Engaging with sales is the last step in B2B buying cycles, report finds

A new report on B2B buying behavior found that if vendors aren’t first on buyers’ lists, they’re effectively last.

That’s because the report, from ABM (account-based marketing) platform 6Sense, found that buyers are more often than not choosing the vendor they plan to buy from before even engaging with vendor sales teams—meaning sales communication is now actually one of the final steps in the buying cycle. And vendors want to be in the top spot for buyers, as “making second place or below at the time of the first meeting a steep uphill climb.”

That said, a vendor being on the shortlist, even when they aren’t chosen for a particular deal, bodes well for them in the future: Because buyers are tending to go with vendors they already know, “a seller’s role transcends current sales cycles” and “performance in current sales cycles may have a greater impact down the line than in the present.”

“Even if you are the last vendor to make the list and have little chance of winning the current deal,” the report states, “getting on the list and making a good impression is vital for future success.”

6Sense’s report is based on survey responses from over 4,000 buyers, a whopping 94% of which said they compile that shortlist before talking with vendor sales teams. Most (70%) of the buyers surveyed also said that “concerns about economic conditions” influenced their decision to go with vendors they already know.

“Earlier engagement alone will not win deals if the buying group’s ranking is already set,” the report says. “The competitive advantage lies in becoming the preferred choice before the [point of first contact]—through brand presence, reputation, and influence earlier in the buying journey—so that when uncertainty does drive buyers to engage, they are engaging with you first and from the top position.”

So then what is the role of sellers if buyers aren’t consulting them when their decisions are most permeable? First, as mentioned, is for vendors to make sure they’re already on a buyers’ radar. Second is to offer a good deal to nab the narrow margin—20%—of buyers who said they would change their minds from their top vendor based on pricing.

“The fact that most buyers choose a winner before first contact with sellers doesn’t diminish the seller’s role,” the report says. “Sellers are critical brand assets—even in lost deals—which exert a strong influence on future buying journeys.”