Business decision-makers are 10% more likely to consider B2B brands that consumers know and feel connected to, according to a recent report from Siegel+Gale.
The findings were based on data from a survey of 9,500 global consumers and 450 business decision-makers who assessed 64 B2B-focused brands. To qualify for the study, a brand had to be on the Fortune Global 500 list and it had to have over 50% of its revenue come from B2B operations.
Besides increasing the likelihood of purchase, high consumer awareness was also linked to better financial performance: When the 10 most-known B2B brands examined were compared with the 10 least-known, those with high consumer awareness had 27% more growth in stock value between 2010 and 2013, and 31% greater growth in revenue.
Among the brands examined, tech companies (Google, Microsoft, and Intel) were determined to be the most “relevant”—i.e., general consumers both know the companies and feel an attachment to them.
However, another tech titan, Huawei, was cited in the report for being “known but not relevant”—meaning consumers recognize its name but are unsure what it does and do not feel a connection to the brand.
About the research: The report was based on data from a survey of 9,500 global consumers and 450 business decision-makers.