A recent survey of 386 B2B software buyers conducted by Technology review firm Software Advice and Research Now, revealed intriguing facts about buyer behavior in regards to online reviews.
The most staggering: 75% of B2B software buyers consult online reviews before making purchasing decisions.
While it’s a well-known fact that buyers make over 70% of the buying decision before approaching the salesperson, online reviews might just be the ticket to get to that 70% in the first place.
Here are more of these staggering stats that will likely influence you to incorporate online reviews into your 2015 marketing plan.
87% of large companies consult online reviews
Overall, online reviews make an impact on the buyer decision; however, large businesses are more likely to take action from online reviews than smaller businesses. 87% companies with 500 full-time employees were more likely to consult online reviews before purchasing software than buyers from smaller businesses (70%).
Online reviews expedite the buying process by three months
B2B software is a space notoriously known for it’s lengthy sales cycle, however, enterprises are starting to make more informed decisions as a result of consulting reviews, which is expediting the process. 63% consulted reviews when building a shortlist of software products to evaluate.
44% of buyers wrote reviews after a positive experience
That’s right: the majority of online reviews are positive. This trumps writing a review after a negative experience (29%).
100% of buyers found online software reviews valuable
Whether the reviews were positive or negative, all buyers found the reviews at least somewhat valuable when making a software purchasing decision. Other interesting stats:
- 68% said online reviews were extremely valuable or very valuable.
- Only 2% found the reviews minimally valuable, but valuable nonetheless.
- 59% were either extremely or very likely to choose one product over another based on favorable reviews
- 78% of buyers who consulted reviews were satisfied with their purchase.
The best news of all about this buyer behavior: The majority of buyers who purchased based on a review were satisfied with their new software.
According to Software Advice:
“This data proves that having online reviews—and positive ones, at that—is crucial to the sales success of a business software product.”
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