Report: More B2B Buyers Delaying Potential Purchases Due to COVID-19

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.

“KoMarketing is instrumental to the success of CDNetworks global search marketing efforts. The relentless attention to detail and strategic approach continues to push us toward greater results.”

William Vuong — William Vuong, Senior Marketing Manager

Start a conversation with the KoMarketing team:

Complete our inquiry form now