Posted on May 22, 2019
What is the role of branding in
B2B? Why do you think B2B enterprises shall invest in it? What benefits do you
think will arise out of adopting brand strategies?
B2B marketers often consider branding as an irrelevant part of their business, as opposed to B2C marketers. Some even believe that branding plays no role in B2B marketing. But is this actually true? Or are there some other beliefs hampering the perception of B2B marketers regarding branding.
Myths most commonly associated with B2B marketing are:
B2B buyers make their decisions based on logic and rationale and cannot be swayed by emotions.
B2B buyers are only concerned with price.
B2B branding is the relationship between the sales reps and buyers, as most of the times; they are the ones making the sales pitch.
But statistics prove otherwise.
1) 77% of B2B marketing leaders say branding is critical to growth. ()
2) B2B brands fare better with customers when they use emotive rather than rational marketing messages. ()
3) B2B customers are more than 2x as likely to consider a brand that shows personal value over business value because they perceive little difference in the business value between suppliers. ()
These statistics make it clear that branding is a dominant part of the B2B space.
In order to break free from these myths and understand why branding is important in B2B markets, we need to understand that branding goes way beyond logos and designs. It is the core of your business and a true reflection of your company. It stays forever etched in a user’s mind, which then motivates them to take action.
Let's look at the reasons as to why your B2B Company requires branding.
B2B companies fall under a highly capital intensive industry. And so it’s understandable that B2B marketers have a critical role of taking big business decisions up their sleeves. These involve decisions regarding money, machinery and production management. One incorrect step in the wrong direction holds the power to make or break your business. This is where branding comes into the picture. Branding gives you the leverage to build trust among key stakeholders. A strong brand’s goodwill and reputation go a long way in ensuring reliability and dependability at all times.
There exists a cut-throat competition in the B2B industry. A B2B marketer is in an endless duel with the unorganized market and the small players. Price wars are waged at almost every instant in an attempt to outdo the other. But do you think this will suffice in the long run? In order to prevail in the market, a B2B marketer needs to focus on its brand in addition to its pricing and sales. Branding will give your company that extra something that will differentiate your offering from that of competitors.
Managing B2B businesses has its own set of challenges. A company in its course of life experiences various highs and lows. It undergoes periods of recession and bears the brunt of business losses. And this is exactly where a brand anchors your company. A strong brand will sail you through any storm or blow. It will keep your company afloat and provide strong support to fall back upon.
A powerful brand is one that brings out a company’s image in the market. It creates awareness which helps a company in receiving a pool of competent candidates, attaining client loyalty and promoting the brand through word-of-mouth marketing.
In today’s business world you are either a brand or a commodity. If you are only a commodity and not a brand, then why should anyone pay a premium to purchase your product? A strong brand creates a value proposition that compels clients to engage with your brand each time.
There is a need for B2B businesses to strengthen their brand & connect with buyers on a deeper level. Branding is a recipe for evolution. It is every bit important for B2B as it is for B2C businesses. It is only fair to say that branding is the sum total of all your business activities. It can be anything from the way your employees dress, to an informative brochure, the relationship you have with your vendors and your sales presentation.
The team at Purple Phase Communications are experts at creating strong, relevant and enduring brands. If you have liked this article or have any feedback please write to us on [email protected]