Manufacturing great products at a competitive price is a good start for creating a successful business, but it is not a complete business strategy. Your brand is equally important as your product performance and price points. Here are the top three reasons why manufacturers need expert branding.
Branding impacts the bottom line
Like manufacturing equipment, investing in the right tools needed to create a brand is a good investment in the business. Manufacturers need expert branding because it’s relevant to the bottom line.
A common misconception is that branding is only relevant to B2C businesses. McKinsey published research findings that show many present-day companies tend to underestimate the power of brands and trademarks in business-to-business decision making. Successful B2B companies without any consumer business invest heavily in building powerful brands, including SAP, Goldman Sachs, Thomson Reuters, and John Deere.
You need a strong brand identity
People decide within seconds whether they are interested in what you have to say. If your branding doesn’t communicate a strong value proposition that is relevant to your target audience, you’re irrelevant.
It’s often difficult to objectively surmise your own brand identity. There’s no doubt manufacturers benefit from third-party branding experts who can objectively lead the team through a fact-finding mission to identify the business’s strengths. A proven branding methodology overlays those strengths with the target audience’s needs and then creates a brand identity that clearly communicates why you are relevant to your desired audience. Select a branding partner with a proven research-based methodology that includes competitive research and interviews with stakeholders.
A consistent brand fosters trust
Creating a great brand is not enough. To maximize ROI, the internal and external brand launch needs to be thoughtfully planned and executed. But it does not stop there. Managing a consistent brand presence through all touchpoints builds trust and brand loyalty.
Consistency and trust are of utmost importance in B2B branding. Business customers are ultimately people with emotions, and there is no doubt they have emotional reactions to brands they do business with (and negative reactions to brands they choose not to do business with). But their priorities are different than consumers. According to McKinsey’s research, business customers attribute higher importance to brand functions like risk reduction and information efficiency. In short, they do not want to associate their professional reputation on a risky vendor. Consistency in branding builds trust and helps reduce that fear.
Relevant touchpoints that require consistency include everything from a sales presentation, tradeshow booth, and sponsorships, to online presence through the website, social media, and product packaging and descriptions. McKinsey’s research reinforces that successful companies convey their brand’s value proposition clearly and consistently across touchpoints to all stakeholders, and over extended periods of time.
Ready to work with experts who can build a trustworthy brand? The experts at id8 offer a proven approach designed to yield results.