A strong reputation distinguishes the standard from the exceptional, the forgotten from the memorable and the transactional from the trusted advisor, says Josh Tilley, Brand Strategy Director, Initials CX
A compelling brand separates you from a sea of sameness by communicating your distinct value and expertise to clients. And this matters, with research showing that 90% of clients choose professional services from a firm they recognise. Your “why”, the core reason behind what you do, is often the key factor driving client decisions.
Yet, despite these benefits, many firms overlook their brand. A costly oversight when the price of acquiring customers is spiralling.
What’s the verdict on a strong B2B brand?
As marketers we often overanalyse, especially when drawing comparisons between consumer and B2B brands. While we focus on the distinctions, the average client remains indifferent, with one thing holding true: a strong and clear proposition matters.
After all, a compelling argument is universal, no matter the courtroom or boardroom.
When booking a holiday, you’ll choose the provider with a reputation for comfort and top-notch service. Similarly, you’ll select a law firm with a solid reputation for delivering strong expertise and a trustworthy client experience.
The logic remains, whether booking a holiday or seeking legal counsel, quality and reliability are key.
A crystal-clear proposition makes the difference. Your firm needs an identity that is instantly recognisable, whether through branding, expertise or client relationships, it can differentiate you and ensure that your services resonate with clients.
Consider Magic Circle firms. They’ve built their brand and reputation, becoming the go-to for clients facing corporate challenges. When a major issue arises, clients know that turning to these firms ensures a meticulous approach, with no compromises on quality.
Prospective clients are willing to invest in their services, assured that they will receive exceptional legal support and strategic guidance during critical moments.
Brand awareness and trust are fundamentally connected to a positive customer experience. If a client feels neglected, they will lose confidence in your firm, with 68% of clients leaving due to perceived indifference.
Even straightforward branding elements can impact client perceptions. Marketing teams must ensure that communications are cohesive and clear across touchpoints to avoid confusing clients and guarantee that all messaging reflects the values your firm stands for.
By simplifying client interactions, you enhance the likelihood that clients will perceive a positive experience, encouraging them to return whenever necessary.
Why a strong B2B brand is the best defence
When it counts, you choose the firms you trust.
When buying a house, you’ll opt for a reputable lender, recognised for reliability and customer service, than a lesser-known bank.
The same principle applies in B2B, with 90% of buyers selecting a vendor they recognise before the purchasing process. Essentially, if you haven’t established familiarity and loyalty with your audience, you’re competing for 10% of the market.
It’s no surprise that B2B companies with a strong brand enjoy a 46% greater market share and often command premium pricing.
As the adage goes, “nobody got fired for buying an IBM”.
B2B buyers strive to make sound, reliable choices. They can’t afford to select an unfamiliar or untested brand, as a poor decision could jeopardise their career, so they’ll revert to the brands they trust.
And with the cost of acquiring new customers rising, a differentiated brand has never been as important.
With few standout brands, businesses are pouring money into SEO and PPC, driving marketing costs to unprecedented levels.
To exacerbate the situation, only 5% of category buyers are typically in purchasing mode. Many companies lacking a sufficient brand resort to a ‘spray and pray’ digital marketing strategy, meaning that 95% of their budget is wasted once the campaign launches.
Having a strong brand goes beyond recognition, it’s about realising significant commercial rewards.
By cultivating a memorable brand, legal firms can shift their focus from an unyielding emphasis on short-term ROI to fostering successful relationships.
Josh is brand strategy director at Initials CX, leading brand strategy for Hovis, Nestle Health Science and Edrington whiskies. Throughout his career he has worked on a wide range of brands such as Suzuki Cars, Motability and Veezu, in addition to The Beano, KFC, Jagermeister and Durex.