As a wholesaler, distributor or manufacturer, you want customers to order from you. Not only that, but you also want them to continue ordering from you. But how can you make sure that buyers choose your company during the B2B buying process? Is this even something you can influence?
Fortunately, you can. We’ll explain how in this blog post, using statistics and insights from our B2B Buying Process 2019 Report. For this report, we commissioned Sapio Research, an independent research agency, to investigate the expectations of B2B buyers during each phase of the B2B buying process. The study involved 560 professional buyers who purchase from wholesalers, distributors, and suppliers.
What Does the B2B Buying Process Consist Of?
The B2B buying process consists of 5 phases:
- Problem identification
- Information search
- Evaluation of alternatives
- Purchase decision
- Post-purchase decision
Our study shows that, on average, the entire process takes 28.2 days. Problem identification takes the least amount of time (4.5 days), while the evaluation of alternatives phase takes the longest (6.4 days).
We also discovered that professional buyers never make purchasing decisions on their own. The process usually involves different company departments. Which buyer personas are included per phase? We looked into this as well. Below is a brief overview of the results.
Several studies have shown that the number of people involved in the B2B selling process has increased in recent years. According to Forrester Research, 53% of buyers say they now take longer to make a decision.
In this blog, we advise you on how you can meet B2B buyers’ expectations so that they select you as their supplier.
How to Be Selected During Phase 2 of the B2B Buying Process: Information Search
Once the buyer has identified a problem (phase 1 of the B2B buying process), make sure that they can find you when they come looking for information and solutions.
These days, B2B buyers prefer to first look for information online. Our research shows that 62% want to access information online, while just 27% prefer accessing information offline. This brings us to our most important tip for phase 2: ensure that you can answer your customers’ questions online to satisfy their preferences.
Which channels and sources of information do buyers use when searching for information (phase 2 of the B2B buying process)? For online research, buyers mostly use search engines, such as Google (47%). A large percentage also use suppliers’ websites and customer reviews (37% and 36% respectively). Forrester research shows that 47% of buyers look at about 3-5 blogs or web pages on average before they contact a seller.
Phase 3 of the B2B Buying Process: Evaluation of Alternatives
The evaluation of alternatives process takes the longest compared to the other phases: an average of 6.4 days according to our study. On average, about 3-5 suppliers are evaluated. So make sure you come out on top.
B2B buyers consider many factors when evaluating alternatives. However, below are their most important features:
- Price comparisons (33%)
- Payment terms (29%)
- Inventory availability (28%)
- Delivery terms (28%)
- Product demonstration (25%)
- Product feature comparison (24%)
But which features will convince B2B customers to choose you instead of your competitor? Over a third of the buyers, we surveyed want features that offer the ability to track, place orders, manage returns and pay online. These are the top factors that convince B2B buyers when picking a supplier.
Curious about the complete list of factors? Download the B2B Buying Process Report.
How Do I Get Selected During Phase 4 of the B2B Buying Process: Purchase Decision
CEOs and product teams, in particular, are involved in the purchase decision. During the purchase phase, you as a supplier will have a head start if you offer them the following features:
- Good service (selected by 39% of buyers as the most important offering)
- Low price (selected by 37%)
- Favorable payment terms (selected by 31%)
- Product features (selected by 31%)
- Favorable delivery terms (selected 30%)
- Product availability and inventory levels (selected by 29%)
- Ability to pay online (selected by 26%)
How Do I Get Selected During Phase 5 of the B2B Buying Process: Post-Purchase Decision
Retaining your customers is important. Have they made a purchase? If so, continue to take good care of them. Also make sure you satisfy their wishes and preferences.
As should now be apparent, most B2B buyers want online access to information. How do you offer your customers this convenience? An online store with real-time information is the solution. This is how you can give customers a transparent overview of all important information, such as inventory levels, prices, and discounts.
Speed and convenience is the number 1 priority for your B2B customers when it comes to placing orders online. Over a quarter of respondents in our study want to be able to pay faster and be able to place repeat orders quicker. They also want speedy delivery and improved product tracking. Download our B2B Buying Process Report for the complete list of B2B buyer priorities.
Looking for inspiration to make the customer search process as convenient as possible? Check out examples 1 and 7 on our blog 8 examples of B2B E-Commerce Platforms that Simplify the B2B Customer’s Buying Process. And would you like to learn more about preventing order mistakes? Read the top tips & tricks in this blog.
We can conclude that a B2B web store, where customers can easily place orders, is the minimum requirement. But when it comes to landing customers during the B2B buying process, this is only the start. Do you truly want to stand out to your B2B customers? Make sure you offer them at least the following:
- Good basics for your online store to ensure customers can quickly and easily find, order and pay for products
- Features that make it easier for customers to place orders, such as fast delivery, convenient payment options, and easy order tracking
- Content that matches the pain points of your various buyer personas
Get More Statistics, Insights, and Advice About the B2B Buying Process
Interested in more insights and recommendations? Our B2B Buying Process 2019 Report tells you everything you need to know about B2B customers’ expectations during the buying process. This includes their top KPIs, challenges, and what they expect for their roles in the next five years.
24 July, 2019