B2B Buyer Bingo
1) Keep up with changes that ignore your well-laid plans
2) ERP is where the money is (Thanks PartnerStack)
3) Joe has an important summary (reality check) of B2B Buyers...
What's changed this past year in B2B buying?
The 2024 B2B Buying Disconnect Report is officially released next week, but I've got early access to share it as a report contributor.
In the 2023 report, the keys were:
🔑 The rising importance of ROI.
🔑 Increasing buyer self-service.
🔑 Vendors underestimate the impact of indirect channels.
Here are the main takeaways from this year's report:
🔑 Buyers are going for the familiar, "safe" choice.
Last year, 87% said they bought "mission-critical" products that will "deliver ROI."
This year, it's more about buying familiar products.
78% reported selecting products they'd heard of before starting their research, and 66% of buyers purchased an "established, leading product."
TrustRadius sees this as a result of vendors having scaled back brand investment.
🔑 Shortlists get shorter
Most shortlists (63%) include 2-3 products, and 96% include 5 or fewer.
In my survey of B2B software buyers last Fall, 66% said they read the reviews of 5 or fewer vendors.
Wynter found that 78% of B2B buyers shortlist 3 vendors to demo.
71% reported going with the product 1st on their shortlist.
This narrow focus of buyers on select vendors makes building brand affinity more critical, as buyers start forming opinions about brands and products before they start their research process.
78% say they still start with a search to start their buying research process, so brand + SEO is a winning combination.
🔑 There's no substitute for first-hand experience
All of the top 3 most influential resources consulted by buyers in this year's survey — free trial, your own prior experience, & product demos — indicate that buyers seek hands-on experience with a product to make a confident purchase decision.
My read: buyers don't know who to trust, so they rely more on their experience.
🔑 Buyers turn to peer conversations late in the buying process
Many buyers get peer input through reviews and conversations.
The top three things buyers want to gain from peer conversations are —confirmation, transparency, and validation.
While 56% of buyers (71% enterprise) sought a peer conversation before purchase, vendors estimated it to be 34%.
🔑 Small changes in what buyers want from reviews.
There was a re-balancing of sorts this year, with the review ratings (overall and for specific attributes) bouncing back after last year, which was more about the quality of review content and the relatability of the reviewer.
Review ratings still matter - and rose in importance. Despite their flaws, they play a role in helping buyers form shortlists.
Lastly, B2B review sites are down in visits and importance, though they remain influential information sources for many buyers.
The 2024 B2B Buying Disconnect Report is officially released next week, but I've got early access to share it as a report contributor.
In the 2023 report, the keys were:
🔑 The rising importance of ROI.
🔑 Increasing buyer self-service.
🔑 Vendors underestimate the impact of indirect channels.
Here are the main takeaways from this year's report:
🔑 Buyers are going for the familiar, "safe" choice.
Last year, 87% said they bought "mission-critical" products that will "deliver ROI."
This year, it's more about buying familiar products.
78% reported selecting products they'd heard of before starting their research, and 66% of buyers purchased an "established, leading product."
TrustRadius sees this as a result of vendors having scaled back brand investment.
🔑 Shortlists get shorter
Most shortlists (63%) include 2-3 products, and 96% include 5 or fewer.
In my survey of B2B software buyers last Fall, 66% said they read the reviews of 5 or fewer vendors.
Wynter found that 78% of B2B buyers shortlist 3 vendors to demo.
71% reported going with the product 1st on their shortlist.
This narrow focus of buyers on select vendors makes building brand affinity more critical, as buyers start forming opinions about brands and products before they start their research process.
78% say they still start with a search to start their buying research process, so brand + SEO is a winning combination.
🔑 There's no substitute for first-hand experience
All of the top 3 most influential resources consulted by buyers in this year's survey — free trial, your own prior experience, & product demos — indicate that buyers seek hands-on experience with a product to make a confident purchase decision.
My read: buyers don't know who to trust, so they rely more on their experience.
🔑 Buyers turn to peer conversations late in the buying process
Many buyers get peer input through reviews and conversations.
The top three things buyers want to gain from peer conversations are —confirmation, transparency, and validation.
While 56% of buyers (71% enterprise) sought a peer conversation before purchase, vendors estimated it to be 34%.
🔑 Small changes in what buyers want from reviews.
There was a re-balancing of sorts this year, with the review ratings (overall and for specific attributes) bouncing back after last year, which was more about the quality of review content and the relatability of the reviewer.
Review ratings still matter - and rose in importance. Despite their flaws, they play a role in helping buyers form shortlists.
Lastly, B2B review sites are down in visits and importance, though they remain influential information sources for many buyers.
Let's discuss your options.
