From the buyer's perspective, the brand is an insurance policy. A brand on a consumer product tells the buyer exactly what to expect – every time. But in B2B sales, buyers often don't know what they need, what’s available, or how it works. A reputable B2B brand, from the buyer's perspective, insures the buyer against risk before and after buying.
From the B2B seller’s perspective, the basic purpose of a brand is to educate the potential buyer and reduce the impact of price on the purchasing decision. Clients give well-branded companies greater leeway and more opportunities than their lesser-known peers. Clients let these firms have:
1. Access: Anyone who's ever tried to see a C-suite executive knows half the challenge is simply getting in the door. Executives have rules that their staffs use to filter vendors, such as Have I ever heard of this company?
2. Permission to take on Bigger Projects: Clients place more trust in well-branded firms and let them extend themselves beyond their own stated capabilities and track record. That extra amount of trust gives branded companies permission to take on bigger projects than more experienced competitors.
3. Confidence in Potential: Often companies will invest in emerging technologies and services simply because they come from a company with the potential to set a standard.
4. The Chance to Recover: Clients want to pay for tried and true experience. The difference between a lesser-known company that fails and a well-branded company that fails is that the well-branded company will have the opportunity to restore confidence.