LinkedIn surveyed 5,800 decision-makers and B2B buyers across North America, Europe, and other regions.
The annual report on B2B technology buyers found that 47% of organisations are currently looking to freeze or cut their tech spending. The average buying cycle of 29% respondents was found to be four to six months, followed by 13-24 months for 27% of marketers, and over two years for 17%.
Most companies take 3.3 months to evaluate, 2.4 months to buy, 3.9 months to implement and 6.2 months to renew. Businesses looking to decrease time-to-value should invest in customer experiences (CX) and enhance branding via social networks.
40% of B2B buyers trust professional peer reviews for increased awareness of new products, followed by vendor experience (35%) and ads (35%). Price, availability of product/features, post-sale enablement, and more are the factors B2B buyers consider before making a purchase.
[3 minute read]