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B2B firms are getting cold feet on buying decisions

man on video call with colleagues
(Image credit: Shutterstock)

Business-to-business (B2B) organizations are getting cold feet when it comes to buying decisions as a result of the pandemic, new data suggests.

According to a report from sales enablement platform Showpad, 46 percent of B2B buyers have paused their buying decisions since March last year, while 43 percent deprioritized them. One of the potential reasons for this change of heart is the fact that the definition of customer experience has changed, Showpad says. 

What’s more, all of the selling challenges cited by respondents related to buyer engagement; specifically, the inability to access relevant content, difficulty gauging engagement on calls, and a lack of visibility on how prospects interact with content.

“In 2020 the shift towards remote selling was a huge upheaval for many B2B sellers and their organizations. Teams had to pivot immediately to a completely new type of buyer and implement new sales approaches which rely on the use of digital technologies," said Dustin Deno, Senior Vice President of Global Sales at Showpad.

"This new buyer profile has persisted throughout 2021, with buyers increasingly intolerant of cold outreach and requiring relevant, comprehensive information fast.” 

Businesses that innovate in their customer experience work are three times more likely to “substantially outperform” their business goals, the report goes on to state, yet B2B firms aren’t making sure their sellers make the most of the modern selling environment. 

“Sellers who boost their existing communication skills with the use of digital technologies will see a higher engagement from buyers who have become increasingly frustrated with traditional selling methods. B2B organisations must understand the value of digital technologies in the modern selling process, and train their sellers accordingly, to improve the buyer experience and reduce churn rates significantly,” concluded Deno.

Sead Fadilpašić

Sead is a freelance journalist with more than 15 years of experience in writing various types of content, from blogs, whitepapers, and reviews to ebooks, and many more, across sites including Al Jazeera Balkans, TechRadar Pro, IT Pro Portal, and CryptoNews.