Your B2B Brand Reputation and How To Manage It
B2B customers are the same people who go online to get information about and then review retailers, physicians, auto dealerships, and all the other businesses they interact with. They, of course, bring those behaviors with them to the B2B world. And in addition to customers, B2B brands are also challenged by other forces, such as existing and emerging competition, changing regulatory environments, and economic pressures. Therefore, in a time when information – positive and negative – can be distributed and shared across the globe as quickly as you can press “send,” continually and devotedly monitoring and managing your B2B brand reputation online and offline is fundamental to business success.
Here’s why: A Deloitte survey reports that on average more than 25% of any company’s market value is directly attributable to its brand reputation. It is even more critical for B2B companies. According to G2, a business services review site, 94% of B2B buyers say reviews are important in their purchasing decision, and 80% of B2B software users switch providers within two years because of poor experiences. Further, Gartner reports that 64% of buyers who feel a high connection with a brand are more willing to pay a premium price for its products and services.
B2B buyers are driven to make investments that will succeed and reflect well on their organization. Many of these investments require a long-term contract with a sizable financial commitment. If B2B buyers don’t want to rely solely on their salesperson solely, who can they rely on? Their peers. And that is why B2B customers overwhelmingly count on product reviews. Then, if most B2B purchasers switch vendors frequently, you must monitor your brand reputation to gather insight into how to improve to retain customers longer.