Why is Branding Important for B2B as much as B2C Brands
What is Branding:
Branding plays a key role in all kinds of organizations, it's the process of establishing and communicating the core values of an organization. A strong branding appeals to the customer’s emotional side, it is usually achieved by a powerful mix of visual communication with relevant content that appeals to the intended customer.
Your brand is what other people say about you when you’re not in the room.” Jeff Bezos, CEO Amazon
Branding is imperative for a B2C company as it needs to deliver its message to a mass of people. B2B businesses have traditionally not given much importance to branding as B2B transactions are considered to be more rational than emotional, and organizational buying is often led by sales representatives on a personal basis. However, the truth is that even in B2B settings it’s humans with emotions who carry out the transactions. Research says, 46% of a brand’s budget should account for B2B marketing spend, with lead generation taking the other 54%. There are subtle ways in which branding impacts B2B transactions and it can be leveraged to influence sales in the following way.
For a potential buyer considering purchasing a product or a service, the first encounter with your brand creates a strong impression, whether or not the buyer will transact in his first encounter with your brand, the rest of the buying process is merely a reinforcement of the judgment. Branding is an opportunity to create that strong impression.
When the decision making is too complex - which is often true in B2B buying - client or customer might subconsciously rely on his/her intuitions and can be influenced by emotions. There’s an opportunity to create that emotional impact through powerful branding.
The first step of any relationship is familiarity. Both digital and traditional branding is a great opportunity for any kind of business, entirely relying on word of mouth marketing can lead to missed opportunities. In a digital setting where brands hustle to catch the eye of a user, branding is a powerful tool to gain attention.
Instances of B2B storytelling successes
There are plenty of examples where the world’s large B2B companies leverage storytelling to appeal to what is basically human emotions.
Workday is an American financial management software vendor. This video in their YouTube channel uses ample audio-visual cues on top of a powerful story to emotionally appeal to prospective clients and explain how their product can solve their problems, meet their needs, and propel their business forward.
General Electric or GE is another American conglomerate most of whose products or services are used by other businesses, GE extensively leverages social media platforms to share the stories of their brand. The images of their Instagram tell the brand story. They use marketing channels to increase audience awareness of the scope of what GE does and highlight positive experiences with the brand.
Most of us don’t directly buy Intel products but we see Intel branding across. Intel’s RealSense™ brand of camera technology on this webpage is an example of how B2B brands have immense scope in storytelling using immense UX, UI, and Visuals.
“Brading is not achieved by over-night or by copying competitors, branding has to evolve.”
Hence, in a hyper-connected global economy were numerous organizations battle for attention disregarding even a slight opportunity can be costly. Branding as a business exercise is imperative for any business that wants to stay competitive, a powerful positive branding campaign helps build acceptance and can eventually lead to an increased number of transactions.