The shifting priorities and trends in the B2B market have been comprehensively outlined in Dentsu’s fourth annual Superpowers Index, revealing significant changes in buyer preferences and concerns.
Trust and Brand Building as Top Priorities
In 2024, the primary focus for B2B buyers has pivoted dramatically towards trust and brand building, diverging from the previous central aim of demand generation and lead conversion. This year’s top priority is for buyers to feel secure when signing contracts, placing a heavy emphasis on the brand’s credentials and its historical performance. Trust and the ease of convincing colleagues have emerged as critical elements in the decision-making process.
Increased Importance of Brand Building
A key theme throughout the report is the rise in importance of brand building, which has surged from the fifth priority in 2023 to the foremost priority in 2024. Simultaneously, demand generation and lead conversion have slipped in importance, falling to seventh place from the fourth. Buyers are increasingly valuing companies known for being good employers, as this indirectly serves as an indicator of the brand’s trustworthiness.
Growing Appreciation for Thought Leadership
Another noteworthy trend is the growing appreciation for thought leadership. As AI disrupts multiple industries, buyers are seeking brands that can demonstrate genuine expertise and integrity. The priority for being recognized as an active thought leader has remarkably increased, moving from the 20th to the third most important decision driver. Despite this rising trend, only 26% of B2B buyers currently rate the efforts of B2B brands in this area as high, indicating substantial room for improvement.
Lengthening Decision-Making Process
One of the overarching trends identified is the elongation of the decision-making process, with the average time to make a buying decision extending by 54 days since 2021. This delay is estimated to cost the global economy approximately USD 1.9 trillion. In addition, the number of brands considered during the B2B buying journey has grown by 62% since 2021, portraying a more crowded and competitive landscape.
Preference for Relevance Over Personalization
Despite the industry’s emphasis on personalization, the report finds that what buyers truly want is relevance. A significant number of B2B buyers (71%) and influencers express a desire for business suppliers to invest more time understanding their specific needs and addressing the challenges they face daily. This need for tailored experiences specific to individual needs is vital yet underdelivered.
Low Satisfaction Levels in B2B Customer Journeys
Furthermore, the report highlights a persistent issue in the B2B customer journey: satisfaction levels remain low. Only 41% of B2B buyers report positive experiences throughout their purchase journey, a figure that has not improved since its decline in 2023. Similarly, a mere 39% of buyers feel highly satisfied with the brands they select in terms of customization of offerings to fit their needs, showing no improvement since 2022.
Recommendations for B2B Brands
To address these challenges, three key recommendations for B2B brands are suggested:
- Revitalize brand-building capabilities: With branding now more crucial than ever, B2B brands need to reinvest and strengthen their brand-building efforts, which have weakened in recent years.
- Utilize hybrid digital-physical journeys: These can significantly shorten the sales cycle. Sustaining these hybrid journeys from the beginning is essential to accelerate revenue.
- Leverage creativity and storytelling: As personalized, adaptive go-to-market strategies rise, creativity and storytelling are crucial to connect with buyers’ emotional drivers and stand out in a crowded market.
Conclusion
In conclusion, successful B2B brands are those that can adapt to these evolving priorities and effectively meet the needs of their buyers, thereby creating better and lasting brand trust. This detailed narrative incorporates the main findings and trends from the report, reflecting the ongoing changes and challenges in the B2B market while maintaining clarity and coherence.
