We have had numerous discovery meetings where we were told that branding Sounds really impactful for consumer brands, but I can’t see it working for our B2B brand. I didn’t miss a chance to highlight that they had just referred to their B2B operations with the term brand.
They say their B2B customers base purchases on functional decisions like cost, quality and availability, not the emotional pull of brands.
If you really look at it from the buyers’ point of view, they must be able to:
Identify your key differentiators
Relate strongly to your business value proposition
Perceive you as their irreplaceable business partners
And that’s the role of branding i.e. maximising customer relevancy and competitive distinctiveness.
Branding is a process where design meets business, first.
Brand is not a LOGO, Logo is a symbol for your business.
Brand is not a promise, it might end up being a promise but can’t be defined by that.
Brand is not your Product.
Brand is not Just impression.
Brand is like reputation!
As Marty Number says — Your brand is not what you say it is, it’s what they say it is.
Branding for B2B businesses can be defined as a way to get more business people to engage, to buy more stuff for more years for higher price.
Now, all this is true for consumer brands too, but if we specifically talk about B2B brands here are reasons why B2B brands should actively pursue branding:
— Business audiences wake up as humans:- From the CFO to the floor manager to the sales person to the receptionist, everyone in your business wakes up as a living, breathing member of the human race; a race as driven by the way they feel about things as anything else.
— B2B brands desperately need ways to differentiate themselves:- where can B2B brands effectively differentiate? We think it’s by connecting to people on a higher level through meaning and feelings. you should do the things no one is even thinking about in your world and excel at it.
The reality is, to increase sales your business must find a way to stand out from the competition.
Generating B2B leads and increasing conversions is becoming harder. On one hand, digital platforms have opened up the world’s opportunities for businesses- small and big alike. On the other hand, digital media spoils the customer with options, making it even harder for businesses to compete. And worse, the changing trends and behaviour of B2B buyers has only made sales more challenging.
Six ways a purpose-driven brand strategy will help your enterprise
1. It will ramp up the respect for, recognition of, and loyalty to your business.
2. It will mark out clear lines of differentiation between your business and your competitors.
3. It will bond your best customers today in deeper and more profound ways, leading them to increase their business with you and to recommend your business to their peers.
4. It will make your competitor’s customers rethink their “business as usual” decision-making pattern and take a fresh look at your business.
5. It will help you retain and recruit the people you need to remain innovative, savvy, and agile.
6. It will inspire your senior leaders to frame a better and more successful future for the company, and give them new energy and feelings of connectedness to their followers that will enhance their leadership style, and help them achieve their vision.
According to research (Bain & Company), increasing customer retention rates by 5% increases profits by 25% to 95%. It simply means that loyal customers are profitable customers and help keeping the customer acquisition cost low.
When it comes to dividing marketing funds, too many B2B companies focus on lead generation campaigns. Lead generation marketers are increasingly winning the war against brand marketers. But this war is not worth fighting. According to a marketing study by IPA, balancing brand and demand in digital and traditional marketing will get the best result. So the best results happen when lead generation and branding work together.
IPA’s study shows the ideal split between brand building and activation is 60:40- 60% branding(long-term impact) and 40% direct response (short-term sales impact).
“Modern B2B marketing needs to appeal to both hearts and minds,” she says. “The decision-makers that matter do not leave their emotions and personalities at the door when they go to work. Creative storytelling, quality content and a distinctive brand identity are hugely important tools for breaking through the noise to drive real business value.”
Let people doubt, You need to leverage that doubt and stand out to create Impact, and of-course book more meetings!