Branding has always been a crucial element of building a business, but in the digital age, this process has become even more essential.
Online marketing has become the most cost-effective way to reach new customers and acts as a foundation forgreater brand loyalty and business growth. A new study has revealed just what consumers are looking for when it comes to brands, and some of the results have been very surprising.
Retailer 4imprint, which commissioned the research, said: “Our results found brand names are hugely important to many. Branding is the cornerstone of marketing – if you get your logo and brand identity right, it can have a huge impact on the success of your business.”
Consumer spending: The Numbers
If you think that branding is a peripheral concern that you can get round to eventually, then you might be surprised by the fact that more than half of all UK consumers are willing to spend more money on a well-known brand. 54%of those surveyed by www.4imprint.co.uk said that they would be happy to pay more for the right brand.
It goes further than this though, with 10%of travellers preferring to buy from a coffee shop that they recognise rather than risk an outlet that they have never heard of. When Brits are happy to spend up to 12 percentmore for a branded product that they like, it becomes clear that brand awareness can help you to charge more for a well-branded product.
Brand-focused buying for UK residents usually takes place during their weekly shop. That’s where shoppers will make a point of buying the branded products on offer rather than the own-brand supermarket options. While this doesn’t cover every decision that shoppers make when buyingwhat they need, it has revealed that there are some items of a weekly shop which willonly be purchasedas branded versions. They are:
The 4imprint survey also revealed the most popular brands for UK shoppers. Consider how vital the branding strategies are for these companies, and look for ways to incorporate those lessons into your own. The 10 most popular brands for UK consumers are:
- Marks and Spencer
This survey has also shown that the right logo is an essential element of brand awareness.
Consumers feel genuine pride when displaying the logos of their favourite purchases, and over half of those surveyed said that they prefer it when a logo is clearly visible.
In order to positively influence buyer behaviour, this survey merely reinforces the fact that brand awareness is essential. The stronger, more unique, and more visible your branding, the greater your ability to build a revenue stream with your branding at its core.
Concentrate on developing an awareness of your strong branding, and you could be tapping into the UK markets that appreciate and trust recognisable brands.