A brand is an intangible asset of a company or organization. Its name, fame, design, symbol, or any other features are recognized as brand identity. It differentiates one seller’s product from others.
A brand is perceived as one of the most valued assets of an organization. A brand is a perception, an idea, an image, or voice. And most importantly, a brand takes shape as the wants it to be. Therefore, it’s important for businesses to build their brand and work on their brand’s strategy throughout their business journey.
Brand’s Value
Transparency, validity, reliability, and sufficiency are some of the integral elements of a brand’s value. Make sure that you establish these values through your brand. Let your brand convey your values and beliefs to your audience. Customers are a brand’s most crucial asset. Make sure you harvest trust in them.
Here are some valuable branding insights across an array of buying experiences from travel and dining to automotive and mobile app development. Interlace these insights into your brand strategy and see the difference it brings about.
Key Takeaways:
- 90% of consumers prefer authenticity as an important factor when deciding brands they like and support. (Stackla)
- 81% of people say that trust is a deal-breaker or deciding factor in their brand buying decision. (Edelman)
- Customers perceive User Generated Content as more authentic than brand-created content. 79% of people mentioned User Generated Content as a remarkable element in their purchasing decision. In fact, consumers are 2.4x more likely to trust user-generated content over brand-created content. (Forbes)
- Transparency makes a brand attractive for buyers. 66% of consumers think transparency is one of a brand’s most attractive qualities. Transparency refers to things like the sources of materials, the way it treats employees, etc. (Accenture)
- Values and Social responsibility make a brand favorite. 62% of consumers want companies to stand up and show support for the issues they are passionate about. (Accenture)
- Brands who improved their Reputation Scores the most had 3X higher sales growth. The ten retailers who improved their Reputation Scores the most realized a 2.25% average increase in sales growth year-over-year
- 73% of customers stay loyal to brands because of friendly customer service representatives.
- Color can make the brand stand out. Up to 80% improvement can be seen in brand recognition with the use of the right color in the right way. (University of Loyola)
- Video Content can boost brand awareness. 54% of consumers look forward to seeing more video content from a brand or business they support. (HubSpot, 2017)
- Social selling improves brands’ performance. 56% of Millennials prefer to eat at a restaurant because of a friend’s recommendation or sharing on social media. (Stackla)
- Consistency in quality helps a business make loyal customers. 85% of people say that consistency in quality is the deciding factor in their buying decision.
- Personalized experience brings more sales. 80% of consumers prefer to make a purchase when brands offer personalized experiences. (Epsilon)
