Branding is an important part of any business venture. Without good branding, you won’t get trusted by audiences, and you won’t generate sales. However, branding is an art that not everyone can get. So here are some of the top branding statistics you need to know for 2023 that will help you with your small business.
General Branding Statistics
Here are some of the most general statistics you need to know about branding for 2023.
1. 77% of customers will purchase a product because of the brand’s name and not because of the product’s name.
2. It takes less than 10 seconds for the audience to lose concentration. During that time you need to ensure they see your logo for recognition.
3. When you consistently present your brand, there is a 350% greater chance of gaining higher brand visibility and being remembered by audiences.
4. Brand recognition can be improved by 80% when the company utilizes the same colors on the logo as they do on the content and promotional materials.
5. Nine out of ten consumers expect the brand to provide a consistent experience across platforms and marketing channels.
6. Less than 10% of business-to-business companies have a consistent brand across all platforms and marketing channels.
7. Brands can improve revenue by 23% when utilizing consistent branding across all platforms.
8. More than one in ten customers (13%) are willing to spend 50% more with brands that have a positive impact on the world.
9. Color will improve brand recognition by 80%.
10. Nearly 19 out of every 20 customers (94%) will recommend a brand to a friend or family member when they emotionally connect with the brand.
11. 72% of consumers feel loyal to at least one brand.
12. 82% of investors will look at name recognition to make final investment decisions.
13. 77% of marketing and business leaders believe branding is very critical to audience engagement and growth.
Building Trust with Audiences
A strong brand identity acts as an anchor for building trust with audiences. Any business needs to have audience trust because otherwise, they will fail to make sales. With the increase of cyber attacks and threats within these past few years, data protection and security are of utmost importance.
Customers need to know they can trust you with sensitive information including: your name, address, telephone number, financial information, and even what problems they’ve got at the moment.
When you’ve built trust with an audience, and they become a customer, you need to build loyalty.
14. Acquiring a new customer costs 500% more than retaining an existing customer.
15. By increasing customer retention by just 5%, brands can improve profits by up to 95%.
16. The success rate of selling to an existing customer is up to 70%.
17. The success rate of selling to a new customer can be as low as 5%.
18. Price is the most critical factor in keeping customers loyal to a favourite brand.
19. Being transparent can help keep 94% of customers loyal.
20. 65% of revenue is generated by existing loyal customers.
21. If a brand is genuine, then 65% of customers will stay loyal to the company.
22. Nine out of ten consumers say transparency is vital when deciding who to buy from.
23. 88% of consumers say it can take three or more purchases before they feel loyal to a brand.
24. Authenticity is vital for 86% of consumers and is a key reason why they buy from a brand.
25. If a brand is honest during a crisis, 85% of consumers are likely to stay loyal to the brand.
26. 81% of consumers need to trust a brand before purchasing.
27. Three-quarters of customers are happy to spend more for a product/service when the brand is open and honest.
28. Customer service can help win the loyalty of 73% of customers.
29. A brand can lose 61% of its customers if they offer poor customer service.
30. Half of the people following a brand on social media are loyal to that brand. Half of marketers have turned to use social listening tools to gauge the ever-changing preferences of the customers.
Marketing a Brand
Marketing your brand is vital. You will need to communicate several aspects of your brand, from the ethics, the culture, the benefits, and who you are targeting. However, how you go about marketing your brand can vary with lots of different platforms and marketing avenues you can use.
31. Fifty percent of marketers state that brand loyalty is one of the top priorities for 2023.
32. The average adult is exposed to more than 362 adverts daily.
33. Videos help to improve brand association by 139%.
34. Consumers feel 82% more positive about a brand after reading custom content.
35. PPC can help improve brand awareness by 80%.
36. 80% of Pinterest users will use the platform to discover new suppliers and brands.
37. 78% of consumers will discuss brands they follow on social media with their friends, family, and coworkers.
38. 93% of people on Instagram are likely or very likely to buy from a business they feel connected to thanks to Instagram over a competitor.
39. TikTok can help 73% of your audience feel more connected to you and understand your brand.
40. Design helps 73% of brands to distinguish themselves from others in their industry.
41. A branded video can lead 64% of consumers to purchase a product.
42. Publishing content on a website or social media can convince 61% of an audience to make a purchase.
43. Sending out irrelevant content can lose a brand 51% of its audience.
44. Only 31% of marketers use blogs or short articles to build awareness for their brand through informative content.
45. Half of social media audiences follow brands because they want to learn more about the products/services.
46. Only 41% of users on Instagram follow a brand.
47. Instagram advert can peak the interest of 50% of users.
48. A brand can see up to 15.3% conversion rate, on average, by optimizing its website for search engines.
Personalization of the Brand
Personalization is a major and critical task. People want a personalized experience because it will make them feel special as if they are important. By providing personalized experiences, businesses can build a strong connection with their customers and ensure the growth and scale of their brand.
49. Personally relevant content will positively influence 87% of consumers.
50. More than four out of five (81%) consumers believe a brand should know more about them and when they should be marketed about.
51. Offering personalized experiences to audiences will mean 77% of them would choose, recommend or pay more for services from that brand.
52. Nearly three-quarters of consumers (73%) prefer brands that will personalize the shopping experience.
53. Three-quarters of customers (75%) will remain loyal to a brand when the brand offers a personalized shopping experience.
54 Nearly two-thirds of consumers (63%) think more positively about brands that share relevant and valuable content.
55. More than one-quarter of consumers (27%) believe that loyalty is critical for building loyalty to a brand.
56. 47% of consumers switch brands due to bad customer service. Good customer service is an essential part of increasing customer retention.
Above are the statistics you need to know if you want to have a successful brand online and offline. What is key is that you have to be transparent and authentic with personalized experiences.