For ages, people have distinguished between B2B and B2C brands. One of the major differences was that the latter needs dedicated branding strategies and the former does not. However, this theory is slowly being debunked. In recent times, businesses have realized the importance of B2B branding.

What is B2B branding?

Fundamentally, B2B companies deal with industry-based problems. Their domain of expertise is large-scale. Unlike B2C companies, such brands do not deal with a single, small-scale product or service. Further, they do not cater to individuals but rather to corporations. Most B2B firms operate on a consultative approach.

Why was B2B branding not given much importance in the past?

Previously, businesses did not pay much heed to B2B branding. It was considered less important than B2C branding due to the following widely-believed notions:

• B2B customers are driven by logic and reason, and not emotion. Hence, they will not have any special affiliation with brand value.
• B2B customers are more interested in the price factor rather than branding.
• B2B purchases are more dependent on the expertise of the sales representatives than the brand image.
• B2B goods and services are too large-scale to be confined within a brand tagline.

 Rising need for B2B branding

However, the importance of branding for B2B companies has slowly been realized. Different types of branding strategies have been developed for such brands in recent times. Like all other businesses, a B2B firm can benefit significantly from proper branding practices. A few reasons for the rising need for this type of branding are as follows:

• Competitive advantage: As with any good branding initiative, your B2B brand can stand a chance to be recognized more. Proper branding strategies can set your B2B business apart in the sea of competitors. This makes customers take notice of your brand and choose your products. A favorable disposition is created about your company in the market.
• Shorter sale cycle: More often than not, B2B businesses have notoriously long sale cycles. Good branding can do away with this problem. The period between a customer firm expressing interest in your product and purchasing it via a sales representative is reduced considerably. This reduction arises out of the favorable notion brought about by positive B2B branding.
• Low price-rise sensitivity: Branding creates loyalty among customers. As a result, customers are willing to shell out a few extra bucks if they trust your brand, lowering sensitivity to price rise. This trust can be gained via the right types of branding strategies.
• Tells a story about your brand: Well-crafted branding strategies focus on telling a story about your brand. This story-telling revolves around the company’s mission, vision, values, and goals. Hence, branding helps customers feel a personal connection with the company based on experience and brand stories.
• Has a positive impact on all stakeholders: B2B brandingis not just about attracting customers. It has an equally positive impact on investors and evangelists. These stakeholders are more likely to invest their money and faith in a B2B company having a good brand reputation. Existing and prospective employees also feel more inclined to associate themselves with a good brand.

Understanding the importance of branding for B2B businesses is only the start. It is crucial to evaluate all types of branding strategies available in the market to find the right fit. A judicious selection can reap long-term benefits for the company and its customers & Improving Brand Strategies.