The COVID-19 pandemic has led many B2B companies to lengthen their buying cycles and expect more personal attention from vendors, according to recent research by Demand Gen Report.
The report is based on data from a survey conducted in May and June 2020 of 212 B2B marketing, sales and IT executives. Respondents are responsible for purchasing software / technology (47%), IT hardware (18%), business / consulting services (13%), advertising / media (6%) and parts and / or materials (7%) for their companies.
More than two-thirds (68%) of B2B buyers state that the length of their buying cycles has increased on average compared to the previous year.
26% of shoppers say the length of their buying cycles has stayed the same and 6% say it has decreased.
When asked how their buying process has changed over the past year, 82% of B2B buyers say decisions are now more based on changing needs / priorities, 77% say they spend more time researching purchases , and 76% expect the solution to provide a more personalized service provider based on their specific needs.
47% of respondents say the COVID-19 pandemic has forced them to delay potential purchases due to budget freezes.
However, 30% of B2B buyers say they escalated some purchases due to changing business needs.
About research: The report is based on data from a survey conducted in May and June 2020 of 212 B2B marketing, sales and IT executives.