Advertise or Fade Away
At this year’s Super Bowl, the price tag for a 30-second commercial spot was over $5 million. Why would nationally-recognized brands—Pizza Hut, Mercedes, Doritos, Pepsi, Toyota and many more—shell out those kinds of dollars for ads? They’re already household names. We don’t need reminders that they still exist or about what they sell. What do these brands have to gain for those costs?
A lot, actually. Amy Avery, chief intelligence officer at Droga5, an independent advertising network, said in an interview on CNN that brands that advertise are buying access to “the conversation,” “triggering emotion,” and creating a “memorable experience.” Avery said the ads, focused on branding rather than direct selling, target the viewer’s subconscious.
The CNN segment also reported that for large purchases, many factors contribute to the buying decision, including a big dose of emotion. For example, something that you’ve seen in the past (an advertisement) emotionally kicks in while you are making a decision.
The story referenced a study that demonstrated people tend to purchase the brand they know and recognize, not the one they never heard of, even if the unknown brand is cheaper. The study also noted that when known brands cut their advertising, their perceived quality went down, making their brand seem less desirable while unknown competitive brands became more appealing.
An article in The Atlantic, “Why Good Advertising Works (Even When You Think it Doesn’t),” noted that successful advertising rarely succeeds through argument or calls to action. Instead, it creates positive memories and feelings that influence our behavior over time to encourage us to buy something at a later date.
The Role of Emotions in B2B Purchasing
Emotions? Subconscious? A memorable experience? What do they have to do with buying decisions in a business-to-business sector such as the life sciences? In B2B, rationality rules decision-making.
But not entirely.
Daniel Newman, CEO of Broadsuite Media Group, writing in Forbes, referenced a study that examined the impact of personal emotions on B2B purchases, and found that 71 percent of buyers who see a personal value in a B2B purchase will end up buying the product or service. In fact, personal value—or emotional value—had two times the impact on the buyer than business impact did.
Emotion really does play a significant role in making the right purchasing decision for a business. In the B2B space, if a poor decision is made, not only is the decision maker’s job or status at risk but other people within the organization aren’t going to be too happy.
Advertising Paves the Road to a Sale
In B2B, where content marketing dominates—articles, webinars, white papers, etc.—traditional display advertising such as banners and ads in newsletters play an essential role at the top of the funnel in helping to improve lead generation efforts and, ultimately, sales.
Advertising saves your buyer time. Danny Jack, a B2B marketer, wrote in a blog post on LinkedIn in that many decision-makers in businesses just don’t have time to listen to a live webinar, read a white paper, or have any interest in reading your latest piece of thoughtfully written content marketing. Advertising reduces the time to experience your brand and form an impression.
So much of advertising is about building brand impression, just like those Super Bowl commercials. The Business Journals made a powerful case on why a strong brand matters, stating that a strong brand can help you get in the door, minimize the perception of risk in the buyer, and help close not only this sale but the next one, too.
When you deliver on your brand promise, you add to a bank of goodwill. And that goodwill carries forward. The next time your customer needs services like yours, they may only make one call—to you — instead of four or five.
Another reason that a strong and memorable brand matters is that employees rarely remain at one company for their entire career. When they move on, they may bring you to their next gig—if you’ve done great work for them and have fulfilled your brand promise.
The Power of Brand in Life Sciences
Research conducted by Martin Akel & Associates for Biocompare reinforces the power of branding. When buyers in life sciences are evaluating alternative suppliers during their buying journey, 95 percent are likely/very likely to investigate vendors with whom they’ve previously done business. It comes as no surprise that buyers are inclined towards brands they know.
More interesting is that 70 percent are likely to investigate companies they haven’t had contact with yet, but have come to know and recognize through the vendor’s advertising: online listings and promotion, newsletters, videos, ads, trade show exhibits, etc. Conversely, only 21 percent are likely to investigate suppliers they’ve “never heard of.”
Now is a good time to energize your advertising efforts. The choice for companies is to either build a strong brand in your market or risk fading away from potential buyers’ minds. Remember: using advertising in your marketing portfolio is a good decision for marketers, both rationally and emotionally.
In the past 12 months, 2.4 million scientists visited biocompare.com to learn about, find and decide upon which products to use for their research. For marketers, Biocompare offers a unique context and turnkey solution, from branding and awareness through to sales-ready lead generation. To learn more about how Biocompare can help you establish your brand and get selected for purchasing consideration email us at sales@biocompare.com or contact your Biocompare Sales Executive.