B2B buyers, much like consumers, want personalization, according to What B2B Buyers Want In 2019: Speed, Personalization And Intelligence, a study conducted by Hanover Research for PROS.
Of those polled, 69% agree that personalized offers empower them to get more value from their vendors. And over half will pay higher prices for tailored product and services recommendations.
In addition, 93% desire personalized pricing and incentives, and 44% need them, while 92% want personalized recommendations and 42% need them.
Of those polled, 61% would pay 1% more for instant pricing information. And 47% would pay 3% more for it.
In addition, 64% would probably switch to a vendor that offers real-time, personalized pricing.
This craving for personalization should be kept in mind when sending emails, making phone calls or engaging in face-to-face meetings with prospects and customers.
Meanwhile, 30% are now making more than half their purchases on digital platforms -- a number that is expected to hit 44% within two years. Two years ago, only 15% were using digital for most of their buying.
However, B2B orders often get cancelled for these reasons:
Price increases — 39%
Finding a cheaper supplier — 30%
Bad customer service experiences — 27%
Order mistakes — 27%
Finding a more convenient supplier — 26%
Finding a faster supplier — 24%
Hanover Research surveyed over 1,000 B2B procurement and purchasing leaders across 10 countries on behalf of PROS.