Thursday, June 8, 2023

Building a B2B brand: 73% of purchasing decisions are now in the hands of millennials

ALICANTE Generally, brands are given a lot of importance when it comes to identifying products that reach the end consumer (choose my phone company and not the competition for ‘x’ attributes, or my shoes instead of the opposite for ‘x’ values); but the construction of the identity of the company is not so diligent with the client another company, which is called “business to business” or B2B. However, to improve the brand of any B2B and, of course, everything that surrounds it (customer service, comprehensive management, internal culture …) and defined, can be the key to success.

This is confirmed by the study ‘Brand ad res – new B2B brands’, Prepared by the Alicante consultancy and presented together with the Círculo-Directivos de Alicante by the CEO of the company, Juan Antonio Carcelén, a member of the Spanish association. AEBrand teams. The study includes the main trends and challenges faced by B2B companies, always characterized by strategic management. Each of the 10 specific keys to building a unique brand in B2B environments, where topics such as digitization, internal culture, customer experience or the need for comprehensive and transversal management are discussed, among many others.

It is clear that the document provides that in the B2B environment, 73% of purchasing decisions are already in the hands of millennials. In other words, the generation that has reached the age of majority with the advent of the 21st century occupies the places where the business is established after twenty years, and when it is the largest target audience. But along with the importance of millennials and the need to adapt to this situation, the report includes ten commandments for those B2B companies that seek to have a strong and therefore useful brand.

B2B companies have “become more disruptive than ever, with changing procurement patterns” so that companies are “liquid, capable of adapting to a changing environment”. The second key is digital change, which must be addressed as a result of cultural change. Regarding the weaknesses that the pandemic has brought to light, 56% of B2B companies design their technological infrastructure, according to the report, which is why Carcelén points out that “digital transformation requires investing primarily in the culture of the company”. Companies with the best digital resources have generated 14% return for their shareholders, and have reduced their expenses between 40 and 60%. 90% of buyers use online channels. This is the third key: “The present is already a hybrid.”

Fourth, the study addresses the priorities of customers, which are clearly identified: 78% are looking for warranty coverage, 74% online product availability, and another 72% ongoing customer service. “The main concerns of B2B are cost savings, improving efficiency in the procurement process and internal customer satisfaction.” The customer journey, or customer experience, is the fifth key: it can increase success rates by up to 40%.

B2B marketing, which has become “hyper-sophisticated”, is the sixth key. One of the best content boards in this area is Linkedin according to the report. Below is the agile methodology, which consists of turning the company into an agile organization that reacts immediately on the fly, “progressing in beta and incorporating trial and error.” The eighth key is the importance of millennials, as I said, which forces a change in the relationship with their public company. “Millennials and Generation Z expect personal and immediate, relevant interactions.”

The last two keys to a business are strategic vision. Ninth recommends creating “silos” and integrating all dimensions of work under a common prism. “Understanding is the first step in the construction of our brand on the road.” Tenth advises the team to complete the “more detailed”. “By brand we mean much more than our logo, the common thread under which we express our entire marketing, communication and sales strategy.”

The presentation of the report was made in the hall of the ULab collaborating center by John Antonio Carcelén, CEO of the consultancy, and the event was also attended by José Francisco Aserti, CEO of Aserti Global Solutions, and Pedro Fernández; CEO of Forest Chemical Group. Both shared their experience in B2B brand management in a roundtable discussion after the report was launched. According to Carcelén, “The B2B segment has a huge potential for improvement in terms of brand creation and management, and a strong brand brings many benefits to the business. This vision with data and relationships backing this is essential to change the mentality that these companies need.”

Nation World News Desk
Nation World News Desk
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