Wednesday Wisdom: How Different Purchase Types Impact the Buyer Journey (A Report)

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saraboostani
saraboostani Posts: 319 6senser
in Research Road

Hi all,

Last week we highlighted report #6 in the list below from our Buyer Experience Research series.

  1. What Research Says When B2B Buyers Reach Out to Sellers
  2. Why Some Buying Journeys Are Longer Than Others
  3. What Buyers Told Us About How They Make Decisions Before Contacting Vendors
  4. How the Contracting Process Influences Buyer Satisfaction
  5. The Great B2B Gate Debate
  6. How Large Purchases Are Different From Smaller Ones

Today, we present our seventh report in the series, How Purchase Types Impact the Buyer Journey. Some purchases provide completely new business capabilities, some provide upgrades/improvements to existing processes or practices, and some are simply one-to-one replacements. We studied four types of purchases across 900+ B2B buyers and found that the purchase of new capabilities differed from the three other categories in the following ways:

  • New capability purchases were larger, ranging from $301,000 to $400,000 compared to renewals which sat between $201,000 to $300,000.
  • New capability purchases featured more vendors under consideration than other purchase types.
  • Buying groups were larger by 1.4 people on average.
  • Buying cycles for new business average two months longer than improving existing capability purchases, and more than three months longer than the other two types.
  • Renewal purchases vary in their length, cost, and complexity substantially more than other purchase types.

Get the full scoop by clicking the click below. We'd love to hear your thoughts or answer any questions in the comments!

https://6sense.com/blog/renew-replace-net-new-how-purchase-types-impact-the-buyer-journey/

@Kerry

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