Marketers vie hard to get heard and stand out in an ocean of branding communications. As a result, more techniques have found their way into this discipline. Branding evolves at a very rapid pace as the world gets more connected. For marketers to keep up, they need a steady stream of marketing news and branding statistics.
In this article, we will present and discuss relevant branding facts and statistics for marketers today. We will look into the current state of affairs, best practices, and where the current trajectory of brand marketing will lead us in the future.
Global branding market research shows a very volatile battle for brand perception ranking. As you already know, companies are not the only ones that find it hard to maintain a good brand reputation. This involves other organizations as well, such as government agencies, cities, and even people. Below, you will find branding market size and other statistics on how businesses have performed in the past few years.
Source: The Harris PollDesigned by
As we can see, customers want brands and public entities to share their values. In other words, they support entities that they can relate to and get behind on. Corporate social responsibility is of utmost importance in today’s social milieu. Of course, big brands can benefit from rebranding, but this should be authentic. It should not stop at just tweaking your logo or incorporating social issues into your ads. Customers can smell fake from miles away. It is also important that branding is consistent across all channels and, in this regard, companies can benefit from digital asset management software.
In the previous section, the entries apply more to business-to-consumers (B2C) companies than to business-to-business (B2B) companies. Of course, they will have their overlaps, but there is no disputing that B2C companies get more of the limelight than B2B companies. They take up more advertising budgets. As a result, they also own the biggest slice of branding market shares. As a result, they are more well known to the public. Thus, they are more often made liable for breaching values. In the last few years, we have experienced the rise of consumer activism in B2C branding. Here are the relevant facts and statistics:
Moving forward, brands may need to adopt a socially responsible stance. Also, they have to have a warm personality to go with it. They also have to be in digital touchpoints and invest in technology such as live chat software, among others, to enhance connectivity. A healthy technology stack is quite useful. More importantly, customers smell inauthenticity, so branding shouldn’t just stop with communications. On the contrary, it should be ubiquitous in all brand activities. Talk the talk and walk the walk.
Again, B2B branding is somewhat similar to B2C branding. This is especially so in principles. Why? Everything falls towards value sharing. Although they may be similar in this regard, they too are quite different in practical terms. For one, B2C branding is arguably more laborious and takes a more “mass communications” approach. In contrast, B2B branding is more personal. The trajectory appears to be moving towards a more personalized approach. In a way, B2B customers demand more of suppliers’ support. It’s because B2B purchasing, especially in the SaaS market, follows a subscription scheme. Consider this point with these facts and statistics:
Source: Salesforce 2018Designed by
Yes, branding also involves choosing what color to use for your new logo. Of course, it involves a rocking tagline and having shared values. Branding encompasses everything in the company. It should permeate every process and every experience. Digital tools such as customer experience management software can take loads of the burden for this one. However, branding is all about the personification of businesses as a helpful friend. B2B customers want their suppliers to understand what they and their end-users need. They need partners to help them become successful in whatever it is they do. Furthermore, B2B and B2C branding strategies seem to blur at the level of principles. Creating unique customer experiences around this ethos seems to be the next evolution of branding.
Branding and millennials are the newest partners in businesses. Millennials are the new B2B and B2C buyers. These digital natives are coming into the workforce. And they are coming in hot. They have money to spend. Also, they get to make important purchasing decisions in their respective workplaces. Here are some relevant data you can leverage for branding and Millennials.
As you can see, trust is the new business imperative. This is where the whole branding effort should revolve around for Millennials. Also, Millennials are more likely to support companies whose brands exude a deep sense of conscience. However, finding a good moral balance within your brand personality can be hard to attain. It is hard to please everyone. But, if Millennials are your target customers. You better get your brand up to speed to their linkings. This goes without saying that you should invest in technologies such as social media monitoring software to keep up with customers’ sentiments.
The branding data in the previous sections seem to peg branding into a general trajectory. B2B and B2C lines are now blurred as technology connects everything. The current branding mantra seems to include personalization, customer experience, social responsibility, and ethical considerations. It is all about personifying a brand; to make it as likable and friendly as possible in all touchpoints. Will this continue in the future? Here are some things to consider:
Become loyalBecome Loyal
Recommend the brandRecommend the brand
Purchase more products & servicesPurchase more products & services
Purchase more frequentlyPurchase more frequently
Spend more moneySpend more money
Share brand experiencesShare brand experiences
Source: Salesforce 2018Designed by
The current trajectory seems to point to an intensification of current affairs. Brands will be forced by consumers to supply their service demands. Not only that, but brands also have to create and curate unique customer experiences. The B2B scene will have to learn from their B2C counterparts. The competition is not all about products and services anymore. Customer support is also a battleground. Furthermore, consumers seem to be more keen on social and political issues. Brands are expected to publically tread these perilous waters conscientiously if they should stay relevant.
As you can see in this branding report, the future is pointing towards increased personification of brands. It is all about establishing fruitful relationships founded on well-meaning endeavors. That is to say; businesses are not exempted from espousing social values (deemed appropriate by a certain audience segment) and acting on them.
Brands are considered to be human-like and are expected to act like model citizens. As a result, consumer activism may also rise as it is empowered by easy access to digital platforms for expressions.
The brand is not just a logo anymore. It includes all the positive and negative association that comes with the logo. Nowadays, to think that branding is just a business activity is very naive.
Brands are created not just by businesses but also by the customers and critics that join in the conversation. The creation is a network activity of which the business is only a part of.
Companies may own the brand legally, but its reputation, which is the associated ideas and feelings with the brand, will always be co-created by the public. This is a truth that must be kept in mind by companies moving forward.
In the words of Mark Schaefer of Schaefer Marketing Solutions, “In the past, a brand is what a company told you it was. Today, a brand is what people tell each other it is. How are you going to insert yourself in these human conversations?”
The problem is not getting in the conversation, but how to put out content to make your brand successful. The course of the evolution of branding was disrupted by the appearance of digital technologies. New cultural preferences and the intensification of some select social values seem to drive it in a new direction.
If we are indeed in the middle of a new branding revolution, where do you stand? Will you be leading it? Or will you lag?
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