B2B marketers have shifted the way they do business as a result of the pandemic, and new research shows that B2B buyers have also changed how they make purchases due to COVID-19.
DemandGen recently published the “B2B Buyer Behavior Study,” and statistics suggest that the majority of B2B buyers (47%) have had to delay potential purchases due to budget freezes. About 30% have escalated some purchases due to changing business needs, while 7% stated that they are looking for more hands-on attention/engagement from solution providers.
Compared to one year ago, most B2B buyers (68%) say that the length of their B2B purchase cycle has increased. About 26% stated that it has stayed the same, while just 5% claim that it has decreased somewhat.
CMOs and the Marketing Impact of COVID-19
Despite the changing landscape of B2B marketing, previous research suggests that CMOs, in particular, do not believe that COVID-19 will have a lasting negative impact on the industry.
Gartner released “The Annual CMO Spend Survey Research: Part 1” report, and data showed that 73% of CMOs believe that COVID-19’s negative impacts will be “short-lived.” Additionally, almost 60% of CMOs are building scenario plans that include a second wave of disease outbreak.
Over the next 18 to 24 months, more than half of CMOs believe that marketing will return to “business as usual.” That being said, 44% of CMOs are currently facing budget cuts as a result of the pandemic.