There exist markets where color plays an outsized role in buyer decisions. At times, color can account for between 62% and 90% of the consumer’s decision to purchase. A good example of this phenomenon appears in home real estate.
Despite the relative ease of changing walls’ color, homes with brown colored walls sell for $2,310 less than expected. Meanwhile, homes with white or beige walls sell faster than others.
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The Psychology of Color In Marketing and Branding
Why do customers place so much value on color? Even though shades are only skin deep, color has a profound effect on the human brain. Using the right color psychology in marketing can mean the difference between success and failure.
Depending on the marketer’s goals, color can be used to change appetite, boost memory, or reduce perceptions of waiting time. This is because humans have certain physiological reactions to certain colors in the environment.
There is no right color for every situation. Each color stimulates a different reaction, so each color suits a specific set of situations. For example, yellow increases metabolism and stimulates a hunger response in humans.
This is why so many restaurants use yellow in their labels or décor. Yet yellow isn’t generally a popular color; only 5% of people confess to liking it. Houses with yellow walls spend more time on the market.
Marketers need to know their purpose to determine what the best color is. If their goal is to increase urgency or boost conversion rates, then red is their favorite color. Red increases pulse rates and blood pressure.
On the flip side, marketers who want to calm readers should incorporate blue into their designs. 60% of people who sleep in blue bedrooms wake up happy. Light blue is one of the world’s most popular colors, in large part due to its calming effect.
Another important thing to remember is how colors mix on a page. Blue combined with yellow is the most readable to all audiences. This is perfect for highlighting important information. Just think of the now-ubiquitous IKEA logo.
Lastly, different colors score well with different audiences. Purple is in the top 3 of favorite colors for women. However, it is in the bottom 3 for men.
Businesses that want to market to women are far more likely to use purple in their marketing materials. Meanwhile, while black is a popular color across markets, it ranks in the top 3 favorite colors for men.
Infographic Source: LUXURYSOCALREALTY
