Brand awareness is a critical component for the success of businesses selling their products or services to consumers. While brand awareness is important for business to consumer (B2C) transactions, it is also an integral element for business to business (B2B) transactions. Many B2B CEOs believe marketing and branding is only necessary for consumer goods brands, but among Interbrand’s 10 most valuable global brands they will find Microsoft, Intel, IBM, and GE. All of these corporations generate much more B2B revenues than sales to end customers.
So why should brand-building be important to B2B CEOs?
Whether your B2B company is local or global in scope, branding connects you with the clients and customers you need to succeed. B2B markers must address countless small businesses in order to create a customer base. Economically speaking, a traditional direct sales force typically won’t cut it. Creating brand awareness of your business and products is a more affordable way to ensure other businesses know about you.
If you don’t invest in branding for your business, your individual managers will improvise their own marketing. This will create a fragmented brand image with several different taglines or mission statements that can confuse other businesses. Creating and implementing a branding strategy will streamline marketing efforts and ensure a comprehensive view of your business.
B2B marketers should realize that brand awareness and word of mouth will allow their business to capture a larger customer base and build a strong foundation of loyalty that will protect them from lower-priced competitors.
Businesses that primarily sell their services or products to other businesses can create a large competitive advantage by focusing their branding efforts and creating loyalty amongst their customers. A positive awareness of your business’ image can translate into an increase in profits and long term relationships with customers.
Other important benefits of building brand reputation are that it reduces commercial risk, insulates the company in a crisis, and provides the common purpose that can bond all the company’s customers and employees. Regardless of whether your business is small or large, a huge benefit is to be had for those investing in brand image.
As a full service marketing agency, The Belford Group creates branding, websites, marketing, social media and search engine optimization solutions to assist our clients in finding and reaching their ideal audience.
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