About the Session
This session is part of the “Science of B2B” series led by Kerry Cunningham, Head of 6sense Research and Thought Leadership. The series aims to present and discuss various research findings related to B2B marketing and selling. This particular session focuses on information overload in the buying process and its impact on the length of the buying cycle.
Agenda
The session begins with a detailed analysis of how information overload affects the length of B2B buying cycles. Future episodes will begin a new series focused on understanding intent and debunking common misconceptions.
Takeaways
Takeaway 1: Information overload extends the buying cycle.
Kerry Cunningham explained that the average buying team of ten people evaluating four vendors takes eleven months to complete the buying process. Adding an extra vendor increases the complexity and length of the buying cycle significantly.
Takeaway 2: Adding vendors increases decision-making time.
Adding one vendor to the evaluation process adds ten direct days and twenty-one indirect days to the buying cycle due to the increased number of interactions and additional members added to the buying team.
Takeaway 3: Reducing the number of vendors shortens the buying cycle.
Evaluating fewer vendors shortens the buying cycle. For example, buying teams evaluating only three vendors typically complete the process in nine months.
Insights Surfaced
- Information overload on buyers significantly extends the buying cycle in B2B transactions.
- Evaluating more vendors leads to increased complexity, additional work, and a longer decision-making process.
- Simplifying and clarifying the evaluation process can help shorten the buying cycle.
- Using industry-standard terms and providing clear buyer guides can assist buyers in making quicker decisions.
Key Quotes
“If a buying team was evaluating five vendors instead of four, that buying team grew, and each member of that buying team had to do more work.”
“When a buying team evaluates five instead of four vendors, they also each have to do more work…that drives the timeline out another thirty days.”
“If buyers are evaluating just three vendors, that buying process takes, on average, just nine months.”
“Use terms that are familiar to your buyers. That will help your buyers understand what you do and how you compare to the rest of the field.”
Future Topics
Cunningham outlined plans for future webinars and research, promising to delve into the “Intent Series” next. This series will focus on understanding intent in B2B marketing, debunking myths, and clarifying the realities of intent data. Future episodes will explore how to identify and leverage intent signals effectively.
Next time, the series will begin the “Intent Series,” aiming to demystify intent and address common misconceptions. Further episodes will continue to provide actionable insights and strategies to help marketers and sellers optimize their approach based on research findings.
