The COVID-19 pandemic has caused many B2B firms to extend their purchase cycles and require more personalized attention from vendors. According to recent research from Demand Gen Report, 68% of B2B buyers say the length of their purchase cycles has increased, on average, compared with a year ago. Furthermore, 82% of buyers state that decisions are now based more on changing needs and priorities, and 76% expect more personalized service from solution vendors.
The survey also revealed that 47% of respondents have delayed potential purchases due to budget freezes, while 30% have accelerated some purchases due to changing business needs. The report was based on data from a survey conducted among 212 B2B marketing, sales, and IT executives in May and June 2020.
The research indicates that the pandemic has impacted B2B purchase cycles, leading to longer and more personalized processes. It is important for vendors to be understanding and aware of changing needs in order to meet customer expectations.
How the B2B Purchase Process Has Changed in 2020
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