How certain are you that your organization will be asked to bid in future opportunities with a coveted account? How sure are you that customers will recommend your brand to colleagues and friends?
Primary Intelligence’s latest industry report found that 46% of all B2B buyers say they’ll consider evaluated vendors for future business opportunities with their organizations.
The report also revealed that just 40% of buyers gave high marks to vendors when asked their opinion about product quality. Even fewer buyers—just 39%—said they’d recommend the vendors they evaluated to other companies and friends.
One key takeaway: Stay in touch with buyers, even when a sales deal is lost.
Check out the infographic below to learn more about B2B buyer loyalty and how a sales engagement can influence a buyer’s perception on your product, whether or not you’ll get a referral, and your chances for future business.
Below are additional insights about buyer loyalty indicators from Primary Intelligence’s 2016 B2B Buyer Loyalty report.
- 41% of B2B buyers rated vendors as only “average” in product quality Click & Tweet! indicating buyer concerns about how well the solution will meet the needs of their organizations.
- When buyers rate winning vendors on product quality, 55% give “excellent” ratings to their vendors.
- Perceptions of product quality closely track overall decision satisfaction: when product quality is judged to be high, overall decision satisfaction is also high. Click & Tweet!
- Hardware and Healthcare industry providers receive the highest percentage of “excellent” ratings when buyers are asked to judge product quality; Software vendors have the highest percentage of “poor” product quality ratings.
- Buyers in North America and Latin America awarded nearly twice as many “excellent” product quality ratings to vendors compared to buyers in EMEA and APAC (approximately 40% versus 20%).
- Overall, just 39% of buyers will recommend the vendors they evaluate to friends and colleagues. Click & Tweet!
- When vendors win, 57% of B2B buyers will strongly recommend their choice of vendor. Click & Tweet!
- When firms lose, 35% of buyers will recommend vendors they didn’t select to other companies and friends.
- 78% of buyers who rated their overall satisfaction with their decision purchase as high are likely to recommend their vendor.
- Only 4% of buyers will recommend vendors when their overall decision satisfaction is low.
- Hardware vendors are most likely to be recommended by B2B buyers – 45% of buyers evaluating Hardware vendors plan to recommend these vendors to other companies or friends; in contrast, only 36% of Software buyers will recommend the Software vendors they evaluated to others.
- Buyers in EMEA were least likely to recommend vendors Click & Tweet! compared to buyers in Asia Pacific, Latin America, and North America. Buyers in Latin America are most likely to recommend, especially winning vendors.
- Over half of all B2B buyers (54%) indicated they will only give some consideration (30%) or no consideration (24%) to future business with vendors they previously considered in product evaluations.
- Firms in this category must determine reasons for buyers’ lack of confidence in their abilities for future business, such as potential concerns about product effectiveness, poor customer references, or long-term financial viability.
- Of the 46% of buyers who will consider vendors in future evaluations, 44% of buyers said they’ll consider losing vendors, while 66% of buyers will only consider winning vendors.
- Losing vendors must stay in close contact with prospects over the long term to remain top of mind in future evaluations.
- Nearly two thirds (64%) of buyers whose overall satisfaction with their chosen vendor is poor say their likelihood of doing future business with that vendor is also low.
- 55% of Healthcare buyers plan to consider the vendors they evaluated for future business opportunities; only 28% of Software buyers will consider past vendors for future business.
- Nearly 50% of North American buyers indicated a strong likelihood of future business with evaluated vendors Click & Tweet! while less than one third of buyers in Asia Pacific and EMEA plan to consider evaluated vendors for future business engagements.
Interested in the full report? Check out the B2B Buyer Loyalty report snapshot for more information.