Key Elements of a Winning B2B Brand Strategy
YRSK | Published: 18-01-21
An effective brand strategy is essential though the concept is majorly misunderstood by the most B2B businesses. In a way, it is all about your brand positioned in the market and as a company who and what you are, what do you offer and who do you offer and where and how you will go in future. Nevertheless, developing an effective B2B brand strategy is not easy. There are several elements that go into making a winning brand strategy.
Some Critical Elements of a Strong B2B Brand Strategy
Brand Positioning and Differentiation
When developing a brand strategy, positioning is the culmination of everything as you know your clients and what they think about your product or service and business and the business knows everything about what it is, it does and stands for, as well as its competitors and what they say and do. The brand recognition depends on these aspects. For instance, when stumbled upon your brand webpage, B2B customers would like to know whether they are on the right place. They may see or read the content and move on.
Spending time on your brand largely focuses on: Are you serving startups, small or medium businesses, small or large companies, or multinational companies? Which specific industry do you serve and what are your job responsibilities? Are your product or service priced low in the market? Do you offer premium solutions? Based on these, the client decides whether he or she should spend time on your brand or move on.
The other thing is your brand needs clear differentiation. There are times when prospective clients look for a specific solution provider and they find a sea of competitors offering similar solutions. A unique B2B brand strategy lies in showing clear differentiation, which is easy to identify and understand.
The B2B branding asks for being customer-centric, which is one among the critical components in 2020. Defining the brand by your services or showing how long you have been functioning is irrelevant; rather you need to think from your customers’ perspective. What makes a customer decide to buy a product or service? What is that you have in your brand and why should a customer choose your brand? Does your marketing team spend much time identifying customer needs and listening to them?
Research proves that customer-centric brands or those brands having high customer engagement gave shown higher revenue and more profitability. Furthermore, a survey conducted by Gallop showed that over 70 percent of B2B clients are indifferent or disengaged to the vendors owing to a lack of customer focus.
Being customer-centric is to offer seamless customer experience, which includes optimizing the customers’ positive sentiments about the brand. This asks for extensive customer research and competitive benchmarking of competitors’ social strategies. The customer research extends to the demographic, psychographic, technographic and firmographic insights.
3.Messaging that Catch Attention
A successful brand strategy needs the content, as well as the communication, that stands out. Developing a strong message is essential for it helps connect your brand with buyers through valuable, relevant and compelling content. You need to understand that your prospective customers’ thoughts are wandering on an average 30 percent of the time to the extent of 70 percent occasionally. They need to hear the noise hitting them and if it is not clear and relevant, their brain moves away from the message.
A strong B2B messaging approach is to make your audience intrigued and inspired and convert them into knowledgeable customers from strangers. They should know why you exist through the messaging that is effective and powerful.
With this, you can capture the essence of your company’s brand and have it out placed there. You can do event branding through event apps, websites and emails. Live events are powerful enough in creating customer engagement. They can be digital or real-world events. These days blended events with lively speakers and digitally shared knowledge are held to engage the audience. They give you quantifiable results of how many target audiences noticed you or your brand via social media followers, media coverage, etc.
5. Emotional Engagement
Strong brands are presumed to be successful in building emotional connections with customers. If your brand can root the story in authenticity, it engages the buyer emotionally, no matter how high-priced you are. With a carefully designed message and a right focus, you can find your prospective customer persuaded emotionally at some point of the purchase cycle.
Thus, there is a lot that go into devising a winning B2B brand strategy.