If the current year is anything to go by, 2024 is shaping up to be a monumental challenge, especially for business leaders.

From navigating the uncharted terrain of economic and geopolitical uncertainty to adapting to revolutionary shifts in stakeholder perspectives and the sweeping advance of AI across every imaginable sector, leaders will most certainly have their hands full.

On top of all that, they will need to make pulling it all off seem authentic. While I can’t shield you from what lies ahead, I can arm you with key insights about each major trend that will shake the world next year.

 

AUTHENTICITY IS THE NEW EVERYTHING

Let’s begin by exploring the most far-reaching of them all: the growing demand for authenticity. Merriam-Webster recently announced authentic as the word of the year. It’s a choice that is sure to resonate with everyone who has recently interacted with the outside world.In 2023, we all witnessed deepfakes, dupes, and misinformation reach unprecedented heights, leaving audiences around the globe yearning for something real to latch onto. As Edelman and many others have noted, authenticity is rapidly becoming the key currency for brands and their leaders. Whether its mission-driven nonprofits or profit-seeking corporations, leaders across the world will find that the stakeholders of 2024 will be increasingly vocal about their desire for consistency between actions and the organizations, values, principles, and mission. And while the demand for authenticity has skyrocketed, supply is nowhere close to catching up. 

In fact, some of the most renowned brands and their leadership seem positively clueless about how to foster authenticity. Elon Musk’s brutalization of Twitter’s brand identity and Anheuser-Busch’s failure to stand firmly behind its marketing campaigns are particularly vivid examples of how difficult it can be to articulate, and stay true to, an authentic vision while also trying to steer a business. Yet the rewards that authenticity can bring are well worth noting.Take Breakthrough Research’s 2023 Brand Authenticity report, for instance, which revealed the 20 most authentic brands that saw their stock prices increase by 59%, whereas the overall market dipped by 25% since April 2020. Research published by Harvard Business Reviewbacks up the assertion that customers are willing to pay more for authenticity when it’s appropriately on display. So, what can you do to amp up your authenticity levels? 

Start with a brand audit to understand where you stand and what your audience expects from you. Then, align your brand’s actions with qualities like ethical behavior, high quality, reliability, and excellent customer service—just like Lego, Patagonia, The North Face, and Costco, which rank among the top for brand authenticity.

 

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