B2B’s need Brand Brilliance
3 stats that prove Brand is Best for B2Bs
Marketing to other businesses is competitive and more complex than selling direct to consumers- fact. If you manage a B2B business you absolutely must focus on building your brand to gain a competitive edge and grow your business. There are a myriad of reasons why your brand should be your priority- but if you need to convince your CEO or CFO here are three compelling reasons why B2B businesses need to invest in brand spend.
1. The 95% Rule
According to insights from the LinkedIn B2B Institute, a staggering 95% of potential B2B buyers are not actively in the market to make a purchase at any given time. This means that only 5% are actively considering a buying decision. The remaining 95%, however, will eventually become potential buyers in the future. A strong brand plays a pivotal role in capturing the attention and staying top-of-mind to 95% of your potential buyers, ensuring when they enter the market, you increase your consideration and preference.
This rule comes into play even more during times of economic pressure, as it is estimated that the in-market buyer pool shrinks to only 1%, with 99% out of the market.
Key Take Away
Investing in brand marketing is the best bet in good times, and it’s an even better bet in bad times when the pool of current buyers shrinks from 5% to 1%.
2. Average B2B Decision Makers Consume 13 Pieces of Content
B2B purchase decisions are more complex and involve multiple stakeholders. To arrive at well-informed choices, B2B decision-makers often consume an average of 13 different pieces of content during their research and evaluation phase. Content can range from published articles and case studies to demo videos, social media posts, and content provided during face-to-face or virtual meetings.
A strong brand with a consistent and compelling message and look and feel across all content platforms will significantly impact decision-makers perceptions and preferences. When your brand consistently delivers valuable and relevant content, you establish credibility, expertise, and trust with your audience. As a result, you are more likely to be viewed as a reliable solution provider.
Key Take Away
B2B decision makers consume on average 13 different pieces of content before making a purchase decision. Building a consistent and compelling brand will make it easier for your audience to choose you.
3. B2B Customer Journeys Are Complex and Difficult
B2B customer journeys are characterized by their length and complexity. Recent findings by Gartner found that 77% of B2B buyers found their last purchase very complex and difficult. B2B purchases often involve higher stakes, longer-term contracts, and significant investments, leading B2B buyers to be more cautious and risk-averse. Additionally, multiple decision-makers and influencers are involved, each with their unique needs and priorities. This means that the average number of content consumed is significantly higher than 13 when considering multiple stakeholders.
Make sure your brand is consistent across all touchpoints, including communications after a purchase decision has been made. By consistently delivering on promises and providing exceptional customer experiences, the brand fosters confidence. This trust and loyalty not only lead to initial sales but also contribute to repeat business and valuable referrals, which are key sources of growth for B2Bs
Key Take Away
B2B buyer journeys are long, complex, and often involve multiple stakeholders. Make it easy for decision-makers and influencers to join the dots across all content and keep them engaged throughout the buyer journey. Create a brand framework, and keep messaging compelling and consistent.
Building a strong brand is a game changer for B2B businesses it enables reaching and influencing out-of-market buyers, empowers B2B decision-makers through content engagement, and helps navigate the intricacies of B2B customer journeys.
A well-crafted brand strategy and brand framework will make it easier for buyers to choose you, every time. If you want to discover how we can supercharge your brand please get in touch.
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