[Research Round-Up] A Detailed Look at Real-World B2B Buying

(This month’s Research Round-Up discusses the 2024 B2B Buyer Experience Study by 6sense. The 6sense study provides detailed insights regarding how business buyers make purchase decisions in real-world scenarios. This makes the study report a must-read for anyone involved in B2B revenue generation.)

2024 B2B Buyer Experience Report by 6sense 

Source:  6sense

Based on a survey of 2,509 B2B buyers located in North America (37.46%). EMEA (29.77%), and APAC (32.76%).To qualify for the survey, participants must have bought at least $10,000 USD in annualized value within the 24 months preceding the survey. The average value of actual purchases made by the survey respondents exceeded $200,000 USD.More than 95% of the respondents were manager-level or above.Survey respondents were drawn from five industry verticals, with the largest cohort working at tech and software companies.6sense released the study report on October 9, 2024; the report doesn’t state when the survey was in the field.

The 2024 B2B Buyer Experience Study by 6sense is one of the most detailed examinations of B2B buying behavior that I’ve seen recently.
The study is based on a survey that produced more than 2,500 qualified respondents, and the researchers used various statistical techniques to analyze the survey data.
The study findings, combined with the insights from the statistical analysis, paint a picture of B2B buying that differs markedly from the conventional view. Therefore, this research should prompt B2B marketing and sales leaders to reexamine their strategies from the ground up.
The Basics
The 6sense researchers asked participants about several issues that earlier studies have also addressed. For example, the study found that for these survey respondents:
The length of the average buying cycle was 11.5 months.
The average number of individuals in the buying group was 10.9 people.
The average number of prospective vendors considered by the buying group was 4.6.
On average, the survey respondents were about 70% through their buying process before they engaged directly with representatives of prospective vendors.
These findings are similar to the results of numerous earlier research studies.
Extra Insights
What makes the 6sense study particularly valuable is that it also provides insights about issues that haven’t been frequently addressed in previous studies. For example:
92.6% of the surveyed buyers had prior experience with at least one of the prospective vendors they considered. 84% had experience with the vendor that was ultimately selected, while 8.6% had prior experience with only a “losing” vendor.
Buyers initiated contact with prospective vendors 81% of the time.
In 85% of the buying scenarios represented in the survey, the buying group had their purchase requirements nearly or completely set before initiating contact with prospective vendors.
When Buyers Pick a Favorite
One of the most interesting topics discussed in the 6sense study report relates to when B2B buyers identify a preferred vendor.
At several places, the report’s authors assert that most B2B buyers have identified a preferred vendor before they contact any prospective vendors. For example, on page 23 of the report, the authors write:
“Buyers devote nearly 70% of their buying journey to identifying a short-list of potential providers. They review content, have internal meetings and consult with outside resources to establish their requirements and agree on a shortlist and a favored vendor. Only then do they reach out to vendors to confirm that choice, starting with the preferred vendor. They end up buying from the initially preferred vendor 81% of the time.”
While I suspect this statement is probably accurate, it’s not clear from the study report that the survey data directly supports this conclusion.
The 6sense researchers asked survey participants “. . . whether their first interaction with a provider organization was with the ultimate winner or instead with one of the other providers.” Eighty-one percent (81%) of the respondents reported that their first vendor contact was with the ultimate winner.
The focus of this question is who buyers contact first. However, it’s not clear from the study report that the survey specifically asked participants (a) whether their buying group identified a preferred vendor before initiating content with prospective vendors, or (b) what percentage of the time the preferred vendor turns out to be the winning vendor.
I’m not sure why the researchers didn’t ask these questions, and I hope they will be included in future editions of this research.
*****
The 2024 B2B Buyer Experience Report provides great insights into B2B buying behavior. I encourage you to take the time to review the full 65-page report.
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