May 3, 2021
Callin’ the Brand
That’s what livestock owners refer to as the ability to read those hot iron-branded symbols on the hips of cattle and horses. Although branding cattle has been around since the 1500s, experienced marketers only recently got to recognize branding as an important key to KPI or key performance indicators.
Last year, Forrester identified 13 B2B leaders whom they felt were outstanding examples. Some, like Adobe, Oracle and Salesforce are immediately recognizable. In spite of this evidence, a Gallup poll showed that only 29% of B2B customers they polled felt engaged.
The time to act is now. As people return to the new normal, brands that step up their branding have an excellent opportunity to increase their market share and KPI. Here are some suggestions.
Marketers need to include and accelerate branding in their multi-channel lead generation strategy. Content that helps and educates prospective customers in solving some of their problems and issues helps build brand value and increase sales.
But increasing sales is putting the proverbial horse before the carriage. Acquiring new customers needs to happen first. Good branding will position the company as an authority and leader in areas it covers. Brands that are perceived as such discover that many consumers seek them out for advice which opens the door to genuine conversations leading to probably more sales.
This kind of branding lays the groundwork not just for more sales, but also larger ones and with less deliberation. That’s because of the trust factor which branding can also establish .Better still, it creates loyal followers many of whom will also be strong advocates.
CX is Still Important But Now There’s BX
Customer experience (CX) still goes hand in hand with branding. However, a recent study by Accenture gave rise to BX (business experience) as a stronger remedy. BX takes CX a step further by delivering exceptional experiences in response to the new and changing needs of customers and helping them reach their goals. After identifying the top 15% of BX companies, Accenture found that they outperformed CX companies 6.5 times more over an annual period.
A recent survey of nearly 1,600 executives by Accenture revealed that 77% of those executives polled said they would be adapting this. Before taking out the branding irons, what helps in this process is making sure things are in order with the organization. It starts with reaching agreement on the personality and values the company wants to see the brand express. Understanding that and owning them are key before telling the rest of the world.
When consumers believe a brand is honest and capable, they will buy. Being open, transparent, over delivering, and customer centric will instill that, These may also set the brand apart from its competition. So, too, is having a value proposition that’s unique to keep customers returning time and time again.
Many of these suggestions boil down to relationships. People buy from people, whether it’s from the corner grocer or a big chain at the mall. When brands show their true face and values by sharing stories their audiences can relate to, a deeper connection results and loyalty ensues. That is the power of branding. Yee haw!