Consumer Stats

by | Nov 19, 2018

WHAT’S IN A STAT?

Often as we set out to establish our brand we have to wear many hats. This seems to be the case for any size company, but is even more true for entrepreneurs. As entrepreneurs, there are days where you wear every preverbal hat possible—CEO always, chief marketing officer (when you have money for marketing), head of HR when you have to reprimand yourself for offending yourself. The list of the hats we wear goes on and on, and the things we need to learn and master increases almost daily. One area that is hard for many to get their heads around are stats and facts. So, I thought I would help you out by outlining some stats that might help you with regard to your brand.

These stats are not meant to force you down any particular path. Rather, they are intended more for guidelines—items to keep in mind as you work on your brand that can help you get the results you’re looking for.

Some Stats

Brand Loyalty:

Nearly 37%of consumers said that it took a least five purchases for them to consider themselves brand loyalists. (Yopto)

55.3%of consumers list your product as the key reason they are loyal, with only 1.2% saying it has to do with popularity. (Yopto)

Once they consider themselves loyal, 60%will tell friends and family about a brand to which they are loyal. (Yopto)

39.4%said they will spend more with a brand they are loyal too rather than finding something cheaper elsewhere. (Yopto)

Brand Recognition:

Your brand’s color can increase recognition up to 80%. (Column Five Media)

People make a subconscious judgement of your brand within 90 seconds. 62% to 90%of the assessment is based on color alone. (Tourolaw)

85%of shoppers say that color is the primary factor in their product purchasing. (Neil Patel/KissMetrics)

Customer Service

By 2020 customer experience, for consumers, will become more important than product and price. (Walker)

Increasing consumer retention by 5%increases profits 25%to 95%. (Bain)

New consumers can cost 5%to 25%more than retaining existing consumers. (Harvard Business Review)

Personalized Experiences

Online conversion rates can increase by 8%through personalized customer experiences. (Trustpilot)

64%of consumers want to shop with a brand that can meet their needs in real-time. (Salesforce)

84%of consumers agree that being treated like a person, rather than as a number, is a major factor in getting their business. (Salesforce)

95%of adults are willing to follow a brand on social media. (MarketingSherpa)

Brand Reciprocity

13%of consumers will tell 15people about a bad or negative brand experience. (Nelson Boswell)

76%of consumers will share a positive experience they had with 6 other people (Esteban Kolsky)

Only 1in 26consumers will inform a business about a negative experience. (Esteban Kolsky)

Get Ready for a New Year

As you can tell there are many stats you can check out. The stats bear out the idea that little changes can impact your brand. With 2018 coming to a close, now is the time to do the preverbal New Year’s resolution to see what you can change or start to implement in the upcoming year. A big thing in 2019 will be the overall customer experience. If you have not thought out the customer experience and what your customers go through, now is the time, before your customers find a brand that places high regard on customer experience.

Ideas To Make Your Brand Better Now:

  • Discover what areas you can best improve your brand

  • Create a plan to implement changes that fall in line with your brand personality and culture

  • Begin making a concentrated effort to improve your customers’ experiences

TERMS click to expand or collapse

(B2A) Business-To-Administration: These business relationships are between a business and public administration. This area involves things such as social security, employment, legal, financial, and so on.

 (B2B) Business-To-Business: Name given to business relationships between companies. This area often involves one business selling services or goods that another business needs to perform their services or offerings.

 (B2C) Business-To-ConsumerThis deals with relationships between businesses and consumers, who are the end-users of the business’s products.

Unique Selling Proposition (USP)The driving competitive advantage, it is associated with what your brand stands for. Similar to “Value Proposition” and “Brand Promise.”

Brand Promise: The expectation the brand owner has in relation to what the brand must do, is willing to do, and what it will provide their customers.

Brand Position: How a brand defines their target audience, competitive differences, brand solutions, and their unique selling proposition (USP). Can also be referred to as brand positioning statements, brand strategy, brand essence, and positioning strategy.

Brand Strategy: A company’s long-term plan for the development of a brand into a success. Brand strategies include goals and affects all aspects of a business.

Brand Voice: The method and style in which your brand communicates with customers, projecting your brand personality.

Brand Mission: The short written out explanation of your brands purpose, defining your scope and direction in plain simple terms.

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