Want to Build a Strong Brand? Do Your Research

Here’s an interesting insight. ??

In B2B, efficiency appears to be maximized when around 46% of the budget is allocated to a brand, with around 54% allocated to activation. So as tempting as it is to put all the money in short-term quick-fix tactics, you can’t afford to ignore the big picture. You’ve got to work on your branding.

The only way to build a differentiated, credible, and compelling B2B brand is by understanding what your target audience wants and how they perceive you.

A quick test. Three rapid-fire questions.

1. What are the underserved needs in your market??
2. How do your customers perceive you??
3. And what about your team? Are you sure they share your vision??

There’s got to be alignment between company goals and customer expectations.

Research is a key component of building an effective B2B brand (and B2C, for that matter). Make sure you follow these steps to get the most out of your efforts.

Understand your brand’s DNA

A successful brand is a combination of two things - what plays well in your industry and what makes you unique. Work together with your management and customer-facing teams to determine how your brand will look and feel. What does your company stand for? What values do you wish it to have, and does it resonate with the rest of the team? It's important for senior leaders or founders to check in with others to see how their ideas are received.?

Gather insights outside of the organization

The best way to build a strong and reputable brand is by engaging with those who can give you insight. In this case, we're talking about prospects and customers - their opinions matter more than anyone else's! You'll want their thoughts on the values they hold, other brands they respect, as well as their expectations from partnering with businesses in your industry.?

Redefine your brand's identity

All the internal and external research will give you plenty of information you can use to establish your brand's new position in the market. That said, validating your findings is critical for understanding where your journey is headed. Make sure you get complete buy-in from your entire team on your new course. If possible, gather feedback from the customers.?

To build a strong brand, it's important to determine what the market wants. And this can be difficult! But if you take time and do your research, you will create customer loyalty that lasts forever.

Thank you for reading! And see you next week.

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