Dentsu’s fourth annual Superpowers Index reveals that achieving success in business is more challenging than becoming an Olympic breakdancer. The comprehensive study, which includes over 14,000 individual buyer interviews and 25,000 in-depth buying experiences, highlights the complexities of the B2B buying process. The research identifies three key trends: the increasing difficulty of business success, the rising importance of brand, and the critical role of experience in driving competitive advantage.
The Superpowers Index underscores the increasing complexity of achieving success in the business world. According to the study, the average decision time for B2B purchases has increased by 54 days since 2021, with customers globally taking an average of 379 days to make a decision. In Australia, this figure rises to 416 days. This extended decision-making process reflects the growing number of brands considered and the increasing number of people involved in B2B buying journeys.
Samantha Cunliffe, Managing Director of Dentsu B2B Australia, explains that the buying process has become more intricate, with a 62% increase in the number of brands considered since 2021 and a 6% rise in the number of decision-makers involved. This complexity is compounded by the waning advantage of incumbency, with a 34% loss rate, up 17% from the previous year. These factors contribute to the heightened difficulty of achieving business success in today’s competitive landscape.
The study also highlights the importance of understanding the real drivers behind B2B buying decisions. By identifying these drivers, businesses can better navigate the complexities of the buying process and improve their chances of success. The Superpowers Index provides valuable insights into where opportunities lie in the B2B market, helping brands to drive growth and create meaningful impact.
The Importance of Brand in B2B
One of the key findings of the Superpowers Index is the rising importance of brand in the B2B sector. The study emphasizes the need for B2B companies to strengthen their brand-building efforts, with opportunities lying in improving thought leadership and identifying critical moments to connect with buyers. As the business landscape becomes more competitive, a strong brand can be a significant differentiator.
Kiaran Geen, President of Dentsu B2B APAC, notes that while it is becoming increasingly difficult to succeed in business, there are pockets of opportunity where brands can drive growth. The Superpowers Index reveals that brand is now more important than ever, with businesses needing to invest in building and maintaining a strong brand presence. This involves not only traditional marketing efforts but also leveraging digital channels and thought leadership to engage with buyers.
The study also highlights the role of brand in shortening the sales cycle. Evidence suggests that hybrid digital-physical experiences that have a significant impact can reduce the time it takes to close a sale. For B2B businesses, ensuring that the first interaction is the best possible experience, regardless of the touchpoint or channel, is crucial. By focusing on brand-building and delivering exceptional experiences, businesses can enhance their competitive advantage.
Experience as a Differentiator
The Superpowers Index identifies experience as a critical differentiator in the B2B market. The study suggests that businesses that can deliver impactful hybrid digital-physical experiences are better positioned to succeed. This involves creating seamless and engaging experiences for buyers, from the initial interaction through to the final purchase decision.
The importance of experience is underscored by the need for businesses to enable buyers to be self-sufficient wherever possible. This means providing the tools and resources needed for buyers to make informed decisions independently. By empowering buyers and delivering exceptional experiences, businesses can build trust and loyalty, ultimately driving growth and success.
The study also highlights the need for businesses to continuously innovate and adapt their approaches to meet the evolving needs of buyers. This includes leveraging technology to enhance the buying experience and staying ahead of industry trends. By focusing on experience as a key differentiator, businesses can create a competitive edge and achieve long-term success.
In conclusion, the Dentsu Superpowers Index reveals that achieving success in business is more challenging than ever. However, by understanding the complexities of the buying process, investing in brand-building, and delivering exceptional experiences, businesses can navigate these challenges and drive growth. The insights provided by the Superpowers Index offer a valuable roadmap for businesses looking to succeed in today’s competitive B2B landscape.
