A strong brand identity acts as a gravitational force, attracting attention to your company and influencing how people perceive it. Having one is especially important for B2B companies competing for high-value clients in competitive industries. When there are numerous options for the solutions you’re selling, you need a way to differentiate and elevate yourself – and branding is critical to that process. Consistent branding has been shown to increase revenue by up to 33%.
Your brand is more than just your name and logo. It includes everything you want to say about your company’s identity and vision. Your brand is everything that comes to mind when someone thinks of your company, so you don’t want it to be shaped by random happenstance and rash decisions.
A brand strategy is required to create a positive brand identity that accurately embodies all of the great things about your company.
What exactly is a brand strategy?
Some businesses are endowed with natural brand identities. If you’re the last manufacturer of an obscure but critical device or component, that’s a pretty strong brand identity in and of itself. However, in the world of technology and business services, most B2B firms face a crowded field of competitors. Your solution may have several advantages over the competition, but in order to explain them, you must first persuade audiences that you are worth their time and attention.
Before they seek you out for a specific solution, a strong brand identity can give audiences a sense of who you are, what you do, and why you’re different. It can give you a “in” by doing some persuasive legwork before you even begin marketing and sales outreach to a lead.
There is one sure way to create a strong brand identity that communicates exactly what you want. You must create and implement a strategy that defines your branding objectives and outlines the path you will take to achieve them. That is your marketing strategy.
Why Does Your B2B Company Need a Brand Strategy?
Some people believe that strong branding is only appropriate for B2C companies and is unnecessary for rational B2B buyers. This viewpoint assumes that branding is inherently gimmicky or unserious, which is simply not the case. For one thing, as IBM has demonstrated, a quirky, strictly business attitude can absolutely be part of a strong brand identity. But, more importantly, B2B buyers are still human beings and consumers, and they respond to the emotions evoked by branding.
A brand identity with positive associations is a tremendously valuable asset. A brand strategy explains how to develop your desired identity and allows you to track your progress along the way. A big part of it is your reputation. It’s difficult to maintain a credible and long-lasting positive identity if you’re not backed up by action. This includes the quality of your products and services, as well as interactions with your industry and the rest of the world. Keep in mind that 77 percent of consumers nowadays prefer to buy from brands that share their values.
Most importantly, your brand strategy serves as the foundation for your entire customer acquisition process. Business flows in when you have a great brand strategy. Without one, your company will die like a lost ball in tall weeds.
