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.
You may like these other MarketingProfs articles related to Marketing Strategy:
- Maximizing Your B2B Marketing Budget—Recession Strategies and Tips: Lindsay Boyajian Hagan on Marketing Smarts [Podcast]
- The Pros and Cons of Printed Marketing Materials
- Customer Marketing: The Key to Surviving the Economic Downturn
- Industry Foresight: Forecasting the Future of Your Market
- First-Party Data Isn't Enough: You'll Need the Right Data Infrastructure to Derive Value From Your Marketing Data
- The Attention Economy—How Time Affects Your B2B Marketing Efforts: Doug Binder on Marketing Smarts [Podcast]