Most B2B marketing follows a cyclical pattern of launching campaigns to generate as many leads as possible and then launching another campaign when that set of leads is depleted. A tactical activation campaign may yield a high return on investment, but it is unlikely to be memorable. The effects are transient, and it promotes little long-term growth.
To put it another way, these tactics are akin to someone going on a crash diet in order to look great for a big event. While the weight may be lost in the short term, it is quickly regained. Long-term weight loss is only possible for those who make long-term lifestyle changes. It may take longer to reach the ideal goal, but once there, they can maintain it.
Long-term brand-building efforts, similarly, create associations that continue to influence purchase decisions long after a campaign has ended. If you can bring customers into your business because they want to be there, you will be able to provide them with the product information they require once they have crossed the threshold. Despite the fact that it requires a much wider reach than tactical marketing, it is more effective because it lasts longer and accumulates over time. Branding also reduces price sensitivity and thus increases margins, which is why it is essential for long-term growth and profitability.
The power of long-term thinking
Many people were concerned about how they would meet their daily needs as a result of the global instability and uncertainty caused by the COVID-19 pandemic. In response to the hardship, Ford launched an advertising campaign promising a suspension of credit payments. As a result of the campaign, 90% of those polled said Ford was “an important part of American culture.” This was quite an accomplishment — a company infiltrating the national psyche during a national crisis. It will have a significant impact on Ford’s long-term viability.
We can’t predict what will happen in the world, but if we have a strong brand on which to rely, we won’t have to rely on a constant stream of discounts and product offers. Companies that invest in their brands and communicate a vital purpose will thrive regardless of what happens. Ford did not win people over by introducing a new feature; rather, it did so by constructively and positively addressing its customers’ emotional states.
Building a brand is the foundation for long-term success
Building a brand is an important part of B2B marketing, but it takes planning and effort to do so successfully. Consider these strategies as you work to lay the groundwork.
1. Make use of the human connection
People are drawn to brands for reasons other than marketing campaigns. Their “why” is that they want a brand to motivate them. Brands that mean something to people are loved not for how they do what they do, but for why they do it. Companies like these have a sense of mission — a driving motivation other than making money, selling products, or being the best. Profit is the result, not the goal.
Customers can connect with the valuable goals that marketers create and communicate. Purpose entails showing up in the world in a way that demonstrates the company isn’t just interested in selling products for the sake of selling products, but in making a meaningful and positive impact on the lives of customers. What, for example, is the purpose of a printer manufacturer? Is it to unite people through visual communication? To make words and images come to life? To allow for the expansion of small businesses? These more in-depth inquiries are critical for customers.
2. Make yourself visible in the crowd
Effective branding enables a company to command a higher price and differentiate itself from the competition. The same product can be offered by different companies at different prices. There may be minor feature differences in the more expensive products, but not enough to justify the price increases on their own. Apple, for example, charges twice the price of leading PC brands, and Nike charges up to four times the price of other sneakers.
The success of a brand is determined by how well it makes its customers feel about themselves. It’s no different for B2-B brands. This does not imply completely abandoning tactical activation campaigns, but rather rebalancing marketing. While the current emphasis may be heavy on features and lead generation, these should be balanced with relating brand and emotion. It is just as important to know how someone feels about a company as it is to know what they think about it.
3. Emotions are important
According to a recent study, business-to-business (B2B) brands generate more emotional connections than business-to-consumer (B2C) brands. B2C brands have emotional bonds with 10–40% of their customers, whereas B2B brands have them with more than 50% of their customers. Consumers make purchases with relatively low stakes, but when B2B clients invest in a product, they must feel a high level of trust in order to balance the risk.
While it is widely assumed that B2B purchase decisions are primarily motivated by maximizing business value, the study also shows that buyers don’t see many differences in the products available to meet their needs. Despite this, the majority of B2B marketing is focused on product features. B2B marketers can build emotional connections by emphasizing the feelings associated with their products and increasing anticipation of the reward to be gained by purchasing their products.
Essentially, B2B buyers are 50% more likely to purchase a product or service if they are convinced of the personal value it provides them, such as the opportunity to advance their careers or improve their reputation. They’re also eight times more likely to pay a premium for it.
Branding is a long-term game that requires you to develop a long-term perspective in order to succeed. While you could achieve short-term results faster and justify them at your next quarterly review, betting on the future, while riskier, pays off in higher profits and long-term viability for your company.
Learn more from business and read How To Get Your Business Noticed.
