General Marketing
Published: January 10, 2024
Companies like Nike, Dove, and Coca-Cola have a massive advantage over their competitors – strong brand recognition. Their logos are instantly recognizable, their slogans memorable.
When we shop for a product, we’re more likely to purchase a brand we recognize. You’re thirsty: do you grab a Coke, or an off brand soda? You grab the Coke, right? But why do you gravitate toward that shiny red can? Well, Coca-Cola has created a buzz of brand awareness.
To help you level up your branding efforts to get that same strong brand recognition, we’re sharing some insightful branding statistics. Use them to help guide your 2024 branding strategy.
Most companies spend between 10-20% of their marketing budget on branding or rebranding.
71% of businesses with annual revenue of less than $500,000 have a monthly branding budget of $100-$500.
57% of small businesses will pay $500 for a company logo and about 18% will pay up to $1,000 for a logo.
Only 14% of small businesses will pay more than $1,000 for a company logo.
Companies with $3M-$5M revenue spend $501-$1,000 per month on branding.
Depending on a brand’s needs, branding packages will range from $2,000 - $75,000. Packages will typically include a logo and visual identity, style guide, plus the option of other add-ons.
Small businesses will spend anywhere from $300 to $1,300 on a logo design.
The average rebrand takes four months. This is an average estimate. It could take less time or even more depending on the scope of work, resources available, and whether it's a brand overhaul, a partial rebrand, or a brand refresh.
These are the most common branding challenges experienced by a majority of U.S. and Canadian businesses. Based on a scale of 1-6, with 1 being the biggest challenge, they are:
Adapting to changing customer needs (3.1)
Limited time and resources (3.2)
Not enough brand visibility (3.3)
Too many competing brands (3.3)
Negative online reviews (4.1)
Yes, it’s incredibly important to a company’s success! A study by HubSpot found that direct traffic is the top source of website traffic, suggesting that brand awareness plays a major role in a company’s audience reach. In fact, their study found:
Here are two ways you can achieve brand recognition:
Yes! Brand trust directly impacts a consumer’s purchasing behavior.
According to Edelman, there are three key factors that make people trust a brand. They are:
Consistently high quality products and services. 73% of consumers say they trust brands that deliver high quality products and services.
Positive ratings and reviews. 57% of consumers say they trust a brand based on its reviews.
Fair pricing. 49% of consumers say they trust brands that charge fair prices for products and services.
Yes, brands should prioritize transparency because:
80% of customers agree the experience a brand provides is just as important as their products and services.
Yes, customers care deeply about personalization.
According to McKinsey & Company, personalized offers can increase a company’s revenue by 10-15%. In fact, companies that prioritize personalization generate 40% more revenue than brands that don’t.
Here’s how customers define personalization:
A 2022 survey conducted by HubSpot found that the most commonly mentioned primary goal for social media marketing (39%) and video marketing (22.4%) was increasing brand awareness.
The HubSpot survey also found that the main goal for influencer marketing campaigns is also to drive brand awareness.
Brand connection is important because it drives more revenue. Statistics show that:
You can use content marketing to create a brand connection.
Facebook is still the most popular platform for consumers to connect with brands.
Yes, social media influences buying behavior.
Here are four types of content that consumers want to see on a brand’s social media.
Below is a list of the most engaging type of content on social media:
92% of consumers trust peer recommendations.
65% of a company’s sales come from existing loyal customers.
Below is a list of reasons that influenced consumers' decisions to buy from brands:
13% of customers would pay between 31-50% more for a brand's products and services if they felt they were making a positive impact in the world.
With more options being available, 71% of customers switched brands at least once in the past year.
When your branding is on point, the statistics prove branding’s strong impact on a company’s bottom line.
We recommend making branding a top priority for your business in 2024.
If you’re looking for new ways to increase brand awareness, consider implementing an employee advocacy program. You can learn more about the benefits of employee advocacy and how to launch an employee advocacy program with our guide on the subject.
Stay up to date with the latest in employee advocacy.
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