I have worked on a number of rebranding projects for large companies, and can tell you color is very important.
Color gives the subconscious context to what your brand is about. For instance, most Eco brands tend to use Green as a base. This is also why McDonald's spent millions recently in changing all the designs of the Mcdonald's in store and branding from red to green. Blue typically denotes many business to business companies. Look at IBM, AT&T as examples. Depending on what your business is, will also determine how much the color scheme will define who you are to the market.
The relative importance of color will vary within sectors and product categories but color (or even its relative absence) is usually a key and multi-faceted signifier among the elements that combine to build core a brand identity—as well as in your supporting marketing materials, sales tools, and certainly in products themselves.
Not giving it due consideration before deploying a major campaign will definitely not help you differentiate yourself visually and may affect both brand perception and resulting sales.
And, it can be counterintuitive: color in fashion, especially at the high-end, is often less important in core branding elements (logos, for example tend to be monochromatic, classic marks) but is vital in seasonally differentiating products such as a clothing collection and or accessory line which is also reflected in ad campaigns. But there are always exceptions: http://us.christianlouboutin.com/ is known as much for the red sole as for the ever changing shoes they are attached to. The red of the sole is visible from a much longer distance, and multiple angles. than the logo, itself.
If I say John Deere, you will think of a color; if I say Caterpillar you will think of another. Companies will fight tooth and nail to embed specific color triggers into our connection to them and protect such color as part of their intellectual property. Evidently, they think color deserves much consideration.
It depends on your business. Were it a food retail or gross sale color scheme would be fundamental, but without being trivial everything involving esthetics as an important feature to buy for, should have a professional analysis of color palettes and schemes: it is the most important rule in marketing and in designing.
Said that any other consideration is useless if you don't get to the point of what your business is.
Understanding color meanings in business is essential when you are establishing a business profile.
Color psychology affects our lives in so many ways, yet we often DO NOT realize the impact of our color choices on our website colors, on our stationery and packaging, in our retail store or office, in our marketing or our business clothing. Lots of businesses just do not think on this level ... they just want a cool name or logo.
The power of color has a subconscious effect on every part of our lives, without even saying a word; an understanding of color meanings in business gives us an invaluable tool to get the best response to our marketing and promotional efforts and ultimately to create a successful business.
In applying the information about color meanings in business to enhance your own business profile and marketing, do not use any color entirely on its own; it is always best to use a complementary color with your main choice as over-use of any one color can negate its effect and in fact have the opposite effect.
There is almost always more than one option of color combinations to assist your business, so you do not have to choose any color that you do not like or resonate to. Or you may use the disliked color in a very small amount to get the response you want from your customer. For example, you may use just a very small amount of red to indicate your passion or energy for your business or as a call to action button on your website.
There are literally hundreds (thousands) of combinations and conversations surrounding color. Somebody just needs to ask the right questions and get down to choosing the BEST combination, based on your business objectives!
You likely won't get it right the first time around. Though it will make a difference. There was an interesting study about how waitresses who wear red lipstick receive 30% higher tips. When asked why they tipped more, they had no idea. Not every decision is conscious.