A new report from strategic B2B marketing agency Mission Control Marketing delves into how the current global economic situation resulting from the COVID-19 pandemic has impacted the B2B buying cycle—and these organizations’ intent to engage with new and existing vendors in 2020 and 2021.
The firm’s new research report, Driving B2B Sales in 2020: The Definitive Guide for Understanding the Mindset, Intent and Journey of the B2B Buyer to Drive Your Sales Team to Success, in partnership with market research firm Researchscape International, provides the answers to some of the most pertinent questions for B2B organizations today.
“There have been several studies published on consumer trends and buying intent right now, but the purchasing ability of businesses have also been significantly affected by the pandemic,” said Elliot Schimel, CEO of Mission Control Marketing, in a news release. “As we enter what has traditionally been peak planning season with evaluation of vendors for the year ahead, this research set out to gain an in-depth understanding of the current state of the B2B buyer.”
What is the best strategy for business growth in 2020 and 2021?
Questions addressed in the report:
- Will B2B buyers be open to new vendors in 2020 and 2021?
- What will be the key factors in evaluating new vendors?
- What is the best strategy for business growth in 2020 and 2021?
Key findings include:
- Analysis of Current Budget Challenges: 55 percent of B2B buyers had to cut budget in 2020, while 47 percent reported that their organizations have halted all engagements with new vendors.
- Plans for Evaluating and Engaging Vendors: 41 percent of B2B buyers won’t be ready to evaluate new vendors until 2021 at the earliest, with 37 percent reporting plans to kick off new engagements in Q2 2021.
- Key Factors for Evaluating New Vendors: Quality, past results, and affordability, respectively, are the three most important factors for B2B buyers in evaluating new vendors.
What are the key factors in evaluating new vendors?
“Unlike previous recessions or economic downturns, individual companies have been impacted by the pandemic crisis differently, based on factors like geography, industry and product offering,” added Schimel. “The current landscape for B2B sales is complex and will remain so heading into 2021. The key for successfully navigating this unprecedented and uncertain time is to have a unified strategy between marketing and sales that is laser focused on the opportunities that can lead to real business growth.”
The research report is based on the responses of hundreds of senior level executives who are directly involved in selecting new vendors at large and mid-sized B2B companies, surveyed during June and July 2020.