Factors That Slow Down The B2B Purchasing Process
A recent study by Digitalzone reveals significant insights into the B2B purchasing process. Their research, based on 1,500 B2B decision-makers globally, highlights that 40% of B2B buyers require 4+ months for vendor selection. Moreover, nearly 60% report that their decision-making timeline has extended, with 19% noting significant increases.
The complexity of the process is evident in stakeholder involvement, with over 60% of purchases requiring at least 6 key stakeholders, and one-third involving more than 10 stakeholders. This multi-stakeholder environment often creates delays in the purchase process.
The study identified several key factors causing delays in B2B purchases. Market environment shifts and competitive assessment (both 18%) top the list, followed by contract timing issues (16%). Internal challenges such as consensus building (13%), stakeholder changes (11%), and leadership shifts (11%) also significantly impact timelines.
Brand visibility plays a crucial role, with 46% of buyers needing more than 5 brand exposures before serious consideration. Primary channels for discovering new vendors include internet searches, industry events, and email communications. Companies maintain visibility through regular emails, direct outreach, conference presence, and active social media engagement.
Key Actionable Takeaways:
Plan for Extended Sales Cycles: Build strategies that accommodate 4+ month decision-making processes, including long-term nurture campaigns.
Develop Multi-Stakeholder Communication Plans: Create targeted content and communication strategies for different stakeholder groups within buying organizations.
Strengthen Market Monitoring: Implement robust market analysis systems to anticipate and respond to environmental shifts that could affect purchase decisions.
Enhance Competitive Intelligence: Maintain detailed competitive analysis frameworks to support buyer evaluation processes.
Build Contract Flexibility: Develop adaptive contract terms that can align with clients' existing system agreements and timing constraints.
Increase Brand Visibility: Ensure consistent brand presence across multiple channels to achieve the 5+ touches needed for serious consideration.
Optimize Digital Presence: Invest in SEO and digital content strategy to capture buyers during their initial research phase.
Diversify Communication Channels: Maintain an integrated approach across email, direct outreach, events, and social media.
Create Consensus-Building Tools: Develop materials that help champions build internal agreement and navigate stakeholder changes.
Establish Change Management Protocols: Include strategies to maintain momentum during leadership transitions or stakeholder shifts.
