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Each color has a job
Having a diversified color palette allows you to designate certain colors for certain functions. For example, if your palette has a bright color, such as orange, yellow, or light green, this color is a prime attention-catcher that can be used sparingly to highlight important calls to action, buttons, and to call out important pieces of information with an accent color.
Mid-tone colors can be designated to different markets or services that your firm specializes in. Even if they are not formally assigned to these areas, having 3-4 colors in a similar tonal range can allow for breaking apart different sections in a PowerPoint presentation or in a proposal.
Having a few neutral colors is equally important to give the eye a rest and allow for contrast and hierarchy for supporting information. Neutral tones can also serve as good background colors, as alternatives to white.
Think of colors as functional organizational tools that go beyond visual appeal and aid in digestion of information.