Four ways B2B buying has changed
B2B buying (and selling) has changed. But how?
The frequency of tendering is accelerating. Our research shows that companies re-tender at least every two years, and 40% even do it annually. This should create a more level playing field, with more opportunities to displace incumbents. But it also means that you have to work harder to retain relationships — demonstrating your value and fit many times over.
of companies re-tender at least once every two years, and 40% do it annually.
say they are applying more rigour to the selection of partners.
Accelerate your customer's journey, 2022
The vast majority of business leaders (88%) say they spend a significant amount of time researching companies before inviting them to present or pitch. The B2C trend of customers weighing up products online is paralleled in B2B, with more time devoted to independent research.
Thought leadership also helps your customers form a better picture of your capabilities and areas of competitive advantage.
Accelerate your customer's journey, 2022
Research by Gartner has shown that only 17% of the buying process is spent talking to potential suppliers; the majority of time is dedicated to online and offline research.
Gartner, 2020
B2B customers now regularly use ten or more channels to interact with suppliers (up from just five in 2016).
What’s more, digital self-service channels, where thought leadership almost exclusively sits, is increasing. More time than ever is spent consuming your company's - and your competitor's - thought leadership.
McKinsey & Company, 2021
Organisations involve an average of nine senior executives in the buying process for strategic investments.
That is nine people whose agendas you need to understand, impress and influence. And they are all at different stages of the buyer journey.
Accelerate your customer's journey, 2022