et constraints are increasing the B2B buying cycle //

According to a recent survey, tighter budgets have caused B2B buyers to do more research and look for ROI data.

According to DemandGen’s survey of 2023 B2B buyers, B2B purchasers face many new purchasing processes. Top five are:

• Detailed ROI analysis (38%)
• Researching purchases takes more time (31%)
• Altering timelines for decisions based on changes in business priorities/needs (24%)
• Social media is a great way to find vendors and solutions.
• Relying more on peer recommendations/review sites (23%)

Why we care. Understanding the entire buyer’s journey is important, especially when there are new components. The buyer is also faced with two competing imperatives. 31% have delayed potential purchases because of budget restrictions, while 29% had to increase some purchases as a result of changing business requirements.

Dig deeper into the 7 essentials of a B2B site: What do customers want?

The good news The good news. In the survey, a significant trend was found in favor of retention and cross-sell/upsell strategies. Previous experience with the vendor increased from 25% in 2020 to 40% in 2023. This indicates that buyers are sticking to tried-and-true methods of dealing with uncertainty and budget constraints.

Methodology. Nearly 300 B2B buyers were surveyed, including those in marketing, sales, IT, operations and finance. Revenues were divided into three categories: 60% of the respondents generated revenue below $100 million, 30% between $100 million to $1 billion, and 10% more than $1 billion.

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