An often-overlooked factor when selling B2B is that people ultimately make decisions. Therefore, building your company brand can be essential to your business' success.
Thinking about your company from a business customer’s perspective helps you create a strong B2B brand. One of the biggest marketing challenges is getting people to think about your company when they have a particular buying scenario. About 66% of the time, when a buyer has a specific solution in mind when faced with a buying decision, they already have a brand in mind. About 94% of the time, they end up sticking with the brand that they originally had in mind.
Advantages of Building a B2B Brand
There are numerous advantages that your company will enjoy when it concentrates on building a brand. These include:
- 82% of adults claim to be loyal to a brand, and you can find them in every company
- 55% of buyers who are devoted to a brand recommend it to others in their network
- 42% of buyers say they are loyal to a brand recommended by someone in their network
- 66% of a buyer's touchpoints with your company come through network referrals and online reviews
- 64% of buyers say they are loyal to a brand because they share the provider’s values
- 100% of buyers who have an emotional tie to a brand are more apt to buy that brand’s products
Does Branding Affect Return-On-Investment?
Yes, branding can instrumentally affect your company’s return on investment in a huge way. When a B2B customer is loyal to a brand, they are more willing to try a new product or service. They are also more willing to award you a more significant share of their business. Business buyers are willing to pay a premium for products when they are loyal to a brand. They are also less likely to complain about a price increase and are more inclined to grant grace if your company makes a mistake. The best sales agents love to work for a company with a strong brand because they can close sales faster.
Requirements for Building a Brand
Regardless of your niche market, there are some basic branding requirements to building a B2B brand. The first is that it needs to be creative to catch buyers’ attention and be something that they will remember in a world where they are often confronted with over 6,000 ads daily.
The second requirement is that you must be a trusted expert in your field. You can establish that level of trust by engaging with your customers continuously. For example, be willing to speak out at conferences and be a resource for the news media. Additionally, you need to engage with people on social media. It cannot be a one-time-and-your-done experience as your customers need to see that you are consistent in your beliefs and can provide thought leadership.
It is vital that wherever a buyer sees your company that it is high-quality and consistent. Therefore, you cannot build a successful brand if some of your marketing is lackluster while others are superior, even if the marketing occurs across various platforms.
Putting It All Together
By now, your company needs to build a brand. The great news is that if you once started down this road, you can restart the process or revisit elements of it at any time. Building a brand is time-consuming and requires expert skills that you may not have in-house. Therefore, work with the professionals at GrabSome to develop your company’s brand. Contact us today to get the process started.