Blog Post

How To Boost Brand Equity In The B2B Marketplace

  • By Mark Baker
  • 27 Apr, 2015

Brands are more than logos, taglines and elevator speeches. At the heart of every brand is an assurance given to customers -- but also to employees, partners and the public -- that you'll do what you say. There are two simple rules when it comes to brand equity. First, don't make promises you can't keep. Second, you can't keep your promises if you don't know who you are.

Those rules might sound simple enough, but following them isn't always as easy. Consider the spate of brands that have not kept their widely publicized promises, and the costly consequences of those breaches of trust. To cite just a few:

  • There's BP, the environmentally friendly company responsible for one of the worst environmental disasters in history.
  • There's Avis, which promises to "try harder" but consistently ranks behind Hertz, National and Enterprise in J. D. Power customer satisfaction surveys.
  • And whether "you're in good hands with Allstate" is a matter of opinion -- the insurance giant's customers regularly give it lower satisfaction ratings than the national average.

THE MAN IN THE MIRROR

Some might conclude that these companies, and hundreds like them, bend the truth in the interest of profits. That may be true. But it's also possible that these companies simply don't know who they are, that they haven't engaged in an objective analysis of operations at every level of their businesses or looked at themselves the way their customers do. And again, this is often easier said than done.

Here are four simple tips to help you build your brand equity:

1. KNOW WHAT YOU'RE SELLING

No matter what your business, you're selling more than products and services. You're also selling an emotional connection with your customers based on their needs and expectations. If you sell video marketing services, for example, your customers want strong videos, but they also want help with marketing campaigns, suggestions on the best videos for their needs, and support when they run into problems. They want a trusted partner, not just a vendor. Survey your customers to find out what problems they have. Then build your brand based on your ability to solve those problems.

2. KNOW YOUR COMPETITIVE STRENGTHS AND WEAKNESSES

You're not marketing in a vacuum. To build your brand and keep your promises, you have to know how you stack up against the competition. Take the time to perform a robust competitor analysis. First, identify competitors with tools like SEMrush and SpyFu. Examine competitor websites and social media campaigns to identify what they're especially good at and where they fall short. Ramp up in areas where they're stronger than you, and capitalize on the areas in which you excel.

3. CREATE A TAGLINE THAT CONVEYS REAL BENEFITS, NOT HYPE

Your tagline conveys the essence of your business. Use what you've learned through your competitor analysis to wordsmith a tagline that showcases your competitive benefits and captures your customers' imagination (like Verizon's "Can you hear me now?" and McDonald's "I'm lovin' it"). Avoid taglines that promise what you can't deliver (like Avis's and Allstate's above), are ambiguous (like Exxon's "We're Exxon"), or that convey unintended messages (like Jimmy Dean's "Eat Jimmy Dean").

4. KEEP YOUR EMPLOYEES IN THE LOOP

Your brand isn't about you; it's about your entire business. Your employees need to understand your company's values and the promise you make to your customers. If customer service is important to your brand, make sure all your frontline people know what that means and precisely what's expected of them. And put customer service front and center in all of your hiring decisions.

CONCLUSION

Warren Buffett said, "Your premium brand had better be delivering something special, or it's not going to get the business." The operative word here is "delivering." Nothing kills a brand faster than saying one thing and doing another. Take the time to build a B2B brand that represents your company and your customers well enough to deliver on its promises.

Mark Baker

Mark Baker is a natural artist. Since starting his first business hand painting graphics onto vehicles in high school, Mark gained experience in the entertainment, sports, and retail industries before founding this company in 1993. Honest and pragmatic, Mark knows that anything can be accomplished with a great communication plan and creative thinking. 

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