Mumbai: In today’s digital era, the importance of online brand building in the B2B sector is becoming increasingly evident. While many B2B companies have traditionally focused on performance attributes such as price and features, they have often neglected the broader initiatives to build their online brand presence. However, recent studies suggest that this approach may be overlooking a crucial aspect of modern marketing.
Research in the European Journal of Marketing explored how B2B companies create their brand image online through their products and customer interactions. The study found that companies can build a strong and consistent online brand image by focusing on two key aspects: the quality of their products and their customer engagement. This means companies need to show they are good at what they do and also need to build good relationships with their customers online.
This finding challenges the traditional B2B marketing paradigm. It suggests that B2B companies should not only emphasize competence in product design and R&D but also warmth in activities related to sales and customer service. This approach can help firms build strong B2B brands that are both warm and competent online.
The argument for a balanced approach to online brand building in B2B marketing is further supported by data from Boston Consulting Group (BCG) and Google. Their research shows that online brand marketing improves not only the brand but other components as well, such as the return on marketing investment (ROMI) on performance marketing, customer advocacy, and even employee satisfaction. Despite the clear benefits of online brand marketing, many B2B companies continue to underinvest in this area. This is a missed opportunity. Companies that are more mature in terms of online brand marketing generate a higher ROMI on those efforts; moreover, strong online brand marketing capabilities reinforce performance marketing, leading to better engagement overall.
Let’s take the example of Tesla. Elon Musk, the CEO of Tesla, has played a pivotal role in the company’s growth and success. His charismatic personality and visionary leadership have been instrumental in shaping Tesla’s brand image. Musk’s personal brand is characterized by his passion for innovation, commitment to sustainable energy, and bold, often controversial, statements.
Musk’s active presence on social media platforms, particularly Twitter, has been a key aspect of Tesla’s online marketing strategy. His tweets about new product launches, company updates, and even his personal thoughts and opinions, generate significant media attention and public interest. This has helped boost Tesla’s brand visibility and market value.
If you want more examples near home, take a look at the judges on Shark Tank India. They are not just investing in businesses; they’re also investing in their personal brands. Each judge, a successful entrepreneur in their own right, uses the platform to demonstrate their expertise, strategic thinking, and unique approach to business. Their critiques, advice, and investment decisions all contribute to their personal brand narratives. Plus, they extend their brand-building efforts beyond the show. They engage with their audience through social media, sharing insights, experiences, and personal stories that reinforce their brand identities. They also leverage their business ventures and public speaking engagements to further enhance their personal brands.
This strategic personal brand building serves to strengthen their business interests. A well-crafted personal brand can foster trust, attract opportunities, and drive business growth. Therefore, their participation in Shark Tank India is not just about discovering the next big business idea; it’s also about shaping public perception and building a strong personal brand that supports their entrepreneurial endeavors. This strategic personal brand building serves to strengthen their business interests. A well-crafted personal brand can foster trust, attract opportunities, and drive business growth. Therefore, their participation in Shark Tank India is not just about discovering the next big business idea; it’s also about shaping public perception and building a strong personal brand that supports their entrepreneurial endeavors.
In fact, B2B businesses need to build their brands online. This is because the B2B buying process often involves more research and consideration than B2C purchases. By building a strong online brand, B2B companies can position themselves as thought leaders in their industry, build trust with potential customers, and ultimately drive more sales. So, whether it’s through content marketing, social media, SEO, or other digital marketing strategies, online brand building should be a key part of any B2B company’s marketing strategy.
The author of this article is Bottle Openers COO Shilpi Prasad.
