71 per cent of consumers more likely to buy a product from a brand they recognise
A survey conducted by online platform OnBuy.com has revealed that a vast majority of consumers prefer to buy products and services from brands they know and trust. 71 per cent of respondents said that it’s important they recognise a brand before they make a purchase.
One quarter (26 per cent) of survey respondents stated that they were less likely to buy from a brand that has recently changed its name. And only 18 per cent 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 per cent of participants selecting this option. Indeed, recognising a brand name was selected by 52 per cent 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 per cent of buyers felt that more brands could do with renovating their image, with McDonalds and Marks and Spencer the most commonly named.