A new survey confirmed what the owners of the big garden industry brands knew all along – that consumers generally trust established brands.

Onbuy.com surveyed almost 1100 consumers to check out the importance of branding and consumer loyalty when a company has a name and brand overhaul.

The research revealed that 71% of consumers said it was very or somewhat important that they recognise a brand before they make a purchase. According to Reuters, investors too believe that brand strength and name recognition are becoming more important, 82% claiming it guides their investment decisions.

The survey revealed that changing a brand name could be the equivalent of pressing a reset button on your business. For example, one quarter (26%) of survey respondents stated that they were less likely to buy from a brand that has recently changed their name. Only 18% 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% of participants selecting this option. Indeed, recognising a brand name was selected by 52% 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, as 31% of buyers felt that more brands could do with renovating their image. McDonalds, Marks & Spencer and Boots were most often named.

Studies have revealed that it is more worthwhile to cherish the clientele you have, than to chase after shiny new millennial consumers. Indeed, it is reported to be 500% more expensive to convert new ones than to keep current consumers, with 82% of small business owners stating that loyal customers were the main way they grow their business. Loyal customers are believed to be more likely to spend more (up to 33% more) for products and services.

Click this link for the full survey results.