By: Insights Team
What do you think most differentiates your business? Service? Price? Variety? Ends up that a strong brand with a good reputation trumps all.
Think building a strong brand only matters in the B2C world of sneakers and sodas? Or that only Americans are obsessed with brands? Well, resolve to think about your global B2B brand differently in 2015.
Both enduring and recent studies demonstrate that what matters most to B2B buyers far and wide is a well-known brand with a solid reputation.
Polling nearly 1,000 purchase decision-makers, an Accenture study cites that despite what many people think, price does not reign supreme. In fact, according to the study titled “Was it an illusion? Putting more B in B2B,” brand was found to be the single most important buyer preference, followed by service and price.
The power of brand transcends country lines too. A 2012 McKinsey study of more than 700 purchasing influencers from around the world found that brand-related factors were significantly important in selecting a supplier, especially in tangible goods markets. Brand has a 19 percent share in the purchasing decision in India, 18 percent in the U.S. and 14 percent in Germany.
Simply put, strong, reputable brands make life easier for B2B decision-makers. Trust is inherent and risk reduced. So as you unfold your marketing plan in the new year, ask yourself how you can start or evolve your company’s branding efforts. High-powered decision-makers will thank you for making their jobs easier while you’ll enjoy the benefits of higher profits. Happy New Year, indeed!