For some entrepreneurs, it only takes failing at founding one or two businesses before they realize that a key factor in their failure was that they didn't possess the strategic ability to anticipate both long-term and short-term business development problems.
Due to the limited resources available, not all business owners can afford to learn things the hard way. And that’s why before launching into business, it is preferable to understand what works.
Now, one of the simplest methods to achieve this is to know what your consumers want and what kind of brand will appeal to the people you're targeting.
And that's exactly what we accomplished with our study. We looked at how consumers reacted to companies with historied, traditional brand tones and those with modern ones.
What Motivated Us to Conduct This Study?
We were eager to learn more about the sorts of businesses that diverse consumers favored and how this varied by age group. As a business owner, you should understand that tying your company's name and other branding elements to the needs of your consumers can improve and increase the chances of your company's success.
And so, to achieve the aim of the study, we asked American customers whether they preferred doing business with brands that use traditional brand tones or those that use current and innovative tones.
How Important is This Question?
Every business owner should be aware that picking the appropriate brand positioning strategy is one of the most important decisions you'll make when starting or rebranding your company since it has a big impact on brand positioning.
And gaining an in-depth knowledge of both your target market and your brand's identity is necessary for brand development. When developing your brand, as an entrepreneur, you must be willing to commit enough time to come up with exciting business name ideas for your companies and goods.
The appropriate name conveys a captivating tone that will strengthen your brand's positioning and have an influence on how the public views you.
Here are the Principal Findings of Our Survey
We separated the data we gathered into multiple age categories in order to more accurately illustrate our findings. The responses we got were fascinating, even if the survey's conclusions weren't particularly unpredictable.
These are the results we got from the 301 persons we surveyed.
- Customers under the age of 30 are more likely to be drawn toward companies with a modern and contemporary brand tone, whereas older customers will choose a more historical tone.
- Modern and innovative brands were equally popular with consumers aged 35 to 45. The findings were so closely matched that it is obvious that this group is open to both traditional and modern businesses.
- The findings indicate that consumers between the ages of 45 and 54 prefer traditional and established firms.
- Customers between the ages of 55–65 are very conscious of the distinctions between the two alternatives and overwhelmingly choose traditional businesses over modern ones.
- According to the report, males show no preference for either new or traditional businesses.
- Women, however, choose well-known, established businesses over fresh, contemporary start-ups.
- 148 of the 301 respondents favored new, current companies, while the remaining 153 selected old, classic brands.
Our findings make it clear that, as long as it meets the demands of your target market, you can position your brand as either a traditional or current one.
Set Your Business Up for Success
A lot of time, skill, and dedication are needed if you want to develop a strong brand identity for your business. Therefore, be careful to include the survey's findings while developing your value proposition, marketing campaigns, and brand identity. This would make it easier to begin injecting your brand tone into every aspect of your business.
Grant Polachek is the head of branding for Squadhelp.com, 3X Inc 5000 startup and disruptive naming agency. Squadhelp has reviewed more than 1 million names and curated a collection of the best available names on the web today. We are also the world's leading crowdsource naming platform, supporting clients from early-stage startups to Fortune 500 companies.