 | SalesVantage.com >> Article Archives >> Brand Marketing >> Is Branding Relevant in Today’s B2B Market?
Many marketing experts argue that downturns are a particularly good time to invest in brand building. They contend that if your competitors are cutting spending on branding, companies that continue to invest will stand out even more and be poised for greater success when business conditions improve. However, a recent article in the January 2010 B2B Marketer newsletter published by the Business Marketing Association raises some interesting questions about that common wisdom. "Tough Branding Questions for Turbulent Times," written by Tim Calkins, a marketing professor at Northwestern University's Kellogg School of Management, provides useful insights into the importance of your brand in building your business. A common definition of branding is the marketing practice of creating a name, symbol or design that identifies and differentiates a product from other products. An effective brand strategy can give you a major edge in increasingly competitive markets. While the theory of strong brands is certainly relevant, Calkins wonders whether all brands fulfill that promise. He recommends that every organization should ask three tough questions about their brands and branding. 1. Is your brand valuable? Most companies would answer that their brand is their most valuable asset. It is a source of identity and pride, but even well-known brands often add little value. Brands only create value when people will pay more for the brand versus other brands, or versus an unbranded alternative. This doesn't mean the brand is a flawed brand or a bad brand, according to Calkins. It just means the brand doesn't have much value. 2. Do we really understand our brand positioning? One of the most basic branding lessons is that you can't be everything to everyone. Trying to please everyone creates mediocrity. Understanding precisely what your brand means and how it differentiates enables you to make smart decisions that preserve and reinforce the core positioning. If you're known for exceptional customer service, then that should be the last place to trim resources in a belt-tightening economy. 3. Do we need to prune our brand portfolio? This is less of an issue for B2B companies than consumer products organizations. Nonetheless, all organizations need to pay attention to the complexity of their brand structure. Otherwise, they run the risk of creating confusion among customers and fragmenting spending. Answering these questions will help managers determine how to allocate resources to support or build a brand. While this may not be the time to embark on a major re-branding effort, there are several tactics that organizations can use that will not break the bank. Perhaps the most important is consistent reinforcement of the brand message by everyone within the company. Remember, your brand is your promise to your customer. It tells them what they can expect from your products and services, and it differentiates your offering from that of your competitors. Your brand is derived from who you are, who you want to be and who people perceive you to be. One effective way to get the entire company supporting the brand is by instilling a brand-based company culture. In a brand-based culture, employees know what the brand stands for and what their roles are in supporting the brand. Consistent support of a company's brand equity is vital for success. This is particularly true as social media and other communications methods have given customers methods to share their experiences - both good and bad - at light speed. A failure to live up to a brand promise, whether through a poor sales experience or a faulty product, can quickly snowball into a full-fledged crisis of confidence among customers. Studies by the U.S. Office of Consumer Affairs show that a dissatisfied customer may tell as many as 11 people about his or her experience, and each of them will tell others. It is clear that branding is as relevant today as it ever was. However, in a tough economy companies must ensure that they're using smart, effective methods to develop and promote their brand. If your brand does need a tune up, here are some questions we use with our clients to focus on their brand definition:
Norwin A. Merens is managing director of Glenview, IL-based NM
Marketing Communications, an integrated B2B marketing, public relations
and trade show/ special events management firm. He may be reached by
calling 847.657.6011 or at nmerens@nmmarketingbiz.com. Find out more at www.nmmarketingbiz.com
More articles by Norwin A. Merens More articles on Brand Marketing | |
Print This Article
Email This Article
Sales & Marketing Articles 4U
Advertising & PR
Advertising,
Public Relations
Business Marketing
Brand Marketing,
Direct Marketing,
Event Marketing,
Incentive Marketing,
Marketing Concepts,
Marketing Communications
Internet & Web
Ecommerce,
Email Marketing,
Internet Marketing,
Web Development
Management & Strategy
Business Etiquette,
Executive Coaching,
Forecasting & Budgeting,
Management Insights,
Presentation Skills
Sales & Customer Service
Distributor Sales,
Negotiating,
Sales Coaching,
Sales Strategy,
Selling Tactics,
Telemarketing,
Time Management
Featured Advertisers
