2024 Predictions.
In 2024, brand equity is the new currency for B2B.
Most marketers think the secret weapon of scale-up companies is solely performance marketing, and that growth investments are competing with Brand ones. Yet, with B2B sales processes getting longer and more competitive, and AI penetrating the tech stack, brand building becomes a strategic investment for 2024. Why?
Brand investments can profoundly impact 5 key areas (5Cs):
Clarity: Brand building is based on a solid positioning foundation, a deep understanding of your Ideal Customer Profile, and a clear differentiation. Spending time on these core tenets is critical to help marketing teams focus their activities and investments, and increase relevance to the customers who care a lot and can drive word of mouth and upsell.
Conviction: True brand differentiation often starts with a founder's strong conviction. Successful companies develop a unique point of view, adhere to a guiding 'north star', and make adjustments along the way. Standing for something greater than the product itself helps in moving beyond feature-based competition and creates a compelling brand story and purpose.
Cultural relevance: While it’s extremely hard to “create a sense of urgency” with B2B customers, leveraging megatrends and aligning with the zeitgeist is extremely powerful. Brands can contextualize their mission and relate to the shifts in values, behaviors, or beliefs of their audience.
Consistency: LLMs like ChatGPT are democratizing content creation, but also creating the risk of diluting the brand and creating a sea of sameness. This is why marketers must codify their brand, personality, and voice across all platforms and educate everyone in their company.
Creativity: Not enough credit is given to business buyers’ emotions, and yet they are impacting B2B deals significantly - sometimes the fear of making a bad decision is enough to put your project on hold. Your brand has the power to create confidence and desire, with memorable and creative experiences, whatever the medium.
Now is the time for marketers to step up their game and truly connect brand and performance.