You’ve probably developed a low tolerance for reading much more on the topic of Branding. You’ve been there; done that. I know, it seems like enough’s enough. Besides, you’ve got a business to run and there’s little time to mess around. On the other hand, I happen to believe branding is extremely important to your business. In fact, more important to business and industry than it is to consumer markets. But from what I can tell, the concept is not taking hold in this industry. (Let me know if I’m wrong.) Hear me out, read this mere spoonful of insight about the imperative of branding. Perhaps you will rethink acting like your peers is the right path for your business.
Few will argue the importance or the impact of branding consumer goods and services. You’ve heard stories about how far some consumer facing companies will go to protect their brand. There’s so much data and so many examples that have proven the power of branding in business-to-consumer (B2C) markets that there’s really no contest in the debate.
With so much hoopla I kind of understand why managers in industrial markets are convinced that branding—with all it’s perceived emotional luggage—is a phenomenon confined only to consumer products and markets. As it stands, the majority of those whose livelihood depends upon business-to-business (B2B) commerce cannot see the connection, and therefore do not make branding a high priority on their agendas, if they do anything at all. They wrongly view branding as using a logo consistently or having a snappy slogan or something, and leave it at that.
Branding is more important to [your] business than it is to consumers.
First, change your understanding of the market you’re dealing with:
1. B2B sales far outstrip those of B2C sales
- Most manufacturers of consumer products (B2C markets) must first sell their products to other businesses—their customers are wholesalers and retailers —that’s B2B.
- As such, almost ALL companies—including these consumer focused ones—are engaged in business markets in one way or another.
Insight: The crowd is bigger than you thought, branding helps any business stand out, be remembered and understood.
2. B2Bs almost always require smart people on both sides of the sale
- Consumer products are mostly simple and easy to understand, ANYONE is a likely customer. Industrial products and services are far more complex.
- Buying a refrigerator appliance is one thing but a coolant housing is quite another. Industrial demand is fraught with diversity and specificity.
Insight: Research data show “ease of doing business” far outweighs price in B2B. Is that part of your brand’s value proposition?
3. There’s always so much more on the line in a B2B relationship
- B2Bs have significantly fewer customers in the first place.
- Yet, B2Bs supply much larger volumes per customer.
- And B2Bs must sustain longer-lasting supplier-customer-relationships to stay in business.
Insight: Each business customer is extremely valuable to you. Shouldn’t you want to make your value known, your promise clear and on target with what you’re selling?
Be the first to change narrow views of the importance of branding industrial products and/or businesses. It’s a valuable process that will help your prospects identify and differentiate your products and services from a world of others.
With your brand, offer them originality, performance and a guarantee of quality they won’t easily believe otherwise. Seal these relationships and increase your perceived value by reducing the time, risk and complexity involved in the buying decision.
Put yourself first. Move branding to the top of the agenda. As always, feel free to challenge me on this stuff. Comments are more than welcome.
Some reference (and a good read) Scott Bedbury, A Brand New World. 2002