Buyer Journey 2020: 10 B2B Statistics You Need to Know

The B2B market is changing rapidly. This is particularly true because the consumers in that market are changing themselves. Thebuyer’s journey in this segment is becoming increasingly complex, and we can no longer view it as a linear process, but rather as a web made up of various touchpoints.

This complexity stems from the fact that the B2B customer is generally not a single individual but rather a group of people who provide input and hold decision-making power in the purchasing process. For this reason, the decision-making process tends to become more difficult and time-consuming. It is not simply a matter of choosing between “buy” or “don’t buy,” but rather of going through the following stages:

• Identify a problem or need;
• Find a solution;
• Selecting vendors;
• Validate the choice;
• Reach a consensus within the organization.

Given these challenges, it’s essential to have a thorough understanding of our market and our buyer personas so that we can implement effective strategies at each stage of their buyer’s journey. For this reason, we’ve compiled 10 statistics about the B2B market that are important to know in 2020:

1. When B2B customers are in the purchase consideration phase, most of the time they spend is on online research (27%), compared to just 17% of the time spent in meetings with potential suppliers.
2. 77% of B2B customers said their last purchase was complex or difficult.
3. 61% of B2B customers rely on peer opinions and online reviews to make their purchasing decisions.
4. Four in 10 B2B companies believe they will have a complete picture of who their customers are in the coming years.
5. 50% of B2B companies say that mastering the omnichannel experience is a priority for the coming years.
6. One-third of companies say they want to make better use of data to sell to and serve their customers throughout the entire customer journey.
7. Today, B2B buyer groups are more diverse than ever. 75% of these buyers agree that their purchasing decisions involve people from a wide variety of teams, locations, and roles.
8. 80% of buyers are using their cell phones at various touchpoints throughout their consumer journey.
9. More than half of purchasing decisions are made before an order is placed.
10. The average conversion rate for a B2B buyer in the wholesale market is 10%, while in the B2C segment it is 3%.

Since linear and uniform sales funnels seem to have come to an end, the major challenge for 2020 is to create unique and personalized experiences, aiming to engage all types of buyer personas at every stage of their buyer’s journey simultaneously. This flexibility could be critical to the effectiveness and success of your company’s initiatives.

Does your company operate in the B2B market? We can help you identify your buyer personas and think strategically about the best ways to engage them at different stages of their buyer’s journey. All of this using a methodology based on inbound marketing.

Find out how!