A good brand is more than a memorable logo it’s an asset that increases the value of your business, provides staff with direction and motivation, builds reputation, gains distinction and makes acquiring new customers easier.
Branding can be defined as the sum totals of stakeholder perceptions of customer service, reputation, advertising, and logo all working in the same positive direction.
The historical inception of brands resides in the practice of livestock branding, the act of marking an animal to signify ownership. From this humble beginning, they evolved to the commercial branding of global enterprises.
Business to Business (B2B) customers are not choosing between brands of running shoes or cereal! They are making well-informed decisions, often based on past business experience, personal connections, reputation, and perceived problem-solving expertise. Professional practices are performance-based business; hence the personal presentation of each professional has a significant impact on practice branding.
Sometimes B2B providers argue that brands play NO ROLE in their business because:
- Customers are rational decision makers who are not swayed by emotions or brand aspirations
- Purchases are all about the relationships between professionals & their clients
- Services are price sensitive
- Sales are made to a limited number of customers, so creating a brand is wasteful
Despite those arguments, brands are important to B2B enterprises. Buyers are people, and people have emotions that impact on business decision making.
In “Blink: The Power of Thinking Without Thinking”, Malcolm Gladwell states that buyers make most decisions by relying on their two-second first impressions based on stored memories, images, and feelings.
A strong brand makes important contributions to these first impressions. And generates the following benefits:
- Decreases the time to close product sales
- Reduces purchase hesitancy
- Lessens sensitivity about price increases
- Motivates current staff
- Attracts purpose-driven new staff
- Clarifies what your business is about
- Engages new customers
- Helps you stand out in a crowded marketplace
- Increase customer loyalty
- Improve business recognition
It is also important to determine the strength of your brand compared to your competitors- tagged as “brand positioning”-so as to develop an advantage in the minds of your customers. A unique competitive brand position can be developed through adopting the following four steps:
- Research your competitors & the nature of competition
- Identify the competitive differences in your services
- Determine your core promise in a short sentence
- Promote & show them how you are different
Whether you decide to brand or not to brand is your choice. It can be argued that it is prudent to brand your business in the current competitive environment. Once you embark on the branding path, it is important to be different, distinctive, and consistent. Your end game needs to be to gain recognition and help consumers navigate the competitive maze of choice.
For more information, please contact Maria maria@mapmarketing.com.au
As Published in the Hunter Business Review May 2021