Benefits of Effective B2B Branding
YRSK | Published: 18-01-21
Until the recent past, brand positioning was not of much relevance to B2B companies for some reasons such as the price being the deciding factor for decision-making buyers and emotional aspects do not move them, B2B products are complex enough to be reduced to a slogan or punchline. These views are no longer valid and B2B branding has acquired much significance to gain several benefits
Here are some of the important benefits of successful B2B branding.
- Greater Audience Awareness
With a B2B business, building brand awareness is challenging as it is less measurable than that with leads generated. Nevertheless, it is critically important to calculate customer awareness of the brand for B2B companies as they can understand how well the audience know or perceive their brand, as well as their particular products or services. A successful B2B branding have strong awareness through better audiences, referral and trust and this ensures that your prospective and existing customers can find you effortlessly.
- Emotional inclination to favor the brand
Your brand should connect with people through emotionally triggered marketing, which helps provoke their emotions and build a relationship. A successful B2B branding appeals to the potential customers’ needs, ego and aspirations and it becomes emotionally powerful if it successfully balances the three persuasive marketing techniques like ethos, pathos and logos. When ethos appeal to trust and credibility, pathos and logos appeal to empathy and logic and reasoning respectively. Studies show that customers who are emotionally inclined spend more on the products or brands they are devoted to. With high tendency for brand recall, they promote, buy and expect more from the brand or product they are loyal to.
- Reduced average sales cycle
Studies show that a typical B2B sales cycle for new customers will take a minimum of 4 months to close. In some cases, it may take more than that, up to 7 months or a year. An average sales cycle for a B2B business is presumed to be between 1 month and 12 months. Shrinking the sales cycle is what every B2B company wants to do. With successful branding, you can attain this for the prospects of today complete a few steps along the buying path before engaging with you. They would have done their needs assessment and research to educate them on the product attributes, pricing and other information.
Your brand is your tool to get customers and in turn increase your marketing ROI. The content you design and share is your brand and it motivates action among your prospective clients. With the content, you promote your brand effectively through fixing the pain points, creating value, building relationships and gaining thrust. You can increase the sales by offering the right content that induces the leads to an action in the buyer’s journey.
- Higher close rates
A successful B2B selling asks for a unique approach, where both marketing and branding contribute to higher sales conversion. An effective B2B branding offers the right solution to your prospective client’s problem by offering a superior product or service, customer engagement and experience. In a way, you are able to create a difference and build brand loyalty. With a great B2B branding, you have the close rates going up and the sales cycle going down, generating high revenues.
- Premium pricing
How your brand is perceived by your audience and customers is what shows an effective branding. Where your brand represents something unique about your product or service, it offers great value to your B2B company, which is a brand equity. A brand equity or value has a great impact on tangible and intangible factors. When tangible aspects represent quantitative values, intangible ones are qualitative values. With successful branding, you are able to offer your product or service at a premium price, which is higher than the average price.
- Less likelihood to try a competitive offering
You gain a competitive advantage when customers recognize your brand and follow it. An effective branding or product positioning helps establish your product or service as quite valuable, which will hardly make your prospective customers try a competitive offering.
- Higher revenue
As you know, branding is a valuable asset that you invest in. Building your brand effectively gives better market visibility and customer loyalty through noticeable reputations. Moreover, it is also connected with revenue for strong b2b branding leads to higher revenue growth and shareholder revenue. Those B2B brands with best customer connections showed 31 percent higher revenue growth in 3-year period.
- Deeper Loyalty
For any successful B2B business, the brand, which represents the product, is so powerful that it represents in a prospective customer’s mind, who generally looks for the product that meets his or need. Effective B2B branding engages your prospective client and distinguishes your organization from the competition; thus, creating loyal customers, as well as employees who helped it.
- Increased customer lifetime value (CLV)
A promising B2B branding assist in increasing customer lifetime value (CLV). The customers acquired are easily retained with no additional cost. Your relationship with customers over the period gives the customer lifetime value, which is a metric that helps you know the cost to acquire or keep customers.
Why not create strong and enduring B2B branding to enjoy the above benefits?