Red Alert for Marketers – A Striking Compilation of B2B Buying Data
Online is exciting, credit cards is ruling the pay machines, people have become restless shoppers. All in all, the entire buyer scenario is changing from group dynamics to demographics and it was high time that a compilation of this data is made available to marketers that would reveal a significant change in B2B buying/purchasing/procurement behavior – turning the entire data into a revelation for marketers.
Acquity conducted an intensive survey of 207 business buyers with responsibility for purchases of $100,000 or more per year. Analyzing buyer behavior by age group discovered that young people are more addicted to purchase online.
Buyer Age – % Making Company Purchases Online
18 – 35 90%
36 – 45 68%
46 – 60 45%
So this drastic change in B2B buyer purchases has not only startled marketers all around but also proves that a simple brochure type website is not sufficient to lure buyers into businesses.
- Buyers over age of 60 claimed to research before purchasing less than 10% of the time; Buyers 26-45 researched before purchasing 50% of the time or more.
- Buyers under 60 spend one to two hours researching purchases of $5,000 or more; buyers over 60 spend 30 minutes or less on research.
This is without doubt a big change. Across all age groups, the study also found that 70% of surveyed buyers indicated they would purchase more electronically if it was easier to access supplier’s information online.
Act, before too late!!
- Develop a website that is easy to navigate, provides all information needed by customers for research and makes it easy for customers to purchase electronically.
- Build a social media presence on the platforms used by your customers, and use it to listen to your customers, build relationships with them, answer questions, handle customer service issues, and build loyalty.
- Launch a content marketing plan that will create the right content for all appropriate online channels to attract, inform, instruct nurture, and sell your products to customers.
This striking compilation of B2B marketing data would enable marketers to make decisions quicker and faster by waking up to the age of changing customer buying patterns.