Top-of-mind brands win a pitch in 90 % cases
Brands that win the sale are included at the initial 'front of mind' stage in 90 % of the time in the B2B business. All other participants of the pitch only have a 10 % chance to get the business. This is what Richard Parsons of True shared with the audience at the first B2B Conference held in Prague recently.
The probability that the first of the three top-of-mind brands wins is 40 % with 30 % probability for the second brand and 20 % chance for the third one.
Isn´t it great?
Brand building does not generate leads immediately, it brings fruits in long time perspective. Emotional priming plays its role in the picking process and not only in the personal consumption. People naturally prefer familiar products, and this rule is equally valid in the B2B purchasing process.
When preparing a pitch, the buyer usually invites few top-of-mind brands. For a better choice they google for few competitors until they get the requested number of pitch participants. When evaluating their offers the purchaser subconsciously puts higher value on the familiar brands.
Is it worth of building your brand fame?
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