It is no secret that everything B2B companies do is to get more sales leads – we love conversions. Branding is a very misplaced concept; companies think that by spamming clients with information about their products and services, they are enhancing their brand experience. Customers however, want value proposition, they want connection.
B2B branding is more important due to proliferation of stakeholders for the following reasons:
Strong Influence on Purchase Decisions
The key to differentiation as per the notion held by business marketers is to provide quality, availability, service, and pricing. However, research suggests that business buyers decisions depend on the vendor’s reputation and are a lot less value-driven in comparison to customers. Branding was considered by B2B purchasing decision makers as a central element of a supplier’s value proposition. However, importance of brands varies by market. For tangible sectors, brands are perceived as more relevant, whereas in less tangible segments like financial services, they are considered less relevant.
Missing the Brand Message
Not focusing on the elements that customers care about is one of the biggest blunders B2B companies commit. Customers care about level of specialized expertise, honesty and responsibility across the supply chain, whereas B2B suppliers focus on global reach, sustainability and corporate social responsibility. Lack of confidence in the brand’s value proposition may be the result of this discrepancy. If B2B companies want to stay relevant to their clients, they should refocus on the issues their clients care about.
Communicating a consistent brand experience is very important. A cross functional team should be developed for this reason, incorporating perspectives other than those from the marketing department.
Integrating Brand’s Image
All of the company’s marketing tactics need to integrate brand image. It will enable you to help the client get more leads. Making an advertising campaign integrating client’s brand image and conveying it in a way that provides personal value to the prospective buyer, will facilitate in getting you more than just a seat at the table and closing the deal. For communicating both business and personal values alike, time and space will be limited; therefore, it is integral to find the right balance between the two. Focus too much on one, and it will make you lose the other one.
Brands Drive Profits
In comparison to B2C purchases, B2B purchases arguably matter more. Buy the wrong toothbrush and you can always change the brush when it gets old. However, buy the wrong solar plant and it would affect your company’s earnings. Strong brands-known to make lives of people easier are sought out more and decision makers are willing a premium for them. Strong supplier brands may even aid companies in building their own reputation by association.
What is your opinion? How important is branding for B2B companies? Have you noticed different results by a lighter or heavier emphasis on personal value or brand image? To both companies and customers B2B is a source of tremendous value. To safeguard the assets, organizations need to be more deliberate about developing strategies and tactics.