B2B Branding - Simple Steps to Build an Effective Brand
On 4th September, Winnerbrands hosted a Live Masterclass with Mr. Ambi Parameshwaran. A renowned independent brand strategist, Mr. Parameshwaran, sat down with us to discuss certain myths and realities around B2B branding, which can help you advance your branding efforts. Below are some of the key takeaways from the session.
B2B Branding 101: Key Takeaways For Your Brand
1. Don’t simply focus on tech-selling
B2B companies often fall into the trap of trying to ‘sell’ their product instead of ‘marketing’ it. In today’s hyper-competitive market, it is essential to realize the distinction. By building a brand for your company, you can increase your visibility and credibility. So don’t just sell, instead make a strong impression and position yourself as a reliable market entity.
2. Figure out your brand story
Not all B2B businesses work on a rational basis. There are factors like trust and emotions involved in decision-making processes. The first step to building a solid brand is to craft a story that conveys what your firm represents. Highlight your values, your competitive advantage, and leverage this story to communicate directly with your customers.
3. Add value to your customers
By establishing yourself as a brand, you can add value to your customers. It allows them to identify the source of the product and reduces their search cost and risk of purchasing an inferior product. It also helps you build trust, which facilitates repeat purchases and long-term relationships.
More detailed discussion around Busting the Myths & examples can be reviewed here
B2B Branding Challenges
So what are some of the most difficult challenges faced by most B2B brands?
1. Increasing competition
Innovations in technology are facilitating the entry of new competitors into the market. As a result, markets are maturing and witnessing an unprecedented increase in sophisticated competition.
2. New communication options
The advent of social media has opened up new avenues to capture your audience’s attention. Parallelly, companies are experiencing tremendous pressure to retain the market’s attention and remain relevant.
3. Short-term performance orientation
The B2B sector is hyper-focused on the ‘selling’ approach, prioritizing short-term performance overbuilding long-standing associations. The ‘sprint’ mindset, as opposed to the ‘marathon,’ is an obstacle to building lasting brands.
How to make a strong brand statement?
In the face of such challenges, how then can you build a B2B Brand and position yourself in the market?
1. Start with the basics
A relevant brand name, a distinct logo, and a strong brand statement that conveys your story will go a long way.
2. Detailed analysis of Organizational Buying Centers
How are the market conditions? Who are the stakeholders? What are their risk attitudes and objectives? Conduct a detailed analysis on the five factors mentioned in the talk concerning Organizational Buying Centers and accordingly position your brand in the market
3. Market the rational/emotional benefits of your product
When you know who your target audience is, ensure that you are tailoring the benefits of your products along both sensible and emotional lines that will speak to your TA.
4. Stay true to your Brand DNA
One of the significant Rules of Engagement is staying true to who you are and what you stand for. Once you successfully carve an identity for your brand, stick to it and ensure your customers see you as a responsible entity.
Those were some of the essential takeaways from the session that can help you think about how you want to position your B2B business and brand. To watch the entire session, use the link below and let us know how it helped you!