Buying ‘stuff’ is arguably easier and faster now than ever before, even for some big-ticket items like buying a new car. Every day we can buy whatever we want in mere moments, because consumer purchases require nothing more than a functioning thumb or a charge card!
So why is the B2B buying journey so complex and unpredictable?
Well it appears that today’s B2B buyer is challenged with a more complex buying journey, with more stakeholders, lengthening decision cycles, and in many cases, no decisions.
B2B buying decisions often take longer than expected and involve lots more people than expected. Often the B2B buying journey is not only slow, but it can be stalled or even stopped.
A recent study found 90% of B2B respondents have participated in a buying cycle where the project or purchase was cancelled before it could be completed. It’s not that more deals are being lost to the competition, they’re being lost to uncertainty and complexity. The study suggested that business buyers fall into the following categories:
- INFORMED: These buyers have more information than ever and they’re also more in control than ever.
- CAUTIOUS: These buyers are increasingly cautious and sceptical about the claims vendors are making about their products and services. They’ve been burnt before, and they want to ensure their purchases aren’t wasting resources.
- ECONOMIC-FOCUSED: These buyers are more frugal. They have more stakeholders scrutinizing purchases and require a new level of ROI and bottom-line impact on software investments.
What does this mean to all of us who must sell our wares into the construction sector?
To help overcome these challenges we need to:
- be aware of what is going on;
- find ways to help our clients to determine what they need to invest in; and
- understand why the purchase is important to the future prosperity of their business.