Forrester's B2B Summit Kicks Off; New Research Reveals COVID-19 Pandemic Dramatically Altered B2B Buying Behaviors

Rhea-AI Summary

On May 4, 2021, Forrester (Nasdaq: FORR) unveiled significant findings at its B2B Summit North America, revealing that the COVID-19 pandemic has transformed B2B buying behaviors. The research shows the number of interactions required for purchases increased from 17 in 2019 to 27 in 2021, with 60% of purchases now involving four or more people, up from 47% in 2017. Forrester introduced frameworks and insights to help B2B leaders adapt, with organizations aligning marketing, sales, and product functions reporting 19% faster growth and 15% greater profitability.

Positive

• Organizations that align marketing, sales, and product functions see 19% faster growth and 15% greater profitability.
• New research provides actionable strategies for B2B leaders to adapt to changing buying behaviors.

Negative

• Despite 92% of businesses viewing themselves as trusted, there is a noted requirement for firms to enhance customer trust.

CAMBRIDGE, Mass., May 4, 2021 /PRNewswire/ -- According to new research unveiled at Forrester's (Nasdaq: FORR) B2B Summit North America, the pandemic has dramatically changed B2B buying behaviors. The number of interactions required to make buying decisions significantly increased in the past two years: from 17 in 2019 to 27 in 2021, indicating a new level of attention and due diligence for purchases during the pandemic. Additionally, many technology purchases, especially software, affect a broader swath of functions and departments, so more stakeholders and influencers are part of the decision-making process. As a result, today 60% of purchases have four or more people involved (compared with just 47% in 2017).

Forrester's new research outlines frameworks, models, and actionable insights to help B2B marketing, sales, and product leaders understand and act on these new buying behaviors and changing buying process expectations. New research — released in conjunction with the announcement of the Forrester Decisions product portfolio — will equip B2B leaders to define their goals, apply best practices, and ultimately achieve business outcomes faster. According to Forrester, organizations that successfully align marketing, sales, and product functions report 19% faster growth and 15% greater profitability.

Noteworthy research introduced at B2B Summit includes:

• Building Trust: The B2B Imperative. Despite 92% of businesses viewing themselves as trusted by their customers, firms must work harder to restore and grow trust with customers. Forrester's new risk-reward framework helps determine how and where to make trust a B2B imperative. It is based on seven measurable levers: accountability, competence, consistency, dependability, empathy, integrity, and transparency.
  
• The Forrester 2021 B2B Buying Study. In the final six months of 2020, a demand for more content and more digital and personal interactions throughout the B2B buying journey made the purchasing process more intense. Forrester's research details how leaders can successfully address B2B buyer needs in the new normal.
  
• Step Up To B2B Marketing's New Destiny. Fifty-four percent of B2B organizations struggle to activate their brand purpose. This research explains how B2B leaders can fulfill marketing's new mandate in the post-pandemic era — identify opportunities that relentlessly focus on delivering value to existing and future customers.
  
• The Optimal Path To Revenue. B2B marketing, sales, and product leaders can use a new framework — the Forrester B2B Revenue Waterfall — to prioritize buyer engagement and maximize deal conversions to accelerate revenue growth.
  
• The Five P's Of Sales That Will Power Success In The Future. With the selling profession at a critical crossroads, this research will feature best practices for sales leaders to be purpose driven, precise, personalized, productive, and profitable to earn, retain, and grow customers.
  
• Routes To Market: A Means To Strategic Advantage. Today's B2B environment requires leaders to regularly reassess how they reach, sell to, and support target buyers. This new research outlines how B2B leaders can adapt and optimize their route-to-market decisions to gain competitive advantage.

"The pandemic has disrupted the way we do business," said Sharyn Leaver, senior vice president of research at Forrester. "With completely transformed customer and buyer behaviors, Forrester's new research, frameworks, and data will help B2B marketing, sales, and product leaders address their most pressing priorities in the post-pandemic era to ensure greater success and profitability in 2021 and beyond."

Resources:

• Register to attend B2B Summit North America.
• To learn more about Forrester Decisions, click here.
• Follow @Forrester and #ForrB2BSummit for updates.

About Forrester
Forrester (Nasdaq: FORR) is one of the most influential research and advisory firms in the world. We help leaders across technology, marketing, customer experience, product, and sales functions use customer obsession to accelerate growth. Through Forrester's proprietary research, consulting, and events, leaders from around the globe are empowered to be bold at work — to navigate change and put their customers at the center of their leadership, strategy, and operations. Our unique insights are grounded in annual surveys of more than 675,000 consumers, business leaders, and technology leaders worldwide; rigorous and objective research methodologies, including Forrester Wave™ evaluations; over 52 million real-time feedback votes; and the shared wisdom of our clients. To learn more, visit Forrester.com.

Media Contact:
Ira Kantor 
Public Relations 
Forrester Research, Inc. 
ikantor@forrester.com

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SOURCE Forrester

FAQ

What did Forrester reveal about B2B buying behaviors at the May 2021 summit?

Forrester reported that B2B buying behaviors have changed significantly due to the pandemic, with the number of interactions needed for purchasing decisions increasing from 17 in 2019 to 27 in 2021.

How many stakeholders are typically involved in B2B purchases as per Forrester's research?

Forrester's research indicates that 60% of purchases involve four or more stakeholders, compared to 47% in 2017.

What benefits do organizations gain from aligning marketing, sales, and product functions?

Organizations that successfully align these functions experience 19% faster growth and 15% improved profitability.

What frameworks did Forrester introduce at the B2B Summit for improving buyer engagement?

Forrester introduced several frameworks and insights aimed at helping B2B leaders adapt to new buying behaviors, including a new revenue waterfall framework.

Who is the Senior Vice President of Research at Forrester that commented on the pandemic's impact on business?

Sharyn Leaver is the Senior Vice President of Research at Forrester.