Reduce the complexities of B2B buying processes.
Customers need help and guidance in overcoming their buying challenges.
Develop a more consumer- like experience for tech buying customers.
B2B reviews continue to hold a strong influence over buying decisions:
B2B buyers consistently use these top 5 information sources to help them make purchasing decisions:
- Free trials/accounts
- Product demos
- User reviews
- Vendor/product websites
- Vendor reps
B2B software reviews heavily influence buyers.
of buyers use reviews during their purchase process.
of buyers use reviews during their purchase process.
B2B buyers who use reviews share them with at least one other person.
2 out of 5 buyers share B2B tech reviews with four or more other buying committee members.
The younger generation are taking the lead in buying tech:
of all B2B tech buyers are millennials
(age 25 – 39).
of all B2B tech buyers are Gen X.
of all B2B tech buyers are Gen Z
(24 and younger).
Gen Z and Millennial buyers are also more likely than older generations to research about a product or service online.
Since 2020, there is a stronger focus on ROI:
A significant amount of B2B companies experienced revenue loss over the past year. According to McKinsey, cost management remains a priority.
35%
of B2B buyers are spending more time focusing on the ROI of their purchases compared to pre-pandemic.
57%
of vendors are reporting longer sales cycles.
Since buyers are now more focused on ROI, this is causing longer sales cycles as business leaders deliberate longer
about purchases.
To address these lags in purchase cycles, sales and marketing teams can work together to provide relevant content to potential B2B buyers. This makes your product or service easier to buy, making you gain an advantage over your competitors.
The challenges that B2B companies face when buying tech shows there are opportunities for technology service providers to create a better experience.
Let’s reiterate the takeaways here:
Reduce the complexities of B2B buying processes.
Customers need help and guidance in overcoming their buying challenges.