Very often, industrial and heavy machinery brand owners will approach me asking, “Is branding relevant to B2B companies?”
Some have even remarked, “I am not going to waste my time & money branding my B2B business as it is all about relationship & better pricing.”
If you ask me if it is worthwhile to brand a B2B business, my definite answer is “YES!”
Branding is RELEVANT & IMPORTANT to B2B businesses because of the following reasons:
- As Professional Buyers, we need to be rational and objective when making a buying decision. Being human, we have emotions, too, and this is where branding plays a part.
- The Professional Buyer will get a few price quotations, make a comparison and get recommendations before reaching a buying decision, In other words, they will seek quotes from better known brands, shortlist those who are best in the industry and finally choose the one which is more reputable for better peace of mind.
- Branding does all these – ensuring that your brands are easily accessible to your target customers, demonstrating a strong brand positioning for the market to know your distinctive competencies and of course, being branded with credibility makes you a preferred choice.
- In short, branding facilitates decision making on the part of professional buyers.
- Relationship is a key success factor in B2B business but can be a high rick poser. Most often, relationships are built by the sales or business development team. When the team members leave the company, the relationship leaves with them. Nevertheless, branding plays an important role to institutionalize relationship into ownership of a company.
Branding benefits to B2B
- Branding offers “orientation (other than just focus on pricing)” to a purchaser in purchasing decisions.
- The business owns the brand engagement instead of individual team members
- Branding turns commodity (same products) into exclusivity (problem solving capabilities). Buyers today look beyond price and product, they look for solutions and experience.
- Branding shifts production (what can you produce) to connection (how can you engage).
- Branding provides reasons to believe and reasons to forgive. Once a strong brand is built in a holistic manner, buyers tend to be more lenient in responding to your mistakes or shortcomings.
- Branding B2B is all about demonstrating Capabilities; building Credibility; living by the positive brand Culture ; and allowing a professional purchaser in making decisions with Comfort without worrying on associated risks. If you own a B2B business and are yet to think about branding, it is time to do so today!