2023

B2B BUYER’S SURVEY:
Economic Uncertainties Renew Buyers’ Focus
On Price & Functionality

SPONSORED BY

EXECUTIVE SUMMARY

Despite all the turbulence taking place in the B2B industry, the one constant is practitioners’ needs to buy new products, technologies andsolutions. As buyers navigate through a stormy economy, the “2023 B2B Buyer’s Behavior Survey” found that the two biggest factors practitioners
are dealing with operate in direct contrast to each other. While most respondents (31%) indicated that they had to delay potential purchases due tobudget freezes, 29% said they actually escalated some purchases due to changing business needs.
In other words, the buying landscape in 2023 is certainly uncertain.
As buyers demand more hands-on engagement and attention fromsolution providers, it’s up to sales and marketing teams to work
together to meet buyers wherever they are in their journey andunderstand the unique circumstances surrounding their changing
buying needs. Specifically, the biggest shifts in the buying process
over the past 12 months included:

In tight economic times, marketing teams must be savvier than everwhen engaging buyers. To help practitioners better understand thecurrent buying climate, this survey report will outline:•The key steps and processes buyers follow when making apurchasing decision, with insights into how their preferences
have evolved over the past year;•

and what their preferences are;Involving more people27%•strongly with them;

25%

19%

The influence advertising and video have on buyers, withinsights into the formats and channels that resonate mostCutting their budgets

Spending more time researching

How different generations participate in the buying process•The average B2B buying timeline; and•How the need to “do more with less” is impacting buying
decisions across the board.

2023 B2B Buyer’s Survey

2BUYERS FOCUSED ONUNDERSTANDING REAL VALUE

One of the most critical components of the buyer’s journey forpractitioners is to understand the steps prospects and customers
take in their purchasing decision. When asked what the timeline wasfor a typical buying process, practitioners said they:1.

Conducted anonymous research on potential solutions2.

Collected preliminary information on pricing/costs

3.

Brought in other team members

4.

Evaluated which solutions would fit well withexisting partners

5.

Sought input from industry analysts/consultants

6.

Sought input from peers/existing users in the community

7.

Accepted outreach from vendors and engaged incalls/demosWith that general framework in place, buyers are also expanding
how they evaluate and qualify a solution. Specifically, they wantto quickly understand how a solution will benefit their company,
placing the onus on marketers to demonstrate a product’s value. For
example, some of the newly added processes buyers follow when
making a purchasing decision include:•

Conducting a more detailed ROI analysis (38%)•

Spending more time researching purchase decisions (31%)•

Altering decision timelines based on changing businessneeds/priorities (24%)•

Spending more time using social media to research vendors
and solutions (24%)•

Relying more on peer recommendations/review sites (23%)

Buyers are focusing more on the value of a purchase and thoroughly
researching solutions before making a decision. In an uncertain
economy, it’s clear that buyers want to ensure they’re making
a worthwhile investment. As they conduct their research, theresources they prioritize the most include web search, vendor
websites, insights from industry experts/analysts and outreach fromvendor sales reps.

selected vendor

Additionally, there’s a notable trend toward retention and crosssell/up-sell plays, as prior experience with the vendor jumped
from 25% in 2022 to 40% in 2023. This demonstrates that in times of
uncertainty and tightening budgets, buyers are doubling down on
tried-and-true solutions.

2023 B2B Buyer’s Survey

38.

Spoke to and engaged with a sales representative from theCONNECTING WITHBUYERS VIA CONTENT

On the advertising side, practitioners are coming into their own andcreating more engaging assets: While the same number of buyers
noticed ads year-over-year (as indicated by 71% of respondents inboth the 2023 and 2022 iterations of the survey), ads are creating
more of an impact. The survey found that 44% of respondents
in 2023 said advertisements positively impacted their view of acompany, compared to just 33% in 2022.
But those advertising numbers vary, depending on who’s consuming
the ad. When broken down into younger generations (respondents
who classified themselves as a Millennial or Gen Z) and oldergenerations (Boomers and Gen X), younger buyers are more likely to
notice ads. Fifty-four percent (54%) of Millennial and Gen Z buyers
were positively influenced by ads, while 36% of Boomers and Gen X
said the same. With that in mind, it’s imperative that organizations
tailor their advertisements to appeal to each cohort. Specifically:•54% of younger buyers are influenced by social media ads,compared to 40% for older buyers;•CTV influences 22% of younger generations compared to18% of older generations; and•Banners on digital publications/websites impacted 26% ofolder buyers and just 14% of the younger generation.

2023 B2B Buyer’s Survey

4And while social media ranked as the No. 1 channel where allgenerations saw ads, the specific areas each cohort preferredvaried. Though LinkedIn was the top channel for all generations(at a cumulative 36%), that’s where the similarities ended. Youngergenerations favored:

While the older generation preferred:

Facebook

19%
Youtube18%
18%

Instagram

25%

Instagram

14%

Facebook

18%

Twitter

7%

Tiktok13%
Twitter

11%
YoutubeThe most interesting differences are in video consumption — achunk of Millennials pointed to this format as a key channel, while
no Boomers did. Similarly, YouTube had varying levels of influence.
This demonstrates that while video advertisements are important
for all buyers, the formats and channels those videos are deliveredon must vary as well.

4%2023 B2B Buyer’s Survey

5THE ULTIMATE INFLUENCESINTO DECISIONS

When it’s time to get into the nitty gritty and start mapping out
potential vendors, the first place buyers look is each solution
provider’s website. The top-three factors buyers look for when
visiting websites include:

With that information in hand, the specific information buyers arelooking for include:

Pricing

79%
Features/functionality

76%

Easy access to pricing and competitive information

66%
Easy access to relevant content that speaks directly
to their company

55%

63%

Communication that speaks directly to and demonstrates
expertise around the needs of their industry55%

2023 B2B Buyer’s Survey

Reviews

65%
Vendor/seller demonstrated experience
with/knowledge of our industry

11%

65%

Deployment time/ease of use

56%

6

The focus on pricing is expected, as buying teams are underincreased scrutiny to justify all purchasing decisions and create acompelling use case. When combined with the desire for reviews
and deployment time, it’s clear that buyers are seeking informationthat actively demonstrates value to help alleviate the pressure on
resource-strapped teams.
The best way for practitioners to demonstrate their solution’svalue is through content, which 81% of buyers said had a significant
impact on their buying decisions. When asked their top-fivereasons for selecting the winning vendor, respondents pointed tocompanies that:Breaking it down by generation, younger buyers were more likely
to select companies that provided a better mix of high-qualitycontent, while older buyers were more interested in a vendor’sability to demonstrate ROI and build a business case for thepurchase. In terms of what made buyers ultimately accept outreachfrom a sales rep, the survey found the most successful salespeople:

Delivered highly customized outreach
57%
Sent sequenced messaging
16%

Demonstrated a stronger knowledge of theircompany and needs
67%

Sent a personal video
11%

Demonstrated a stronger knowledge of thesolution area and business landscape
67%
Provided higher quality content
61%
Responded to inquiries in a timely manner
60%

Although all buyers preferred highly customized outreach, younger
generations were more likely to embrace video outreach, whileolder generations were drawn to customized landing pages.
Additionally, both demographics indicated that the sales reps’
knowledge influenced their decision (69%), meaning it’s imperative
for sales reps to connect with buyers and demonstrate a deep
understanding of their company.

Provided content that made it easier to show ROI
and/or build a business case for the purchase59%2023 B2B Buyer’s Survey

7

CONCLUSION

For 68% of buyers, their overall purchasing experience was positive. For the 32% of respondents who were only somewhat positive or neutral, writein responses indicated that they wanted vendors who “advertised more,” “were more personable,” “provided a clear competitive analysis of vendors
in the field” and “were more feature-driven than product-led.”
It’s clear that the modern buyer is contending with several external issues, ranging from internal budget cuts and reduced headcounts to economic
turmoil and an uncertain future. As a result, the timeline of their buying journey is often unpredictable. To connect with modern buyers and help
accelerate deals, practitioners need to ensure they can deliver clear insights about their solution’s value, be up-front about pricing and otherpertinent information to help buyers build a strong business case for the purchase.

About the Survey
The 2023 B2B Buyer’s Survey gathered insights from nearly 300 B2B buyers, who hold roles in marketing, IT, operations, sales, finance and more.
In terms of revenue, 60% generated less than $100 million, 30% brought in between $100 million and $1 billion while 10% brought in more than $1billion. Respondents included Directors (34%), Managers (31%), C-Level Executives (22%), VPs (9%) and more. In terms of buying roles, 60% were theprimary decision-maker, 45% were the internal influencer/champion, 24% were the researcher, 19% were the technical buying influencer and 16%
were the end user.

2023 B2B Buyer’s Survey

8Vidyard is the video platform that helps businesses drive revenue through the strategic use of online video. Going beyond
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experiences, learn powerful insights on their viewing audience, turn insights into action with enterprise integrations, and prove
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800.530.3878
INFO@VIDYARD.COM

Demand Gen Report is a targeted online publication that uncovers the strategies and solutions that help companies better aligntheir sales and marketing organizations, and ultimately, drive growth. A key component of the publication’s editorial coverage
focuses on the sales and marketing automation tools that enable companies to better measure and manage their multi-channel
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KELLY LINDENAU

is an editor and writer who loves covering the latest B2B marketing trends, research and industry
insights. She’s a New Jersey native, runner and reader who always has a GIF from The Office at the ready.