The landscape of B2B marketing is undergoing a seismic shift, with brand perception emerging as a critical determinant in purchasing decisions. Dentsu’s 2024 Superpowers Index, the largest systematic analysis of B2B buying behavior globally, sheds light on the evolving role of brand in this domain. This comprehensive study, which began in 2021, involved interviews with 3,528 B2B buyers and examined 6,539 buying experiences in its latest iteration. The findings from this research underscore a significant resurgence of brand importance in the B2B sector, revealing profound insights into how purchasing decisions are made and emphasizing the growing need for companies to invest in their brand reputation.
The Rising Importance of Personal Decision Drivers
In the realm of B2B purchasing, individual buyers are placing increasing emphasis on personal decision drivers, marking a notable shift from previous years. Dentsu’s research reveals that brand importance has surged, asserting that “Brand has never been more important in B2B.” The study operationalized this by presenting buyers with 30 decision drivers and asking them to rank these based on their impact on purchasing decisions. As a result, the findings highlight that the ten most influential decision drivers of 2024 place significant weight on personal factors.
The top three drivers—”I feel safe signing a contract with them,” “is known as being a good employer,” and “active thought leaders in their category/sector”—underscore this trend. Notably, the second and third drivers, both categorized as personal drivers, saw a substantial rise in their influence compared to previous years. This shift indicates that B2B buyers are increasingly valuing their personal connection and trust with a brand, rather than just focusing on the functional aspects of the products or services offered. This emerging trend points to the necessity for B2B companies to cultivate strong, trustworthy relationships with their clients by enhancing their brand’s personality and reliability.
Brand Marketing vs. Demand Generation
One of the most enduring debates in the B2B marketing sector revolves around the tension between brand marketing and demand generation. Historically, demand generation has dominated the scene, with marketers primarily focusing on leveraging data and technology to optimize lead generation efforts. This approach has served many companies well over the years. However, Dentsu’s latest research indicates a palpable shift in objectives. In 2024, the emphasis on “raising brand awareness/top of funnel performance” was deemed the most crucial objective for B2B marketers, a significant climb from its fifth-place position in 2023. Conversely, “demand generation/driving and converting leads” dropped to seventh place from its fourth-place position in the previous year.
This shift underscores a growing recognition within the industry of the long-term value that brand marketing offers. While demand generation focuses on immediate, measurable outcomes, brand marketing aims to build enduring relationships and trust, which can lead to sustained business success. This newfound prioritization suggests that B2B marketers are beginning to balance their strategies by integrating both approaches. Recognizing the complementary nature of brand marketing and demand generation is crucial, as it allows businesses to foster immediate sales while simultaneously cultivating a strong brand presence that can ensure long-term loyalty and growth.
Supporting Evidence from Industry Surveys
The significance of brand building in B2B marketing is not just a theoretical concept but is supported by empirical evidence from other notable industry surveys. For instance, a 2022 study by Bain & Co. and Google, which surveyed 1,208 U.S. business buyers, revealed that a staggering 80-90% of buyers had a pre-defined set of vendors before even initiating their research. Remarkably, 90% of these buyers selected a vendor from their initial list, underscoring the critical role of maintaining top-of-mind awareness among potential clients.
Similarly, a 2021 survey conducted by WSJ Intelligence in collaboration with B2B International asked 1,601 business decision-makers to reflect on their recent purchases. The survey findings were quite telling: respondents were twice as likely to be highly familiar with the winning vendor before starting the active buying process (79% vs. 37%). Additionally, these respondents exhibited greater levels of trust and confidence in the winning vendor prior to making their final decision. These statistics highlight the indispensable need for B2B companies to invest in brand-building activities that ensure they remain at the forefront of their customers’ minds throughout the decision-making process.
Nuances of the B2B Buyer Journey
Understanding the intricate dynamics of the B2B buyer journey is crucial for marketers aiming to leverage brand perception effectively. Dentsu’s research provides granular insights into the roles and influences of different participants at each stage of the purchasing process. The study emphasizes the importance of improving the buyer experience to enhance commercial outcomes. This means that B2B marketers need to focus not only on the functional aspects of their offerings but also on building and maintaining a strong brand reputation.
Personal decision drivers, which now collectively outweigh functional drivers in overall importance, signal a paradigm shift in B2B marketing strategies. For B2B companies, this means placing greater emphasis on factors that foster trust and confidence, such as thought leadership and corporate responsibility. By developing a robust brand that resonates on a personal level with buyers, companies can influence purchasing decisions more effectively. This shift necessitates a holistic approach that incorporates not just product quality and performance, but also the broader brand values and narratives that can engage and inspire buyers on a deeper level.
The Resurgence of B2B Brand Marketing
The B2B marketing landscape is experiencing a monumental transformation, with brand perception now playing a pivotal role in purchasing decisions. According to Dentsu’s 2024 Superpowers Index, the world’s largest systematic analysis of B2B buying behavior, the significance of branding in the B2B sector has seen a considerable upsurge. This extensive study, initiated in 2021, included interviews with 3,528 B2B buyers and analyzed a whopping 6,539 buying experiences in its latest version. The research highlights the renewed critical importance of brand reputation in B2B marketing, offering insights into the decision-making processes of buyers and underscoring the pressing need for companies to enhance their brand presence. Firms must now prioritize building and maintaining a strong brand reputation to influence purchasing decisions effectively. This shift indicates that investing in brand value isn’t just a consumer-focused strategy but a crucial element in B2B success as well, signaling a new era for business marketing strategies.
