The world of business is just that – an entire world in and of itself. That is the only appropriate metaphor to describe the vast types and amounts of operations, strategies, stipulations, requirements, considerations and policies that are involved in running a business. From thinking of a product or service and indulging in after-sales help to the consumer, the process involved in business is one of the most elaborate things. Businesses all over the world indulge in various functions in order to realise their aim – higher profits. And one of the very essential steps is branding.
Branding
Branding is a process encompassing marketing, financing and communication methods meant to create an impression of the company or business in front of customers and the general public. In a world where new products resemble each other a lot more, with similar features, branding proves to be the clinching factor to deviate customer attention from one business to another. Branding contains of concepts such as packaging, logos, taglines, brand loyalty, company culture, etc. It holds the benefits of customer retention, credibility, easier introduction of new products, enhanced status over competitors and attraction to potential employees, to name a few.
B2B Business Model
As mentioned above, there are myriads of types of business models. Among these, one of the most prominent ones is the Business-To-Business (B2B) model. This type of model functions wherein a business’ operations are with other businesses, i.e. wherein a business’ customers are not the general public but other businesses. This is seen in the example of businesses that sell products used as resources or materials in the manufacture of other companies’ products, in businesses that purchase and re-sell other companies’ products and in the case of businesses that provide services to other businesses.
Branding for B2B Service Company
Of the three types of B2B companies, the most prominent one in the current climate is the third kind – businesses that provide services to other businesses. This makes sense considering that small start-ups in small office places and on low budgets might not be able to afford hiring extra long-term employees for a certain function of business. In lieu of this, they switch to hiring other firms to do the task, a move that ends up being cost-effective in the longer run. However, this is not to say that bigger firms do not go for the services of other firms; many businesses seek legal, financial, digital marketing and even human resource solutions from other firms as an active practice.
Some people are of the opinion that since B2B companies do not cater to the general public, they do not need to indulge in marketing techniques, particularly branding. However, this brand of opinions doesn’t make any sense from the business and marketing perspectives.
First and foremost, a B2B service provider is as much of a business as any other type. This implies that it, too, faces the same problems and tribulations. Moreover, it would also want to maximise its profits, an aim that can be achieved through efficient operations, able planning, customer retention and new customers. In order to appeal to prospective clients and maintain its reputation with the new clients, a service providing business would be in need of branding.
Secondly, the trends of competition that have defined the functioning of the other types of business models also persist in the areas of B2B service models. Any business looking to avail of legal services or finance services, for example, will find at its disposal multitudes of options, at similar prices and standards of work. In lieu of this, it becomes imperative for B2B companies to build, establish and maintain their brand image and loyalty as a sure-shot way of retaining clients and impressing new ones.
Thirdly, as B2B models rise and their clients and their demands grow, they shall be in need of human resources in order to cope with the increased demand. As any human resource expert would tell, the brand of a company is a huge factor in influencing the decision of a prospective employee over whether the employee should join the firm or not. Indulging in branding and building up a reputable brand, then, would be an efficient way to attract employees.
t have defined the functioning of the other types of business models also persist in the areas of B2B service models. Any business looking to avail of legal services or finance services, for example, will find at its disposal multitudes of options, at similar prices and standards of work. In lieu of this, it becomes imperative for B2B companies to build, establish and maintain their brand image and loyalty as a sure-shot way of retaining clients and impressing new ones.
Thirdly, as B2B models rise and their clients and their demands grow, they shall be in need of human resources in order to cope with the increased demand. As any human resource expert would tell, the brand of a company is a huge factor in influencing the decision of a prospective employee over whether the employee should join the firm or not. Indulging in branding and building up a reputable brand, then, would be an efficient way to attract employees.
Conclusion
A long time ago, someone said, “The more things change, the more they remain the same.” The quote stands true to the components of business, too. The digital and the smartphone revolutions might have changed the trajectory of marketing but what still persists is the importance of marketing and maintaining a good brand image in the eyes of the customers, media and the general public. And like with all other models of business, B2B service providers are no exceptions to the rule!
