Metric Monday: Who Are the Buyers That Engage Sellers Early?

saraboostani

Hi all,

Over the past two years, we’ve talked a lot about what we call the 'Point of First Contact Constant,' where buyers spend over two-thirds of their buying journey—about 70%—coming to consensus on a preferred vendor before engaging sellers. Not much changes this—regardless of buyers' industry, the type of solution being purchased, whether they bring in analysts or consultants, or countless other factors—buyers rarely engage sellers before 70% of the buying journey is complete.

However, exceptions do exist. We analyzed buyers who engaged with sellers before the 70% mark (early engagers) and compared them to those who engaged later (past 70%) to better understand the differences between these two groups.

Here’s what we found:

• Early engagers tend to evaluate fewer vendors, leading to smaller buying teams and shorter buying cycles.
• Late engagers, on the other hand, are part of higher-stakes buying cycles. They tend to make higher-cost purchases, evaluate more vendors, involve larger buying groups, and navigate longer buying cycles.

It might seem logical that buyers facing more complex decisions would reach out to sellers earlier—seeking help to better understand their options and the available solutions. But that’s not what happens. Instead, the research shows buyers take the time necessary to reach internal consensus on their preferred vendor before engaging sellers. Even in high-stakes scenarios with costly solutions and more opinions to reconcile within larger buying groups, they consistently accomplish this without relying on seller input.

@Kerry

https://6sense.com/science-of-b2b/2024-buyer-experience-report/