B2B Buyers Have Cut Budgets And Vendor Engagement, Study Says

Here are some alarming stats for anyone attempting to stimulate B2B sales with email marketing.  

Of the B2B companies polled, 55% have cut their budgets this year, 24% have cut existing vendors and 45 have halted projects or work with vendors, according to Driving B2B Sales in 2020, a study by Mission Control Marketing. 

In addition, they are tightening up their processes for choosing vendors — 47% of firms now have a policy that halts any engagement with new providers. And they are not rushing to engage even with the vendors they know. 

Of the firms surveyed, 37% will be ready to begin new engagement with vendors in the second half of this year, with 26 who will be ready in first-quarter 2021 and 37% in second-quarter 2021 or later.

In addition, 59% of B2B buyers expect to evaluate new vendors in 2020 — perceived as a low number — and only 33% believe they will replace their current vendors. 

Accordingly, 81% of buyers prefer to allocate more budget to current vendors over new ones. 

In evaluating new vendors, the mot important factors are quality, previous experiences and results and affordability. Those benefits should be stressed in content delivered by email and other marketing channels.  

Secondary factors include industry expertise and past relationships with the vendor.  

The least important considerations are the ability to be agile, and the capability to provide guidance and support and convenience.  

Mission Control surveyed 1,232 professionals at large and mid-size companies, with 500 or more employees. 

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