Social Networks & The B2B Buyer Purchase Process
Social media is maturing - it's no longer just for the millennials; the new "Social Buying Study" from IDC reveals that 75% of the business-to-business (B2B) buyers and 84% of C-level/vice president executives use social media to support their purchase decisions.
IDC indicated that B2B buyers most active in using social media to support the buying process were more senior and had 84% bigger budgets, made 61% more purchase decisions, and had influence over a greater span of purchase decisions than those buyers who did not use social media to support their purchase process.
The report suggests that indicates that social media increases decision-making confidence by providing more efficient access to an executive's professional network. In the final stage of the purchasing process, when everything is really on the line, online professional networks are the main information resource preference of buyers.
"As the use of social networks expands, the gap between companies that use social networks for buying and selling and those that do not will widen, creating a significant disadvantage for companies that lag behind," said Michael Fauscette, Group Vice President, Software Business Solutions. "For vendor companies, this transformation may be difficult and will take time; however, new competencies will amplify the value that buyers seek from social networks. This will create an echo effect, making social networks even more valuable to buyers."