TrustRadius and Pavilion Release 2024 B2B Buying Disconnect Report: The Year of the Brand Crisis | Martech Edge | Best News on Marketing and Technology
TrustRadius and Pavilion Release 2024 B2B Buying Disconnect Report: The Year of the Brand Crisis

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TrustRadius and Pavilion Release 2024 B2B Buying Disconnect Report: The Year of the Brand Crisis

TrustRadius and Pavilion Release 2024 B2B Buying Disconnect Report: The Year of the Brand Crisis

PR Newswire

Published on : Jun 11, 2024

B2B technology buyers have doubled down on know-and-try-before-you-buy, making brand awareness more imperative than ever for companies wanting to succeed.

TrustRadius, in collaboration with Pavilion, has published its eighth-annual B2B Buying Disconnect report, titled "2024 B2B Buying Disconnect: The Year of the Brand Crisis." This report delves into the evolving landscape of B2B technology buying behavior and the significant shift towards brand preference and trust in the buyer's journey.

  1. Key Findings:
    • Short lists shrinking to two or three products, with 71% of buyers purchasing their top choice.
    • 86% of buyers shortlisted products they already knew, emphasizing the importance of brand recognition.
    • Stable buying group sizes and quick deal cycles, with 87% of purchases completed within six months.
    • Shift in vendor spending towards demand generation over brand awareness.
  2. Report Insights:
    • Analysis from 2,164 technology buyers and 243 go-to-market professionals.
    • Importance of intermixing brand awareness with demand generation throughout the buying journey.
  3. CEO Insights:
    • Vinay Bhagat emphasizes the need for vendors to address brand awareness alongside demand generation for success.
    • Sam Jacobs highlights the power of conversations and brand familiarity in the buyer's decision-making process.
  4. Upcoming Discussion:
    • TrustRadius and Pavilion will discuss report findings in a LinkedIn Live event on June 13, 2023, at 12 p.m. ET.

The 2024 B2B Buying Disconnect report sheds light on the critical role of brand awareness in winning buyer trust and preference. As the industry shifts towards shorter buying cycles and prioritizes brand familiarity, vendors must adapt their strategies to incorporate brand building throughout the buyer's journey.