Are Wholesalers aware of the Importance of their Branding?
While Marketing was not the line of business of their highest priority in the past, todays wholesalers learned from retailers and other industries and are working on Marketing- and Branding strategies.
Due to the growing market power of internet wholesalers they see a need to execute the right marketing strategies and increase marketing spend.
It is very much surprising what impact in particular branding has on buying behavior, specifically if we are talking about B2B Business. As higher as the complexity and opacity of characteristics of products or services are, as more impact on buying decisions goes to the brand.
Craftsmen or retailers do not have the time to investigate all products and services in detail as the number of offerings has been exploding, so they mostly prefer to take their buying decision on branding and pricing. So branding meanwhile is most important to wholesalers’ revenue and those who did not so far have to start to work on that.
The brand narrative has to be clear, consistent and unique. The first questions to answer in order to create the brand are the following:
– What is the purpose of your business?
– What is the real value of your business?
– What do your customers really want?
– What makes your products and services stand out?
– Why do customers buy your products and services?
Branding is not only important for making revenue, it is very important to win early talents, and early talents are limited. Recent studies show that many young people are taking care if the companies are supporting the 17 UN Sustainable Development Goals such as:
– No poverty
– Zero hunger
– Quality Education
– Gender Equality
– Industry, Innovation and Infrastructure
– Partnership for Goals
and same with the digital transformation and innovation.
We can summarize that for the future success of the companies the consideration of the UN Goals as well as Digitization and Innovation are key elements of a successful branding.
As competition is increasing, wholesalers are keen to keep their relationship to their customers, but also to their suppliers and partners. Together with their suppliers and partners, sometimes even by co-branding, branding is the tool to reflect authenticity which is mandatory to keep customers for life.
Customers for life requires also insights of your customers’ journey and serve the customers’ needs at any point in time at any channel appropriate to the brand promise.
Investment in branding strategies helps all internal stakeholders to get clear on the company’s brand narrative first which is a must have before addressing that one voice to the market.
If you haven’t done so far, start to build your own branding right now!