosophy of brand development for discussions in other posts.
Consistency Has Value
Perhaps the most compelling reason why it is important to think about brand, is the value of brand consistency. Consistency expands beyond just the visual components and is part of a wide range of audience interactions including written content, sales pitches, and the stories people tell about your brand.
The top 4 qualities people use to describe why they are loyal to a brand are cost, quality, experience, and consistency. (SmallBiz, Facebook)
Brands that are presented consistently across various platforms are 3 to 4 times more likely to experience brand visibility. (Lucidpress)
Consistent brands are 3.5 times more likely to enjoy excellent brand visibility than those with an inconsistent brand presentation. (SmallBiz)
The average revenue increase attributed to always presenting the brand consistently is 33%. (Lucidpress)
Presenting a brand consistently across all platforms can increase revenue by up to 23%. (Forbes)
To do this well it is important to know what your brand and your audience values.
Values Build Relationships
Data shows us the strongest brand relationships are built on shared values. Presenting your brand with both authenticity and honesty can help you both express your values and encourage brand loyalty. Increasing in brand loyalty often leads to repeat purchasers and, when executed right, can have the potential to build up “brand loyalists” - people who believe in what you’re doing so much that they inspire others around them to interact with your brand.
64% of consumers cite shared values as the primary reason they have a relationship with a brand. (Harvard Business Review)
89% of shoppers stay loyal to brands that share their values. (SmallBiz, Fundera)
86% of consumers prefer an authentic and honest brand personality on social networks. (SmallBiz, HubSpot)
Only 23% of the consumers in our study said they have a relationship with a brand. (Harvard Business Review)
Building relationships between brands and consumers holds a lot of potential. According to the Harvard Business Review 77% of consumers are not being reached (or aren’t perceiving it) through relationships. Define your values, share them, and build relationships on them if you want to see your brand grow.
Know Your Customers (and What They Want to See)
It is important to remember that brand loyalists aren’t built solely on the number of interactions they have with a brand, but rather on the quality of those interactions. Because quality interaction are important to your audience, it’s essential to learn what they value so that you can provide resources and products that meet their needs.
What Consumers Want
52% of consumers expect brands to know when the right moments are to communicate. (Cube)
48% of consumers expect brands to know them and help them discover new products or services that fit their needs. (Cube)
89% of business readers say that the brand a piece of content comes from is important (Lucidpress, The Economist Group)
What Consumers Don’t Want
71% say that if a piece of content seems like a sales pitch it does not leave a positive expression
45% of consumers will unfollow a brand on social media if their platform is dominated by self-promotion. (Lucidpress, BuzzStream)
57% of all mobile users will not recommend a business if their mobile website is poorly designed or unresponsive. (Hubspot)
The key takeaway is, “people are learning that more information does not always equate to better information” (Adspushup). Audiences are seeking quality information and interactions at the right time.
What’s Your Cause?
A positive and active way to share your values with your audience is to let them know what your cause is. What is your brand passionate about? How can you get people behind your cause?
13% of consumers would pay 31-50% more for your products or services if they were under the impression that your business is making a positive impact on the world. (SmallBiz, Customer Thermometer)
65 percent of participants shared being emotionally connected to a brand made them feel like the company or business cared about people like them. (Customer Thermometer)
So What Now?
By developing a set of guidelines for both visual and storytelling elements, all stakeholders can articulate your brand’s value consistently and begin to build stronger relationships with your audience. Need a hand with brand consistency, establishing your brand’s value, or sharing your cause? The Visten Creative team is ready to partner with you.
Sources
Today’s post was gathered together from the following sources.
Additional Reading
Hubspot Marketing Statistics: The Ultimate List of Marketing Statistics for 2020
Facebook Business Report: Modern Loyalty: Love in a Time of Infinite Choice