Volume 14 No. 2: The forgotten power of B2B brand-building
Microsoft is the world’s most valuable B2B brand, worth $137 billion.
Amazon follows in second place with a value of $70 billion.
Collectively, the top 100 B2B brands across the globe are worth a staggering $2 trillion. But they have $1 trillion in untapped brand potential.
Talk about a missed opportunity, right?
Evaluating the value of brand for B2B
Each week, we break down another marketing concept so you can skip the hype and get directly to what works.
Historically, B2B marketing has significantly undervalued brand-building and awareness. Now, we’re coming to terms with how B2B marketing has fallen behind in recognizing brand’s impact on business results.
For years, there’s been an industry belief that you need fundamentally different strategies for marketing to consumers rather than businesses. So while B2C marketers planned an omni-channel holiday campaign featuring a known celebrity and high-level brand messaging, B2B marketers prepared one-sheets filled with details on product features.
But the truth is, B2B marketers can and should tap into the same growth strategies as their consumer-focused counterparts. The Ehrenberg-Bass Institute has proven B2B brands are subject to the laws of duplicate purchase and double jeopardy, just like B2C brands. After all, even as a B2B company, you're still selling to people.
Which is why the same rules apply when thinking about marketing’s creative strategy. People respond best to advertising when it’s entertaining and informative, and B2B marketers are starting to notice. Everything from developing branded characters to crafting less-technical messaging has become more popular for B2B companies in the last couple of years.
Changing B2B buyer behavior also impacts how marketers should be thinking about brand’s value for their business. Let's say you’re selling to a committee of 8 people (the average B2B buying decision involves 6 to 10). You want those 8 people to all have a similar idea of who you are as a business and the product or service you provide. Creating a strong brand accomplishes this before you even begin the sales process.
And finally, having a trusted brand provides reassurance. B2B buyers are increasingly conservative in their decision-making today, due to economic pressures and tightening budgets. Being a known leader in your space automatically alleviates fears and uncertainty. So yes, brand has immense value for B2B companies. It’s all about tapping into it.
Key Takeaway: Unleash your B2B brand's hidden potential. There's a treasure trove of value waiting for you. Don't let it go to waste.
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