The information-rich, social world we now occupy has changed the buying world beyond recognition. The availability of information online has seen broader web searches (75%) and vendor websites (73%) become a more popular source of information over traditional “direct” approaches, such as events or conferences (54%) (see chart above). As the digital landscape grows and evolves, this shows no sign of slowing down. Social networking and blogs top the list of channels used more now than 12 months ago, followed by web searches and vendor websites. Meanwhile, a growing buyer network exists inside the organization. 60% of buyers make purchasing decisions based on employee recommendations, while 50% use social media channels to help make decisions. As such, two-thirds (66%) agree more people are involved in the buying process than two years ago.
With a wealth of information at their fingertips, buyers are more informed than ever. Over two-thirds (68%) wait longer to initiate contact with vendors than they did two years ago because they are doing more research themselves. And when it comes to the actual purchase decision, 80% typically know exactly what they want before they make contact with a vendor. With so much control, it’s hard to know where today’s vendors fit into the equation. Indeed, 68% admit they don’t need salespeople to make purchasing decisions as much as they once did, and 91% of buyers say they have higher expectations of vendors and their sales people than they did two years ago.
