B2B branding matters…
In 2023, the importance of brands has never been greater. With the rise of e-commerce, social media, and other digital platforms, consumers are exposed to more brands than ever before. And this is true in today’s competitive B2B marketplace.
Brand recognition is key to business performance. Esteemed authors theorising on the critical elements of brand success such as Sinek, Barden and Binet and Field have led the way for agencies and marketeers, to help companies to understand the value of building a strong brand.
We know that a company’s brand is the face it presents to the world, and it can impact every aspect of its business, from sales and profitability to customer loyalty and retention. In this blog post, we’ll explore the importance of brand for B2B marketing and how companies can build a strong brand to improve their performance.
B2B companies with strong brands outperform their competitors by 20%.
Brand Drives Business Performance
Building a strong brand is essential for B2B companies to drive business performance. According to a survey conducted by McKinsey, B2B companies with strong brands outperform their competitors by 20%. A strong brand can help B2B companies build trust and credibility with their customers, differentiate themselves from their competitors, and drive customer loyalty.
In addition, a strong brand can have a positive impact on employee morale and productivity. According to a study by Gallup, companies with engaged employees outperform those without by 202%. Additionally, a study by LinkedIn found that employees at companies with strong brands are more likely to feel proud of their employer and more engaged in their work. When employees feel proud of their company’s brand, they are more likely to be engaged and motivated to work hard to deliver on the brand’s promise.
Authenticity is Key to Building a Strong B2B Brand
In addition to authenticity, B2B companies need to act like their brand, not just write about it on their corporate documents or website. This means taking concrete actions that align with the company’s brand values and promise.
For example, a company that promotes environmental sustainability should not only use eco-friendly packaging but also source sustainable materials for their products. A company that promotes customer service excellence should not only advertise it but also have a customer service team that is responsive and helpful.
Comparison with B2C Marketing
While there are similarities between B2B and B2C marketing, there are also some definte differences when it comes to branding. B2C marketing tends to focus more on emotional appeals and brand personality, while B2B marketing tends to focus more on demonstrating value and building trust.
In B2C marketing, the emotional connection that customers have with a brand can have a huge impact on their purchasing decisions. According to a study by Accenture, 63% of consumers said they would buy from a brand that they have an emotional connection with over a competitor. B2C companies often invest heavily in advertising and social media to build brand awareness and connect with customers on an emotional level.
In contrast, B2B marketing tends to focus more on delivering value and building trust through thought leadership, case studies, and other content marketing initiatives. B2B companies often rely on personal relationships and referrals to build trust with their customers. Networking and platforms such as Linkedin and the professional groups all help us stay connected and pass on valuable contacts.
Improving B2B Brand Perception
So, what can B2B companies do to improve their brand perception? Here are a few tips:
1. Define Your Brand Values:
Define your brand values and promise. This will guide all aspects of your business, from product development to marketing.
2. Be Consistent:
Consistency is key to building a strong brand. Make sure your messaging and actions are aligned with your brand values and promise.
3. Emphasise Authenticity:
Authenticity is essential to building a strong brand. Be transparent and open in your communications and actions, and live up to your brand promise.
4. Invest in Brand strategy, Branding and Celebrating Your Brand
Talk to us at vbx about brand strategy, brand visual identity and brand activation to help your business grow in 2023.