71 percent of consumers said it was very or somewhat important that they recognise a brand before they make a purchase, according to new research.
The survey conducted by OnBuy.com has revealed that this could be the equivalent of pressing a reset button on your business.
For example, one quarter (26 percent) of survey respondents stated that they were less likely to buy from a brand that has recently changed their name. Only 18 percent of consumers said they would look upon a brand name change positively. The main reason was because the consumer was less likely to trust the brand, with 34 percent of participants selecting this option.
Recognising a brand name was selected by 52 percent of respondents as the most important factor leading to a purchase, followed by the packaging itself.
However, the study by OnBuy also revealed that brands shouldn’t shy away from change altogether. 31 percent of buyers felt that more brands could do with renovating their image, with McDonalds and Marks and Spencer the most commonly named.
Nick Longman, managing director for TUI in the UK, has stated that “It’s very difficult to change people’s perceptions of a brand that’s 50 years old”, using this as a reason to revamp the image of travel company Thomson, adding “TUI is perceived as a newer, younger brand” which can be easily re-branded to fit a new generation of holidaymakers.