Next to the logo, the typeface, the name or the slogan, color is important to the brand recognition. Whether is about the logo itself or it’s about packaging, color is a brand image element to be considered. Basically color can help send out a message about the brand, or make it easier to remember, to associate with. So if it is used, after all, as a recognition element, there are things to be considered.

Color is may be an important brand asset. It may help clients and prospects recognize your company or product. But color can be used to support goals way beyond just recognition. It can be used to evoke emotion and build that all-important connection with the people who surround your brand.

You can use color to further differentiate your organization from your competitors, revitalize an aging product and engage and unite your employees, partners and customers. When you go beyond the traditional use of color, you can make incredible strides in achieving your goals.

Some colors are associated with certain emotions that the brand wants to convey (e.g. Loud colors, such as red, that are meant to attract the attention of drivers on freeways are appropriate for companies that require such attention. Red, white, and blue are often used in logos for companies that want to project patriotic feelings. Green is often associated with health foods.)

For other brands, more subdued tones and lower saturation can communicate dependability, quality, relaxation, etc.

Color is also useful for linking certain types of products with a brand. Warm colors (red, orange, yellow) are linked to hot food and thus can be seen integrated into many fast food logos. Conversely, cool colors (blue, purple) are associated with lightness and weightlessness, thus many diet products have a light blue integrated into the logo.

William Arruda at MarketingProfs.com has a list of 10 ways to make the most of color:

To make the most of your color, ensure that it…

1. Supports your brand attributes
2. Is relevant to your target audience
3. Is always the same shade and hue
4. Is visible to all members of your brand community, inside and outside the company
5. Is understood and appropriately used by all employees
6. Is featured on all your communications materials and sales tools
7. Is different from your competitors’ colors
8. Works in all parts of the world where you plan to do business
9. Is applied to more than just your logo
10. Comes with guidelines on its use for partners and affiliates

More than that, in case you missed it, Martin Jelsema on BuzzworthyBranding has an interesting color guidelines for brands:

• Red – evokes aggressiveness, passion, strength, vitality. In business, it is great for accents and boldness, stimulates appetites, is associated with debt.
• Pink – evokes femininity, innocence, softness, health. In business, be sure you’re aware of its feminine implications and associations.
• Orange – evokes fun, cheeriness, warm exuberance. In business, it’s great to highlight information in graphs and on charts evokes positivity, sunshine and cowardice. In business, it appeals to intellectuals and is excellent for accenting things. Too much is unnerving.
• Green – evokes tranquility, health, freshness. In business, its deep tones convey status and wealth; its pale tones are soothing.
• Blue – evokes authority, dignity, security, faithfulness. In business, it implies fiscal responsibility and security. Plus it is universally popular.
• Yellow – is an optimistic color that almost always evokes a positive response. Yellow gets you motivated; it stimulates creative and intellectual energy; it’s cheerful and easygoing.
• Purple – evokes sophistication, spirituality, costliness, royalty and mystery. In business, it’s right for upscale and artistic audiences.
• Brown – evokes utility, earthiness, woodsiness and subtle richness. In business, it signifies less important items in documents.
• White – evokes purity, truthfulness, being contemporary and refined. In business, it enlivens dark colors and can be refreshing or sterile.
• Gray – evokes somberness, authority, practicality and a corporate mentality. In business, it is always right for conservative audiences.
• Black – evokes seriousness, distinctiveness, boldness and being classic. In business, it creates drama and is often a fine background color.

Further readings on this:
Martin Lindstron’s Brand Sense : Build Powerful Brands through Touch, Taste, Smell, Sight, and Sound
Designer’s Guide to Color series: Designer’s Guide to Color, Designer’s Guide to Color 2 (Designer’s Guide to Color), Designers Guide to Color 3