Color Theory and It's Myths
There's been quite a bit of research devoted to color theory, and while a portion of it seems logical, the rest is speculative at best. I often hear that Healthcare branding should be greens and blues. And while there is a lot of green and blue healthcare branding, there's also the shocking red's of Walgreens, CVS, and Dupont. The other one that everyone loves repeating is that blue is for finance. Except, that cash is green, and so is American Express.
Colors can create an emotional response, but it isn't the same for everyone. Branding should nurture the connection with your customers, and potential customers emotions. Color plays a role, but not every role. Your company will be associated with the colors you choose, so make sure your color palette makes sense. Purple may be your favorite color, but it's not everyone's. Purple is supposed to evoke luxury and royalty. Umm, sure. Purple, used as a background color, also evokes children's toys. Make sure you have an amazingly talented designer if you're working with purple.
Don't overthink colors and what they mean, just use them correctly. Choosing your brand colors and using them consistently is the key. That consistency is what strengthens your brand identity. Look at Target, their use of red is so simple and strong. What's Target's other brand colors? Black and white. If Target were to add some yellow in there, it would ruin that simplicity. All target branding, television, digital, in-store...every channel instantly evokes the Target vibe. Target red plays a massive role in binding their branding personality.
Another thing to remember is that being a "me too" brand is always something to avoid. If you want to stick out in a crowd, you don't wear the same shirt as everyone else.