Identify how Buyers Make Decisions
Research & Evaluation
Once companies have decided to start their buying journey, they go about research and evaluation of potential tech solutions in a variety of way. This process is very comprehensive and can take a significant amount of time and involve several stakeholders; so it’s important to create content and demand-generation programs that provide the information they need at each step along the way.
Remember, over half (58%) of these individuals have sign-off and approval authority for the purchase. Involvement in technology selection: Marketers targeting this audience should focus on delivering compelling thought leadership and product information to support the research and evaluation stages.
Research and recommend solutions
Evaluate technical requirements
Determine business need
The technology purchasing process is both complex and collaborative:
Just under half (48%) of B2B decision-makers are involved in 10 or more technology purchases per year (24% handling more than 15 purchases annually)
Over 80% of B2B buyers involve 4 or more stakeholders in their technology purchasing decisions (31% involving 4 to 8 members and 29% involving 8 to 12 members)
Understanding the number of stakeholders involved in these many purchases can help create more effective marketing and sales strategies to engage the right decision-makers.
Companies also dedicate significant time to the buying process and researching new technologies:
Since over one-third of B2B buyers spend between 1 and 6 months on their buying process (38% report 1 to 3 months; 34% report 3 to 6 months) and hours of research per month, marketers should provide extensive, valuable information to potential customers throughout the lengthy consideration process.
Decision-Making Factors
Not surprisingly, cost and trust play important roles when it comes time to select a tech vendor.
stated that cost has a considerable impact on their final purchase decision—reinforcing the importance of offering competitive and transparent pricing to appeal to B2B audiences.
either agreed (47%) or strongly agreed (43%) that they are more likely to engage with content from a brand or vendor they recognize and trust.
of decision-makers are inclined to shortlist vendors they recognize and trust.
However, there are other considerations in decision-making that might be less obvious to marketers.
Tech Integration
of B2B buyers either agree or strongly agree that a vendor's ability to seamlessly integrate with their existing technology significantly influences their decision to add them to the shortlist.
RFP Competition
of respondents, are required to go through an RFP (Request for Proposal) process or get multiple prices from their procurement department.B2B marketers need to be prepared to participate in rigorous RFP procedures alongside multiple competitors to successfully engage with the majority of their potential customers.
WHAT DOES THIS MEAN FOR MY BUSINESS?
Brand recognition and pricing rank highly as buyers are making purchase decisions. Plan your marketing accordingly, making sure that you understand the right channels to promote your brand to identified potential buyers. When engaging with a prospect, make sure that your pricing structure is transparent and easy to understand.
E X P E R T I N S I G H T S
Jamie Hendrie
CEO - Inbox Insight
“Trust has always been at the foundation of B2B relationships but how organisations achieve it is shifting. With more content sources than ever before and buyers becoming more self-reliant during their buying journey, brands need to recognise the importance of laying the foundations with a strong always-on brand strategy and supporting this by consistently meeting their buyers where they are, in a way they want to be engaged with.”
Jeff Marcoux
CMO & Marketing Professor – ex Bombora + Microsoft
Jeff is a dynamic marketing leader and professor of marketing who excels in driving strategic initiatives that bridge marketing and sales, using data-driven insights to fuel transformative growth and operational excellence in B2B environments.
“The 2024 B2B Tech Buying Behavior report reveals and confirms the significant shifts in the decision-making landscape of the tech industry. With over 80% of purchases now involving multiple stakeholders (as also identified by Pavillion, ebsta, and 6sense in their own research), the buying process is more complex and collaborative than ever before. This continues to underscore the importance of multi-threading within accounts early and speaking to the varied priorities of each key stakeholder involved. Additionally, the report points to a rise in tech budgets, despite longer buying cycles. This suggests a strong demand for innovation, coupled with increasing concerns about integration and addressing unmet needs. This presents a significant opportunity for vendors to differentiate themselves by not only offering cutting-edge solutions but also by anticipating future challenges and delivering seamless integration. Vendors who can derisk the purchasing process, create mutual success plans, and establish a roadmap will have an edge of those who simply focus on the sale. Ultimately, success in this evolving landscape will hinge on a vendor’s ability to establish credibility well before a sales engagement, engage buyers early, successfully multi-thread deals, and provide innovative, integrated solutions that address prospects fear of messing up over their fear of missing out.”