How the B2B Buy Course of Has Modified in 2020
The COVID-19 pandemic has led many B2B firms to lengthen their purchase cycles and to expect more personalized attention from vendors, according to recent research from Demand Gen Report.
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.