B2B Buyer Loyalty
Infographic
Product Quality
- 41 percent of B2B buyers rated vendors as only “average” in product quality , indicating buyer concerns about how well the solution will meet the needs of their organizations.
- When buyers rate winning vendors on product quality, 55 percent 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.
- 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 percent versus 20 percent).
Recommendation Likelihood
Future Business
- Over half of all B2B buyers (54 percent) indicated they will only give some consideration (30 percent) or no consideration (24 percent) 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 percent of buyers who will consider vendors in future evaluations, 44 percent of buyers said they’ll consider losing vendors, while 66 percent 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 percent) 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 percent of Healthcare buyers plan to consider the vendors they evaluated for future business opportunities; only 28 percent of Software buyers will consider past vendors for future business.
- Nearly 50 percent of North American buyers indicated a strong likelihood of future business with evaluated vendors, while less than one third of buyers in Asia Pacific and EMEA plan to consider evaluated vendors for future business engagements.