At Branding For The People, we talk about the importance of creating authentic, iconic, and memorable brands. Today, I wanted to talk about why being authentic needs to be a key component of your brand strategy and how it can impact your brand’s overall trajectory.
I came across an article this weekend from smallbizgenius.net that showcased some exciting statistics related to how consumers connect with brands and influence their purchasing decisions. While the article offers many eye-opening statistics (including the power of color, the importance of using a blog, and the power of making sure your brand presence is consistent across multiple platforms), I came across a few stats that I felt were important to share.
Statistic:
89% of shoppers stay loyal to brands that share their values.
Why Should you care?
According to the article, “56% of consumers stay loyal to brands that ‘get them.’” This notion leads to 89% of shoppers staying loyal to brands that are in alignment with their values. This means that the more honest you are about what your company stands for. The more you articulate this to your customers (through your brand communications, customer service, and initiatives), the more opportunities you create for customers to build an emotional connection with your company, and ultimately, increase brand loyalty for the long term.
Statistic:
94% of customers are likely to show loyalty to a brand that offers complete transparency.
Why Should you care?
“A consumer behavior study which included 2,000 respondents suggests that people are significantly more loyal to brands that are transparent about different aspects of their business.” In an age where customers are increasingly jaded about the world around them and have come to expect to be lied to in some capacity by the companies they buy from the ability to be honest, authentic, and transparent about how your brand conducts business has the power to break through that cynicism and create true loyalty.
Statistic:
86% of consumers prefer an authentic and honest brand personality on social networks.
Why Should you care?
We will be the first to admit that Branding is all about perception. And for good or bad, most companies are in the business of showcasing what they believe to be the best version of their company at all times. While we favor presenting yourself in the best possible light, it is a problem when how you offer yourself on social media is in direct conflict with how your company behaves. This is just another reason why ensuring that the brand image you share matches the reality of how your brand is.
Statistic:
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.
Why Should You Care?
Of all the statistics shared in this article, this was the one that stood out the most to me. I’ve always maintained that one of the most powerful impacts of having a well-articulated brand is the ability to charge a premium for your products and services. Add in the realization that if you promote values or participate in initiatives that customers consider positive and upstanding (such as contributing to the environment, or in Branding For The People’s Case, being involved with B1G1…then they may be willing to pay more for your offerings. “Consumers don’t mind paying more for its products or services — in some cases up to 50% more.”
The big takeaway.
I shared all of these statistics as food for thought about how authentic and honest you are being with your customers. Showcasing who your company is and what they stand for is a powerful way to stand out in a world besieged by phoniness.
Learn more about branding?
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