Today, online methods dominate the four stages of the buy cycle.
- Research on the Internet
- Contact suppliers
- Request quotes online
- Compare supplier offerings using content found online
- Submit purchase orders online
- Search engines,
- Online catalogs,
- Supplier Web sites,
- Portal sites
Even traditional sales through offline channels such as purchase orders often are the result of buyers using online methods to move through the stages of the buy cycle.
In order to make the final short list of potential vendors, suppliers must get found in the early Needs Awareness and Research stages of the buy cycle.
A GlobalSpec survey found that 42% of buyers evaluate four or more suppliers during the Research stage, but only 26% of buyers get quotes from four or more suppliers during the later Procurement stage.
The conclusion is that as buyers move through the buy cycle, they eliminate suppliers from contention, as opposed to adding new potential suppliers to their short list.
That’s why it’s so important to be found early
- 70% of buyers review four or more pieces of content for purchases greater than $10,000
- 17% of buyers review that much content for purchases under $1,000.
Your content should include specification sheets, white papers, Webinars, e-newsletters, application notes and more. Only with this breadth and depth of content can you help build confidence in the buyer that your brand and solutions can meet their needs, and at the same time, distinguish your company from your competitors.”
~ GlobalSpec newsletter, March 23, 2010