Business-to-business brands that are familiar and relevant to consumers are more likely to be considered as solutions by prospective business decision-makers, according to a new B2B Now survey from branding firm Siegel+Gale.
"Our research demonstrates that consumer-centric behavior creates significant business benefits for B2B brands," says Brian Rafferty, global director of research insights at Siegel+Gale. "As a result, these brands yield a notably higher overall growth."
Based on the findings, connecting with consumers drives demand: B2B brands that are strongly connected to consumers are 10 percent more likely to make it into the "consideration" stage of their prospects' buying cycles. That in turn boosts the bottom line: the top 10 most connected B2B brands—compared to least connected—also showed 27 percent more growth in stock value from 2010–2013; 8 percent higher ratio of intangible assets to total assets in 2012; and 31 percent greater growth in revenue from 2010–2013.
The B2BNow study rates 64 B2B-focused brands, based on a survey of close to 9,500 consumers and 450 decision makers, across nine countries in North America, Europe, Asia and the Middle East. The study found that the most connected B2B brands make their impact tangible to consumers; foster consumer-centric cultures of innovation; generate demand through cohesive brand experiences; and use simplified design to clarify their offerings.
"There's a trend emerging where more and more B2B brands are shifting their focus to consumers," says Margaret Molloy, global CMO at Siegel+Gale. "Our study confirms there is considerable business value to adopting this mindset."