Tighter budgets are forcing B2B buyers to conduct more detailed ROI analyses, spend more time researching purchase decisions, alter decision timelines due to changing business needs and priorities, and rely more on peer recommendations and review sites, according to a new survey from DemandGen. The survey found that 31% of buyers have had to delay potential purchases due to budget freezes, but 29% have had to accelerate some purchases due to changing business needs.
The good news is that customers are keen to do business with people they already know. Prior experience with the vendor jumped from 25% in 2022 to 40% in 2023, showing buyers are sticking with tried-and-true solutions to deal with uncertainty and tighter budgets.
The survey gathered insights from nearly 300 B2B buyers, who held roles in marketing, IT, operations, sales, finance and more. In terms of revenue, 60% generated less than $100 million, 30% brought in between $100 million and $1 billion and 10% brought in more than $1 billion.
Businesses need to understand the full buyer’s journey, especially with the ever-changing landscape. To stay ahead of the competition, it is essential to invest in understanding the customer’s needs and preferences as well as the latest trends, such as social media and peer reviews.
Originally reported by Martech: https://martech.org/tighter-budgets-are-extending-the-b2b-purchase-cycle/
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