Now more than ever before, the success of B2Bs doesn’t just hinge on offering top-notch products and services. Today, success relies upon building awareness, credibility, and demand for your products and services. Here is a simple fact, you can have the greatest products in the world but if people do not know you exist, you are unfortunately destined to fail. In this blog, we will discuss the hidden costs of invisibility. We will also show you how to build ongoing, sustainable awareness that puts you in front of your target audience on a regular basis. By doing this effectively, businesses can maximize their ROI and increase revenues.
In this comprehensive guide, we explore reasons why investing in brand awareness, powered by strategic B2B public relations (PR), can be a game changer.
Missed opportunities are a costly oversight
Can you imagine taking all your money and putting it in the middle of the floor and lighting it on fire? That’s pretty close to what happens when a B2B brand lacks visibility. Every opportunity missed is like burning money. If you have a great product, it is your fundamental duty to get that information into the hands of those who need it. In fact, by consistently getting your information into the hands of your ideal customers, you will increase revenue by at least 33% – according to a study by Demand Metric.
Companies with robust brand awareness in the B2B sector are also more likely to experience substantial year-over-year growth. Missed growth opportunities translate into lost revenue, potential partnerships, and market share.
Wasted marketing budgets are a drain on resources
Speaking of financial drain, when a B2B brand lacks visibility, it often resorts to traditional marketing methods which can be expensive and inefficient. For instance, cold calling, a common tactic in traditional marketing, costs an average of $200 per lead. However, conversion rates fall to about 1%!
Compare this to inbound marketing, which produces a cost per lead that is 60% less and converts 10x more. A lack of brand awareness leads to businesses allocating budgets inefficiently. This depletes resources that could be redirected toward more effective strategies.
Gambling with invisibility leads to poor ROI
In the absence of brand awareness, every marketing campaign becomes a gamble. Valuable resources are invested with the hope of a return. Companies with strong brand awareness, however, enjoy a significantly higher ROI from their marketing efforts.
According to BCG, companies with strong brands show a 74% higher return on their brand marketing investment. This results in a 46% larger market share than weaker brands.
Lost time is costly
In the fast-paced B2B world, time is a precious commodity. A lack of brand awareness often leads to longer sales cycles. This is due to potential customers taking extra time to research and evaluate your offerings. This delay not only postpones revenue but also inflates the cost of customer acquisition. Time lost is indeed money lost.
On the flip side, a well-defined PR strategy can actually shorten sales cycles. Think about it like this; you produce an article that is both insightful and educational. In a very non-promotional way, the article breaks down a traditional problem within an industry and how companies are now solving that problem. Within that article, your company is mentioned as an example of a provider that is offering this solution. Not only will you generate qualified sales leads, but they will come to the table way farther along in the sales process.
Down the sales funnel
As an example, the Electric Service Company (ELSCO) – an Ohio-based power transformer manufacturer, utilized Rankin PR for public relations services and benefited from more than 100 published articles in trade magazines. This increased brand awareness and credibility for ELSCO, but most importantly it delivered qualified leads and increased revenue.
For the company’s VP of Sales, Todd Benadum, the impact of the PR program really hit home with a single call. That is when a prospect, that he’d never worked with prior, called from Washington state. “From the first interaction, it was clear they were already way past the typical introductory sales process. They were way down the sales funnel,” says Benadum.
“They mentioned right up front that they had just read one of the articles about us in a well-read trade publication,” Benadum adds. “Our transformers are often a bit more expensive than other competitors, but they last longer because of how we build them. That was explained in the article and was a big part of why they called.”
ELSCO would go on to sell two six-figure transformers to them. Then, soon after that initial call and then two more a few months later. This alone brought an ROI from their PR efforts.
Remaining unseen leads to limited partnerships
Strategic partnerships can be a paradigm shifter in the B2B space. However, companies with low brand visibility often struggle to attract potential partners. Industry reports reveal that businesses with strong brand awareness are 57% more likely to form successful partnerships, expanding their reach and influence.
The key to brand awareness is PR
PR is a powerful tool. It goes beyond traditional marketing; it shapes perceptions, builds trust, and establishes your brand as an industry authority. So how do you craft a PR strategy that will lead to success?
Lead with brand storytelling
PR helps you craft and tell your brand’s story, making it relatable and engaging for your target audience. Through thoughtfully constructed narratives, you can connect with potential customers on a deeper level.
Cultivate trust
Trust is the linchpin of B2B relationships, and B2B PR can help you build that brand trust and credibility. It does this by positioning your brand as a reliable and knowledgeable industry player. This trust not only attracts customers but also fosters long-term relationships.
Build visibility and authority
PR strategies such as media outreach thought leadership articles, and speaking engagements can significantly increase your brand’s visibility and authority in your industry. When you’re seen as a go-to resource, it attracts not only customers but also potential partners and other opportunities.
Utilize data-driven decision making
PR provides valuable insights and data on how your brand is perceived in the market. With this data, you can make informed decisions, allocate resources effectively, and optimize your marketing efforts.
To learn more about how to effectively use PR strategy to yield measurable results, check out Mastering the Modern Press Release to Amplify Your Brand Narrative and Elevating Your B2B Tech Company Through B2B PR: A CEO’s Guide.
Invest in brand awareness and reap the rewards
Between sustainable growth and cost efficiency, enhanced ROI, and shorter sales cycles, brand awareness fueled by B2B PR is quite possibly the best strategic decision B2Bs can make.
In the face of these compelling arguments, it’s clear that strategic brand awareness is not just a luxury; it’s a necessity for B2Bs looking to maximize ROI and increase revenue. The question then becomes: How can this be achieved effectively?
If you’re ready to take the next step and explore how a strategic PR approach can benefit your B2B brand, consider partnering with Rankin PR! Contact us today to discuss a tailored PR strategy that aligns with your business goals and sets you on the path to greater ROI and revenue growth.