What is the Importance of Industrial Branding | B2B Branding?
Is B2B Branding, also referred to as Industrial Branding, important nowadays in business to business marketplaces? Why?
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Ron Strauss
Business Consultant, United States
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B2B Branding is Huge
More than half the people employed in marketing and branding in the U.S. (according to the U.S. Census Bureau) are employed in B2B Marketing. About two-thirds of the U.S. Gross Economic Output is created by B2B companies according to the U.S. Bureau of Economic Analysis. So the importance of B2B marketing and branding activity is huge. It's the mountain on which the consumer economy sits.
Given the expanding role of the buyer in the buying process, based on their ability to acquire product and service information via the internet, B2B companies are redefining the sales 'funnel' to a sales loop and are realizing that marketing and sales force integration is vital to success. Branding again plays a key role in this, as it helps all stakeholders of the business understand the values and brand attributes that create value for the firm via brand relevance, differentiation and salience.
One implication is that brand equity, the bundle of intangible emotional/emotive attributes that serve to distinguish a brand, is increasingly important to customer lifetime value, and, therefore, brand value creation and enterprise value.
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