Written by: Vickie Sullivan | January 19, 2023
Top 3 Factors That Impact B2B Buying Decisions
Are you upleveling your sales efforts in 2023? A GoodFirms study about factors that influence B2B buying decisions shows serious concerns that go beyond buyers’ recession fears.
Yes, the sample size is small and is focused on technology. However, the findings on the buyer’s mindset apply to all of us, especially consultants and coaches. And it’s not pretty.
3 Factors That Impact B2B Buying Decisions
• Your Business’s Reputation: 30.2% of survey respondents said a business’s reputation is the most critical factor when selecting a specific service. That said, 31% of buyers said most B2B businesses fail to deliver on promises.
• Customer Reviews: Over 45% of B2B buyer cite reviews as a critical factor in choosing a service provider. However, almost 55% of B2B buyers said finding genuine reviews of B2B services is difficult, as most reviews are inauthentic and unverified. The consensus: Many reviews are from folks who haven’t worked with the firm.
• Price and Scope: Disagreement about price and scope of a project is the top reason why the B2B sales process take so long. According to the study, 81% say price matters the most when making a purchase. Insufficient information was also cited a top reason why the B2B buying process gets delayed.
What this means: Prospects don’t believe our glowing testimonials, and they think most of our information is insufficient for making buying decisions. Dang. Talk about skepticism.
Combine this attitude with layoffs and economic woes, and sales efforts are going to be complicated. Now is the time to fine-tune your efforts to address broader concerns.
Listen: How Buyers Want to Interact with Us
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