Colors affect how we feel. This is why picking the right colors for your branding palette is important. Try thinking of color terms like color temperature which can stimulus your ideas of brand building.
To get it started, find a unique color for your target audience. Does blue represent that people group, or a light brown. Would that color gain attention from your audience group? Think of a reason why that color is your choice. And that color should be the primary color on your brand. After I find your primary color, I will match a complementary color to match it. That way, this color couple should help gaining attention, or try using an analogous color for a feeling of harmony. During the color comparing process, keep the color relationship unique, for a fresh and creative impression. Also, I will limit the number of colors to no more than five in a palette. Put these colors on the screen, compare and try to make them working with each other until you find your full palette.
It is never a bad idea to show your palette to others for feedback. The different points of view can also help confirming your choice.
Other ways to approach for your palette include picking up colors with historical factor, or a colors matching your product or service, such as blue for health care, green for energy and so on. Keep using the complementary or analogous relationship to find one more or two is the way to go. Other color relationships like Triadic or Tetradic are also good solutions in color matching. Just keep in mind to keep process of comparing simple, and focus on the overall feeling of the palette.
Theoretically, any colors can get into the brand platte, but there are some you might want to hold back. For example, color white color, since it is lack of the feature of personality. And unusual colors like neon should be avoided as well, since it is more challenging to transfer them onto other social media platforms.
Building a color palette should be a fun process, with care and relaxation. Give it a try and let me know how does it work for you.