How Color Can Make You More Money

When it comes to your brand, understanding the colors you use is paramount. It may sound silly, but it’s actually not.  It's not just about aesthetics; it's about using the emotional and psychological responses that specific colors evoke. Through learning and applying color theory, businesses can craft visual narratives that connect with their target audience, building trust, credibility, and, ultimately, driving sales.

When you become aware of color theory, you’ll start to notice it as you drive down the street, scroll through your social media, or search up topics on Google. Different colors trigger distinct emotional responses and can influence consumer behavior significantly. I’ll break this down below, but just so we’re on the same page, think of 5 different banks. What colors are seen in their logos? Likely at least 3 of the 5 logos feature the color blue. Let’s break it down:

• Blue: Conveys trust, reliability, and professionalism. The color blue is widely adopted by corporate entities, banks and tech companies to instill a sense of security and trust. Unsurprisingly, a simple search of the “top 5 banks in America” are JPMorgan Chase & Co., Bank of America, Wells Fargo, Citibank and the U.S. Bank – 4 of which are blue.
• Red: Elicits urgency and excitement. It's often used in clearance sales and promotions to prompt immediate action. The color can be found in companies like Coca-Cola, Target, Netflix, McDonalds and Nintendo. Each of these companies are focussed on friendliness, excitement, or urgency. 
• Green: Symbolizes nature, health, and prosperity. It's favored by eco-conscious brands and businesses promoting sustainability. Think Starbucks: Starbucks prides itself on offering high quality and ethically sourced coffee, puts significant efforts into sustainability and opts for a relaxing environment. 
• Yellow: Represents optimism and energy. It grabs attention and releases positivity, making it suitable for brands seeking a cheerful image. Again, we’ll use the example of McDonalds in addition to Best Buy, Snapchat, National Geographic and Post-it. Each of these companies are focused on maintaining an energetic and positive image. 
• Orange: Radiates enthusiasm and creativity. It's attention-grabbing and often used by brands looking to inspire action and excitement. Fanta, Home Depot, Reese’s, Crush and Harley Davidson use the color orange in their logo to draw the eyes of consumers and either promote enthusiasm or action.
• Purple: Signifies luxury, sophistication, and creativity. High-end products and services often utilize purple to convey a sense of exclusivity. Hallmark, Cadbury and FedEx are all examples of companies that use purple to elicit these feelings.

1. You need to understand your audience as different demographic groups respond differently to colors. Checkout market research on identifying the preferences of your target audience. Age, gender, and cultural background play pivotal roles in color perception – it’s not a one size fits all.

2. Be consistent with your branding. Establish a consistent color palette that aligns with your brand identity and use it across all of your marketing materials to foster brand recognition and trust. This palette should be reflected in your logo, website, packaging, and promotional materials.

3. In marketing and design, context matters. Consider the context in which your marketing materials will be viewed. The colors that work well in digital media probably differ from those in print. Lighting conditions and surrounding colors can also influence how your chosen colors are perceived, especially when working with printed media. 

4. Play with balance and contrast: utilize color contrast strategically to guide the viewer's focus. High-contrast color combinations draw attention to specific elements, such as call-to-action buttons, encouraging user interaction.

5. Use A/B Testing and experiment with different color schemes. Analyze the data to identify which color combinations yield higher engagement, conversions, or sales. If you have data to back up the colors you use, you can be sure to receive optimal results.

So, when you put all of these factors together, it’s pretty clear that the colors you use actually can make you money! In contrast, the colors you use can also cost you. If you align the colors of your brand to the psychology of your demographics, you can evoke emotions from them that lead to increased sales and revenue. It may be time to consider a rebrand…