5 big benefits from having a modern brand.
Every business evolves.
Growing, learning, and refinement are all part of pushing profit. During these critical stages of evolution, is where investing in rebranding can as a boost to drive businesses from here to there.
A focused and refined brand shares a simple story. One that is easy to remember, connect with, and share.
Along with looks and language, there are huge boosts that impact every part of the business and create return. While it can be a little difficult to clearly say “This rebranding generated $X in revenue” that doesn’t mean there isn’t massive value created.
We’ve collected 5 of the most interesting results that rebranding can have on your business:
Applying a consistent brand can increase revenue by 33%.
The more times a brand registers in your brain, the stronger relationship and affinity you have for that company. Creating a strong visual connection with a customer results in a higher chance of purchase.
The State of Brand Consistency published by our friends by Marq (formerly Lucidpress) discovered that brand consistency drives impressive results. That feeling of a consistent brand comes from looking, feeling, and sounding similar, regardless of where people interact with your brand. It doesn't happen by accident. It's through cohesive and focused guidance on bringing the brand to life through a visual and verbal branding guide.
People will pay 50% more for businesses making an impact.
Along with price and product, people gravitate towards purpose.
People are willing to pay between 31% and 50% more to engage with businesses and services making a positive impact. In our experience, most companies are doing their part in trying to leave things better than when they found them. Often, the company might find it underwhelming. We've shocked founders with our reactions to incredible initiatives that may have felt inconsequential. In reality, doing good is a crucial part of any modern rebranding story.
94% of people feel that loyalty comes from transparency.
Part of creating brands with heart is to have a genuinely human element. That means a sense of radical honesty in the dialogue with brands and customers. Most people, 94%, in fact, would be loyal to a transparent, honest brand. Not only is honesty the best policy, but it is an authentic way to connect with people.
77% of people buy from brands that share the same values.
People tend to support the brands that align with what they support. Values. They run deep. So much so that 77% of people buy from brands that share the same values. For that connection to happen, a brand must share a story that clearly states its values. More specifically, that story needs to share how that brand creates meaning beyond the purchase and sale.
Strong employer branding can increase retention by as much as 28%
The key to any rebrand is connecting with people. Not just with customers but with employees. A strong, focused brand vision tells employees what is behind the brand. It's the purpose beyond making money. More specifically, the bigger mission behind the brand. People need more than a paycheck; they need a purpose to support. This focus on purpose can help employee retention and even reduce new hire costs by 50%.
With any investment, there are risks and rewards. The decision to invest in a rebrand shouldn't be any different. There are a lot of elements to consider and opportunities to be had. The key is finding the right branding partner to work alongside the team and share in focusing the brand on creating a real impact for the business.
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