The Importance of Brand Perception in Today’s B2B Marketplace

    The Importance of Brand Perception in Today’s B2B Marketplace

    Capitalizing on today’s dynamic B2B marketplace requires B2B marketers to get an idea of their brand perception.

    Surviving in today’s B2B marketing landscape requires organizations to deliver exceptional customer experiences. This enables the brands to strengthen their position in today’s B2B marketplace. However, providing a superior customer experience requires brands to have an understanding of their position in the marketplace, i.e. brand perception.

    One of the most effective ways for brands to measure their brand perception is by conducting an online survey and fielding both panel participants and customers in the database. Incorporating this dual approach gives organizations insights into their current and potential customers.

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    Here are a few ways that incorporating brand perception data can help organizations to strengthen their B2B marketing efforts, thereby enhancing their customer experience:

    Profile target audience

    Delivering an exceptional customer experience requires organizations to have an in-depth understanding of their target audience. This requires organizations to have access to rich demographics and psychographics. While most brands and marketers are aware of the demographics comprising race, ethnicity, education, and profession. They also need to make themselves aware of psychographics. B2B marketers can think of demographics as something closer to the surface level, and psychographics is the process of extracting data by assessing social class, lifestyles, and personality characteristics. Demographics help B2B marketers understand what their customers are, while psychographics help them realize who/why behind their customers. By knowing who the target audience is, B2B marketers will be better able to predict the shopping behavior and attitudes and use that data productively.

    Help to understand the price perceptions

    Another potential benefit of brand perception is that it helps marketers to understand price perceptions. For example, in today’s competitive marketplace, it is crucial that brands position themselves in a way that provides their target customers with positive price perceptions about the different products and services of the brand. Brand perception helps organizations to position themselves within the marketplace in a way that is either considered elite and exclusive.

    Irrespective of the different ends of the price spectrum, it is critical that B2B marketers know how their customers view the worth of their brand to determine if the public perception aligns with the strategy and goals of the brand.

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    Helps to identify factors affecting customer engagement

    Before advancing with their customer engagement, B2B marketers need to understand the drivers and barriers that affect how their customers engage with their brand. With brand perception, B2B marketers can determine their customers’ motivations that will enable them to convert their curious prospects into committed ones. These drivers and barriers often comprise pricing, interface, urgency, and trust.

    Determine the white space opportunities

    White Space helps organizations uncover unmet and unarticulated needs of the customers to create innovation opportunities. It helps B2B marketers to identify potential areas that the brand is not able to capitalize on. Moreover, brand perception enables marketers to identify these white spaces to unveil the new market opportunities or to help them to map incremental innovation within their existing products or services.

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