Branding is one component of business that is always evolving and changing. With new industry trends come new industry norms, and if you’re not ahead of the curve (or at least in line with it), then you might get left behind.
Luckily, we’ve put together a list of the five most important branding statistics for 2023 that will help you and your business understand what’s most important for your marketing and branding in the year to come.
#1: Over 60% of consumers who watched a branded video on social media purchased something from the brand afterwards, but less than 5% of brands utilize Facebook video ads. (Wordstream)
In 2021 and 2022, we saw an incredible rise in videos on social media. Whether it was TikTok, Instagram reels, or YouTube, if your brand hasn’t jumped on the video train, it is truly time. This statistic shows us how influential videos are for branding and advertising, but also how underutilized they are. Over 60% of consumers make a purchase after watching a branded video but less than 5% of brands are utilizing video ads! This means that there is a huge market for effective and branded video ads in 2023, and we can only see the use of them rising.
Our advice? Get started with your branded video ads ASAP, because they are going to be wildly important in 2023. Focus on quality over quantity, as always, but the sooner you start, the better your video advertising will work, and the more potential for success you will have.
#2: The number one reason consumers unfollow brands on social media is bad customer service. (Sprout Social)
Surprised? Many brands think that they get unfollowed because they aren’t posting enough or because their content isn’t relevant or good enough for their followers. While this may be true, the number one reason that consumers unfollow brands on social media is inadequate customer service. This tells us that in the coming year, your followers are not looking to you for perfect posts or overly branded content – they want you to be an authentic and genuine brand and respond to them when they need your support.
Consumers want to buy from real people, not faceless corporations. Let your social media represent who your brand is and be genuine in your interactions with your followers. Reply to them when they DM you a question, engage with them when they comment on your posts, and most of all, be true to who your brand is when you’re speaking with your followers. It will pay off.
#3: When it comes to advertising, 63% of consumers trust what influencers think and say about brands more than what brands say about themselves. (Edelman)
Influencer marketing is another trend that increased exponentially in 2021 and 2022. Based on this statistic, it will only continue in 2023. This statistic shows us that while advertising for yourself is still incredibly important, consumers care more about what influencers are saying about your brand than what you’re saying about yourself. Does this mean you should drop all of your own advertising and only focus on influencer marketing? Not quite.
Our recommendation is to go with a mix. If you’re new to influencer marketing, definitely give it a try in 2023 and focus your efforts on finding influencers who will effectively reach your target audience. If you’re already in the influencer marketing game, we’d suggest ramping it up and maybe even investing more into it than traditional advertising.
#4: Website conversions can increase by 33% with consistent branding. (Marq)
While this information may not be new to you, we felt it was still important to include in this blog. Why? Because it shows us that consistent branding is STILL key to sales and website conversions. This statistic is a reminder to us that while there may be new industry trends when it comes to branding, having a clear and consistent message is still one of the most important parts of branding. Your brand identity is an opportunity for you to show your customers who you are and how you can help them. When you can do this consistently throughout your website, your sales are likely to increase, and that’s not going to change anytime soon.
Before you invest your efforts into the new 2023 industry trend, take some time to make sure that you’re happy with your branding. Do you have a clear and consistent message? Is your website and branding visually reflective of who you are? Does your branding accurately represent your brand? If the answer is no or maybe to any of these questions, the first part of your 2023 is to get your branding in order. Only once you do that should you start to look to social media, advertising, and marketing.
#5: Nearly 80% of consumers would choose to buy from a brand that they follow on social media rather than a brand that they don’t follow on social media and 87% are likely to visit a brand’s app or website if they follow the brand on social media. (Sprout Social)
While most business owners know that it is important to have social media, many don’t understand just how important it is. Not only do you need social media accounts, but you should be nurturing these accounts and investing adequate time to increase and connect with your followers. This statistic supports how influential your social media following is – almost 80% of consumers would buy from a brand they follow on social media over one they don’t and almost 90% of consumers will visit your website if they follow you on social media!
This doesn’t even go into what the brand is posting, how they’re engaging with followers, or how much they are posting. All it says is that if someone is following you, they are more likely to visit your website and buy from you instead of your competitors.
Of course, this doesn’t mean that you shouldn’t worry about the quality of your posts – you absolutely should. But it does tell us how important it is to have effective social media that reaches your target audience. This will continue to be true in 2023 and we hypothesize that it will only increase. So, what does this mean for you? Spend time on your social media. If you’re not an expert in it, invest in an expert. Know how important your social media following is and know that it can be directly tied to more sales.
We could go on and on with all of the branding statistics that hypothesize what the 2023 business and branding world will look like, but we want to focus on what’s most important for you to know right now. These five branding statistics are it.
You need to know what the industry trends are and what’s going to continue to rise in 2023 (video advertising, influencer marketing), what to avoid at all costs (poor customer service), and what’s foundationally important to increase conversions and sales (strong and consistent branding). With this knowledge, you can focus your branding strategy for 2023 on what will actually get you more leads and more sales.
So, what does our 2023 look like at Evolve Global Marketing? As you may know, we’ve recently undergone a full rebrand, so we’re very happy with where our brand identity and branding are right now. Our efforts are going to be focused on growing our social media, particularly through the use of videos and positive engagement strategies. We pride ourselves on impeccable customer service, and we’ll continue to make sure to implement that through 2023, especially now that we know how important it is. After all, we’re here for our customers, and that will never change.
Happy evolving!
