41% of B2B buyers will only be ready to evaluate new vendors in 2021 or beyond

New Ideas in MarketingEssential news for marketers, summarised by YouGov
October 08, 2020, 11:02 AM UTC

37% of buyers wish to kick off new engagements in Q2 2021.

This article cites a report by Researchscape International which studied how the B2B buying cycle has been impacted by the pandemic in 2020. In this year, 55% B2B buyers have cut budgets and 24% had to cut their existing vendors.

Another 45% of B2B buyers have paused projects or work with existing vendors. At the earliest, 41% of B2B buyers will only be ready to evaluate new vendors in 2021 or beyond. 33% would do so in Q3 2020 and 26% in Q4 2020.

Quality, previous experiences and results and affordability are the key factors on which new vendors would be evaluated. Secondary factors are industry expertise and past relationships with vendors.

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