Color palettes instill a consistency in a brand many people do not recognize. While the philosophy of many brands is to use whatever gets attention, that doesn’t necessarily help the brand grow. Some restraint and deliberate choices can serve a brand far better in the long term. Different colors associate with different emotions and different emotions tie humans to different humans.
For example, brown, grey, black, and white all makeup most business attire and have for centuries. These colors tend to be subconsciously associated with order, with consistency, and with uniformity. Using them as brand colors conveys those to the audience without having to say a word.
Greens and blues associate with harmony and teamwork. They are the colors of the forests, rivers, skies, and oceans, all of which are complex ecosystems. Without that harmony and teamwork inside each system/cycle would fail. Thus, those colors established their unity message in the human subconscious.
Reds, pinks, and oranges tend to be passion colors. This stems from how the human body reacts since humans flush with excitement and anxiety. It also stems from the ideas of fire and sunlight, which are life sustaining the world over.
Purple tends to be an outlier color. In many parts of the world, purple is historically rare color. It was worn by royalty and/or religious figures due to the difficulty in making it. It became ingrained as a symbol of power and ambition.
A brand color palette of 5 to 7 ensures humans recognize the brand’s materials. This can build trust in an audience and later lead to sales. Consider these colors in stock photo selection as well as original image creation. Combined, a solid color palette creates an even better brand.
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P.S. This post summarizes information about color theory or color symbolism theory, depending on who did the research.