The report was based on data from a survey conducted in May and June 2020 among 212 B2B marketing, sales, and IT executives. Respondents are responsible for purchasing software/technology (47%), IT hardware (18%), business/consulting services (13%), promotional/advertising/media (6%), and parts and/or materials (7%) for their firms.
More than two-thirds (68%) of B2B buyers say the length of their purchase cycles has increased, on average, compared with a year ago.
Some 26% of buyers say the length of their purchase cycles has stayed the same, and 6% say it has decreased.
Asked how their purchase process has changed over the past year, 82% of B2B buyers say decisions are now based more on changing needs/priorities, 77% say they spend more time researching purchases, and 76% say they expect more personalized service from solution vendors based on their specific needs.
Some 47% of respondents say the COVID-19 pandemic has forced them to delay potential purchases because of budget freezes.
However, 30% of B2B buyers say they have escalated some purchases because of changing business needs.
About the research: The report was based on data from a survey conducted in May and June 2020 among 212 B2B marketing, sales, and IT executives.
Continue reading "How the B2B Purchase Process Has Changed in 2020" ... Read the full article
MarketingProfs provides thousands of marketing resources, entirely free!
Simply subscribe to our newsletter and get instant access to how-to articles, guides, webinars and more for nada, nothing, zip, zilch, on the house...delivered right to your inbox! MarketingProfs is the largest marketing community in the world, and we are here to help you be a better marketer.
Sign in with your preferred account, below.
You may like these other MarketingProfs articles related to Marketing Strategy:
- Four Ways to Use Customer Surveys to Boost Lead Conversion
- Creating a Human and Relatable Voice for Your Marketing: Mark Schaefer on Marketing Smarts [Podcast]
- Avoiding the Pitfalls of Reactive Marketing (Article 3 of 3)
- Top 3 B2B Marketing Predictions for 2022
- The Traits of B2B Firms With Exceptional Marketing and Sales Performance
- 2022 Marketing Predictions for an Increasingly Digital World