There are many reasons why B2B marketers should consider relaunching their brand. It could be because of a product or service launch, a change within the organization, an outdated look and feel, shifting audience behavior—or all the above. And pulling it off well pays off in a big way. According to Boston Consulting Group, B2B companies with strong brands show a 74% higher return on their brand marketing investment and claim 46% more market share.
BCG observes that brand strength directly correlates with budgets; most B2B companies aren’t investing enough in brand marketing to build a growth engine necessary for deepening customer relationships, improving ROI, and enhancing lifetime customer value.
We couldn’t agree more. Landing on a fresh identity (look, feel, and messaging) that builds trust with your market and accurately reflects your organization is much easier with the right investments in place.
At PMG, helping SaaS and tech marketers navigate brand transformations and channel demand into growth is our joie de vivre. Whether you’re already planning a brand relaunch or just analyzing the landscape, we hope this guide helps augment your thinking and adds clarity to the process.
1. You’re introducing (or modifying) your offering
Let’s say you’re entering the South American market for the first time, or launching a new service to increase the adoption of an existing product. The challenge is: how will it fit within your current messaging framework in a way that’s consistent with the brand people know? Or will it even fit at all?
To answer those questions, B2B marketers should re-examine their brands from a lens of practicality and relevance to their target audiences.
A new product or service means something different to your existing customers than it does to your prospective customers. Current customers need to know that your service won’t lag. And prospective customers need to get why they should care right away. This balancing act is far more complicated than tacking on another pillar to a strategy deck, publishing a landing page, or releasing a flashy announcement on social.
That’s why investing in a messaging framework early on is so critical. The more comprehensive and clear the strategy and framework, the easier it will be to find a relevant way in. Think of it this way: Would you rather be lost in the woods with just a map or with a map and a compass?
The best way to drive growth for a new offering is to start at the foundation level, authentically incorporate the value proposition of that service into your brand story, and tell it consistently across all channels.
Read More: Best Practices for Developing a B2B Messaging Platform
2. Your audience’s behavior has shifted
The contactless-service era fueled by the pandemic is the most recent example of a mass shift in audience behavior. A recent survey by consulting firm Mckinsey of 3,600 B2B decision-makers revealed that 70% of customers prefer doing business remotely.
So industries used technology to adapt to this new reality. Manufacturing and commercial real estate companies adopted digital twins to replicate shopfloors and office spaces for better predictive maintenance and smarter construction. Health providers fully embraced electronic health records to streamline care between facilities. Brick-and-mortar retailers invested in edge computing. The customer experience of the past is over.
But it’s not enough to adapt your business to meet these new needs. Generating awareness and adoption requires a fresh brand strategy built on customer-driven insights. We recommend a thorough B2B brand audit to ensure consistency throughout the relaunch from your owned channels down to dialogue from a customer-facing chatbot.
Read More: Why Now is the Perfect Time To Perform a B2B Brand Audit
3. Your brand’s current look and feel is outdated
As the times change, brands need to look inward and adapt or risk alienating—or worse—a new generation of customers. For example, photo guidance that lacks diversity or ads with objectifying concepts need to be refreshed. We’ve all spent enough time on LinkedIn and Twitter to learn what happens to brands when they don’t.
Of all the channels your brand lives on, your website may be the biggest reason to stay current; according to a survey by Blue Fountain Media, 81% of people think less of a business if its website is outdated.
A fresh look and feel will keep your company competitive (and talked about) in the marketplace. Consider what your customers are saying online and find solutions that integrate their feedback. A great example of this is Burger King’s brand refresh in January 2021 to counter the market’s perception of fast food as artificial. They listened and redesigned a more natural, fun, and flavorful brand—one that’s celebrated by marketers and customers everywhere.
The more your market can connect with your new identity, the more likely they are to not only do business with you but recommend the brand to their friends and coworkers too.
Done well, a refreshed look and feel reassures everyone—internal stakeholders, prospective customers, even competitors—that your brand is worth watching.
4. Your organization has changed
Is there a plan to update your company’s mission or value statement? Is a significant change in executive leadership on the horizon? Or a new business model? If so, a brand relaunch is a powerful way to properly introduce your new purpose to the world and get those who matter—customers, partners and stakeholders—on board.
Brand loyalty is based on emotions and shared value systems, and how people feel about your organization has a significant impact on the business. The right message delivered the right way builds advocacy. That’s why awareness of any organizational change should be thoughtfully and strategically communicated.
Read More: How to Take Your B2B Brand Awareness Strategy to the Next Level
A brand is much more than the people’s perception inside the organization. It’s the sum of the feelings and emotions your audience assigns to it as they engage with your company at every step of the customer journey.
The right brand relaunch provides marketers with a messaging platform to generate a plethora of stories that can capture the attention of even the busiest c-suite executives.
Learn how you can effectively relaunch your brand and accelerate your growth with high-value content strategy and high-impact content marketing. Contact PMG today for a free 20-minute consultation.