Why is Branding Important to a Business in the B2B Marketing Space?
Arun Pillai, January 23, 2023
The first time humans started ‘branding’, it was a way to add a mark to their belongings by burning a symbol into them. Over the years, branding has evolved to mean a lot more, especially for businesses. A company’s brand is what uniquely differentiates it from other companies.
But, fundamentally, branding in B2B marketing boils down to this: making your mark.
Today, we know that branding is a vital piece in the B2B marketing puzzle. The greatest benefits of branding to a business are better recognition, clearer identity, and strong recall. With consistent branding, companies can increase their revenue by more than 33%.
Looking at the competitive B2B space, how well you present your brand can make all the difference. And just like any other sales and marketing endeavor, B2B branding should also start with a well-defined strategy.
3 Reasons Why A B2B Brand Marketing Strategy Matters
#1 Well-Planned Branding = Better Brand Awareness
Suppose you have a SaaS product to offer, and you are operating in a highly-saturated marketplace. Dozens of other companies are offering similar products. Now, how can you outshine them? How can you clearly communicate your USP?
The answer lies in a strong B2B branding strategy. When planned and executed well, your branding strategy can solidify your brand image, build better brand awareness, and ensure that your business remains conspicuous.
#2 Brand Building = Trust Building
Did you know that most customers form a first impression of your brand right when they visit your website? And it happens quickly. Research shows that it takes a mere 0.05 seconds for visitors to form an opinion about your website. So, if your website isn’t consistent with your brand, you risk high bounce rates and missed opportunities.
In the B2B world, branding affects the entire customer journey experience. Delivering a consistent brand message from the first touchpoint to the last is the key to getting your potential customers to trust you. And what better way to achieve this than by aligning your marketing strategy with a solid branding strategy?
#3 Customer Loyalty = Brand Loyalty
When it comes to B2B marketing, the importance of building and nurturing customer relationships is not unheard of. Most of your revenue comes from only your most loyal customers. But remember that customer loyalty is essentially brand loyalty.
A long relationship with a brand creates a sense of familiarity for customers and makes them less likely to switch to a competitor. The result? Higher retention, reduced churn, and long-lasting loyalty.
Additional Read: 7 B2B Marketing Trends in 2022- Winning Formulas to Adopt for Growth
3 Tips to Develop Your Own B2B Branding Strategy
#1 First, Define Your Goals Clearly
The first step is to understand what you want to achieve through branding. Since you already know your product and audience, you are well-prepared for this step. Ask yourself questions like:
● How would you like your brand to come across?
● What sentiment would you like to invoke in your audience?
● What colors, fonts, and imagery would you like to project?
● What should be the tone of your message?
#2 Next, Find Where You Fit In The Market
Where your brand fits in the market is different from your product-market fit. Finding a brand-market fit means arriving at the right place both in the market and in your audience’s minds. It is the place where your business will have a strategic advantage over other brands.
Here are some questions to ask while defining your brand’s position:
● How broad is your audience? Do you cater to a specific person or a group?
● What industry do you operate in?
● What is the USP that you promise your audience?
● Why should your customers believe you? What proof can you provide?
#3 Competitor Research Is Crucial!
The only way to stand out amidst a sea of competitors is to thoroughly understand what they are doing and then do it differently. Plus, you don’t want to end up branding yourself similar to a competitor in a way that customers cannot tell you apart!
Not only does branding help carve out a unique identity for your business and build recognition, but it can also help communicate a clear message about your company’s products and services.
Clear branding attracts and retains more customers, boosts sales, and increases your market share. B2B buyers are well-informed about what they want and are more sophisticated compared to B2C buyers. Thus, they look for a brand with a consistent message and a solid reputation before they make purchase decisions.