5 criteria for assessing the value of your B2B brand
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Marketing positioning July 22, 2014
4 min.
You know how important a brand is for B2C (business-to-consumer) companies. However, according to Forbes magazine, it’s just as important in B2B (business-to-business). A trusted brand is reassuring and simplifies evaluation for the customer.
The result: B2B companies that have succeeded in building brand equity sell at record prices, and their value compares favourably with that of B2C behemoths. What about your company? Have you developed a branding strategy that contributes to the value of your brand? Here are a few ways to find out.
Defining brand value: what does it mean in marketing?
Brand value refers to the financial value or monetary valuation of a brand in the marketplace. It represents the tangible and intangible assets associated with it, including its reputation, customer loyalty, recognition and overall perception among consumers. Brand value is an essential measure for companies, as it reflects the impact of their branding efforts and the potential for future profits. It considers factors such as market share, brand equity, customer preference and overall financial performance. These are indicators of the brand’s strength and competitiveness in the marketplace, influencing customer behaviour, market positioning and overall corporate success: essential elements to be considered when building corporate marketing strategies.
What is a good brand value and how do you estimate it?
Brand value encompasses a multitude of elements, as discussed above. By evaluating these factors, companies can get an idea of the effectiveness and impact of their branding efforts and brand investments. Here’s some valuable information to help you make strategic decisions and improve your brand’s value in the marketplace.
Example of a list to measure your company’s value
1. Brand awareness
Is your brand name well known? Better still, are you one of the first companies that come to mind among your target clientele? You need to be considered an option by your customers from the get-go, without even having contacted them.
2. Uniqueness
Does your company offer a unique service or product far more advantageous than the competition? That’s great. But are you known for your uniqueness? It’s all a question of perception!
There’s no better way to find out what your customers think of you than to survey consumers. Market research will give you the inside scoop on your target audience’s perceptions of your brand and the value it brings to the marketplace.
3. Value of products and services offered
Compared to your competitors, are you giving the customer value for money? They need to feel that by returning to you, they’re making the best investment at the right market value, dealing with the best company for their needs, and feeling close to their values.
4. Accessibility
Is it easy for your target clientele to obtain your services? They need to feel they can reach you anytime and that their requests will be prioritized. In short, are you perceived as a convenient solution to their needs?
5. Emotional connection
Corporate customers are thought to be more rational than the average consumer and more inclined to weigh up their options in terms of cost/benefit. But in fact, they often need more time and information to draw up a complete picture. So they fall back on their experience and emotional attachment to one brand or another!
As you can see, determining the value of a company’s brand is a multi-faceted mission requiring in-depth analysis and reflection. It goes beyond financial measurement to encompass the intangible assets and perceptions that shape a brand’s value in the marketplace! By understanding the key contributing factors, such as brand equity, customer perception, market position, brand awareness and the competitive landscape, companies can gain valuable insights into the strength and potential of their brand.
Various valuation methods, such as financial valuation models, customer surveys and competitor analysis, provide a comprehensive view of a brand’s value. It is essential for companies to regularly assess and monitor the value of their brand to have a clear picture and make informed strategic decisions, optimize marketing efforts and cultivate long-term success along with securing future revenues. As the business landscape evolves, ongoing brand value assessment will enable companies to remain relevant, competitive and resilient in an ever-changing marketplace.
As you continue to build and nurture your brand, remember that understanding its value is only the first step. Act on the information you gather, continually refine your brand strategy and adapt to your audience’s changing needs and expectations. By leveraging the value of your brand and effectively communicating its unique characteristics, you’ll be able to forge closer ties with your customers, drive business growth and achieve lasting success.
You can learn more on our blog, but if you’re unsatisfied with your current brand value, we can help! Whether it’s working on your branding or finding your voice, we’ve got you covered, even in marketing strategy!
