Customer-centricity seems to be dominating much of today’s B2C conversation. There’s no doubt consumers increasingly prefer brands that understand them—brands they can engage with. And B2C brands that provide that for them often see growth in revenue.
Now a recent study from strategic branding firm Siegel+Gale shows that B2B brands with this same customer-centric approach are also seeing a boost in the bottom line.
The study surveyed nearly 2,000 consumers and business decision makers across Asia, Europe, the Middle East, and North America and then rated 64 B2B brands for their connections with and focus on customers. The top 10 most connected B2B brands saw 31% more revenue growth from 2010 to 2013 than brands without a heavy focus on customers. That top ten list includes product giant 3M, Dell, FedEx, GE, Google, Intel, Lenovo, and Microsoft. B2B brands were scored on how familiar consumers were with them and how connected and engaged consumers feel.
In addition, stock values for the top ten brands grew 27% more than the stock value of B2B brands listed as not having a customer-centric approach.
What’s more, customer-centric B2B brands had an 8% higher ratio of intangible assets (e.g. intellectual property including patents, trademarks, copyrights and business methodologies) to total assets in 2012.
The study listed eight questions to determine how relevant a B2B brand is to its customers. Here are a few of those questions:
• Do you engage consumers to generate demand with your customers?
• Are the experiences you provide—from communications to products and services—consistent and simple?
• Do you use design to clarify and differentiate your offerings?
• Do your family and friends understand what your company does and how it makes a difference?