Your business brand is what your customers will see. The success or failure of your business will be primarily based on how you portray your brand. Do you know simple brands around the world are outranking other brands? The research says the simplest brands’ stock portfolio has outperformed the averages of the major indexes by 679% since the year 2009.
To figure out the effectiveness of having a simple brand, Siegel+Gale conducted research. In the study, Siegel+Gale found that around two-thirds (64%) of consumers are willing to pay more for a simpler experience. It also found that 61% of customers are more likely to recommend the brand because it’s simple.
Now, it does not mean that your business brand should be boring. The simplicity of the business brand means providing clear, concise product information and saving time with quick and easy transactions. A big chunk of customers is willing to pay more for a simpler experience because the brand is so simple to understand, and it avoids the customer’s pain points.
Usually, keeping it simple may not seem the right way to get success in the business. But, in reality, the success of any business lies in its simplicity. Simplicity in the brand is something that most customers prefer. In short, you don’t need to overcomplicate your brand to explain it to your customers. The world’s top simplest brands are also the most successful brands.
Here’s the list of top ten simple brands around the world:
Each of the brands, as mentioned above, have their own business model. However, their business model is simple and easy to understand. For example, Google - a giant search engine in the world for any information, Netflix - provides instant access to entertainment, Amazon - one-stop for all purchases, and so on.
Here’s what Siegel+Gale’s strategy director has to say about simple brands: “Simplicity, as part of a brand’s overall customer experience delivery, can be anything from providing clear, concise product information, saving time with quick-and-easy transaction processes to seamless post-purchase that doesn’t complicate proceedings. It’s all about removing friction and pain points from everyday experiences and turning them into moments of delight for the customer. Brands that deliver clear, human, and useful experiences – win.”
Here are certain things you need to know about simple brands:
1. Easy to understand
Simple brands are easy to understand. The majority of customers prefer going with simple brands because they have a simple business model, and they are so simple to understand. You need to figure out a simple and easy way to describe your brand to your target audience.
2. Enhance customer experience
As we have seen, simpler brands also help to enhance the overall customer experience. The simpler your business brand will be, the easier it will be to boost the customer experience. The research also states that the companies that fail to provide a simpler experience to its customers leave an estimated share of $98 billion.
3. Provide concise product information
A simpler brand provides clear and concise production information. No matter what product or service you provide, you need to find a way to concisely describe products or services. With concise details, it will be easy for your customers to understand what they should expect from your product or service.
From the given data and information, we can say that simple brands are more successful. If you want your business brand to succeed, don’t complicate things, and provide a simpler customer experience.
Not sure where to start when it comes to online marketing and creating your businesses brand? Set up a consultation with Simply Social today to discuss your marketing goals and objectives!