In 2024, significant shifts in B2B buyer priorities are reshaping the landscape, with a pronounced emphasis on trust and brand building rather than mere demand generation and lead conversion. According to Dentsu’s fourth annual Superpowers Index, which analyzed insights from 3,528 global B2B buyers and evaluated 6,539 B2B brand experiences across various industries, today’s buyers prioritize the assurance of safety in signing contracts and the ease of convincing colleagues regarding a brand’s credibility and performance. This marks a departure from previous years.
The report reveals that brand building has surged from being the fifth priority in 2023 to becoming the top priority in 2024, signaling a paradigm shift in how brands are evaluated. On the other hand, demand generation and lead conversion have dropped from fourth to seventh place, showcasing the waning influence of these factors in the decision-making process. The notion of being recognized as a good employer has also gained traction, highlighting the increasing importance of trustworthiness. The integrity and expertise of a brand have become decisive factors, especially amidst AI-driven industry transformations, prompting the rise of thought leadership from the 20th position to the third most crucial decision driver.
The Shift Towards Trust and Brand Building
In an era characterized by technological advancements and industry disruptions, B2B buyers are increasingly placing their trust in brands that demonstrate genuine integrity and expertise. The report indicates that only 26% of B2B buyers currently rate B2B brands highly on thought leadership, unveiling a substantial opportunity for brands to carve out a niche by emphasizing thought leadership. As trust becomes the cornerstone of brand evaluation, the ability to showcase expertise and unwavering principles becomes a powerful differentiator.
Moreover, the decision-making process in B2B purchasing has lengthened significantly, with the average decision time increasing by 54 days since 2021. This extended decision time translates to a staggering US$1.9 trillion potential impact on the global economy due to delayed opportunities. The competitive landscape is further highlighted by the fact that the number of brands under consideration by buyers has surged by 62% since 2021. These statistics point towards a more intricate and prolonged decision-making journey, necessitating that brands maintain a consistent presence and influence throughout this extended period.
Personalization and Buyer Satisfaction
While the perceived emphasis on personalization in the B2B sector remains strong, there exists a noticeable disconnect between buyer expectations and their actual experiences. Approximately 71% of B2B buyers and influencers express a desire for suppliers to have a deeper understanding of their specific needs and workplace challenges. This underscores a demand for more tailored and relevant experiences from suppliers. However, only 41% of B2B buyers report positive purchasing experiences, and a mere 39% express high satisfaction with brands’ efforts to customize their offerings, indicating no significant improvement since 2022.
This disconnect between personalization efforts and buyer satisfaction highlights the need for B2B brands to refine their approach and truly understand their buyers’ unique challenges and requirements. Developing personalized, adaptive go-to-market strategies that leverage creativity and storytelling can connect with buyers on an emotional level. By doing so, brands can stand out in a competitive market and foster stronger, lasting relationships with their customers.
Adapting to Extended Decision Times and Competitive Landscapes
Considering the prolonged decision-making processes and the competitive landscape, B2B brands need to adapt by focusing on elements that accelerate trust and foster brand loyalty. Ensuring that brands are seen as trustworthy employers enhances their overall image of reliability and helps in establishing long-term partnerships. The importance of brand-building capacities is at an all-time high, necessitating that companies harness robust strategies to bolster their brand image and credibility.
Hybrid digital-physical journeys emerge as vital as they maintain their influence from the outset and play a crucial role in shortening sales cycles. Crafting such journeys minimizes delays and accelerates revenue generation. By effectively merging physical presence with digital outreach, brands can ensure they remain top-of-mind for buyers throughout the extended decision-making period. Companies that adapt to this hybrid model can better manage prolonged decision times and gain an advantageous position in the market.
Conclusion
In 2024, B2B buyer priorities are undergoing significant changes, with a strong focus on trust and building brand reputation rather than merely generating demand and converting leads. According to Dentsu’s fourth annual Superpowers Index, which examined insights from 3,528 global B2B buyers and assessed 6,539 B2B brand experiences across a variety of industries, buyers today are more concerned with the reliability of signing contracts and the ease of convincing colleagues about a brand’s credibility and performance. This marks a shift from previous years.
The report indicates that brand building has surged from being the fifth priority in 2023 to the top priority in 2024, highlighting a significant change in how brands are valued. In contrast, demand generation and lead conversion have plummeted from fourth to seventh place, reflecting their decreased importance in decision-making. The concept of being seen as a reputable employer has also gained importance, underlining the growing need for trustworthiness. The integrity and expertise of a brand are now crucial, especially as AI continues to transform industries. This focus has elevated thought leadership from the 20th position to the third most important decision-making factor.
