2020 B2B Buyer Behavior Study: Purchase Plans Still Progressing Despite Disruption, But With Increased Expectations For Relevance & Personalization
Data that shows many businesses delaying purchases due to the COVID-19 crisis would not be surprising. So, it was expected when the 2020 B2B Buyer Behavior Study found that 47% of buyers indicated they had been forced to put off purchases due to budget freezes. But an even more interesting takeaway from the survey of 212 B2B business professionals was that more than half of the respondents said that the current crisis had not disrupted purchase plans.
In fact, the survey found 30% of companies had escalated some purchase plans due to changing business needs following the crisis. Another 7% said they were looking for more hands-on attention and engagement from solution providers, and 16% indicated their research and selection process had continued without disruption.
The survey findings demonstrate an ongoing need for agility within the B2B buying community. Rather than assuming all buying decisions are on hold, the new data indicates instead that different verticals and companies have unique needs and they are expecting solution providers to engage in personalized ways that address their specific challenges more than ever.
In the following report, we'll provide a deep analysis of the survey findings, including:
The channels and sources buyers are relying on as they start their journey;
The first impression buyers have about brands based on targeted advertising;
How key steps of research and sales engagement have shifted in the buying timeline;
What buyers are expecting from sales representatives during their buying process; and
The top factors influencing the critical vendor selection stage.