The buy cycle is the process that B2B sector buyers engage in when purchasing products and services, and one that marketers must pay attention to when planning marketing strategies and crafting messaging.

The buy cycle consists of a methodical and deliberate series of four stages: Needs Awareness, Research, Consideration & Comparison, and Procurement. In each of these stages, buyers engage in different behaviors and use a wide variety of information sources to locate vendors and support their buying decisions.

Online methods dominate the buy cycle

Although the buy cycle has been around for as long as products have been bought and sold, the way purchasers go through the four stages has changed. Today, online methods dominate the four stages—from conducting research on the Internet, to contacting vendors and requesting quotes online, to comparing vendor offerings using content found online, to submitting purchase orders.

Get found early in the buy cycle

Marketers should build their presence across multiple channels to make sure they are visible to buyers in the early stages of the buy cycle, using tactics such as search engine optimization and search ads, enriching own Web site, and marketing on industry Web sites and industry e-newsletters—the exact resources your potential customers rely on.

Marketers should also note that during the buy cycle, buyers want access to content that helps educate them, improves their decision-making capabilities, and increases their confidence level in their final purchase decision. According to a research study conducted by GlobalSpec, during the initial Research stage, 42% of buyers evaluate four or more suppliers, but as buyers move closer to Procurement, only 26% get quotes from four or more suppliers. Those that drop off the list are often those who did not provide the right level of information to buyers or did not meet some other perceived or real need in the buyer.

In addition, the more expensive the purchase, the more content buyers review before making their decision. For example, the GlobalSpec survey also found that 83% of buyers review only three or fewer pieces of content before making a decision on purchases under $1,000, while 70% of buyers review four or more pieces of content on purchases greater than $10,000.

This data suggests that if your company has small average order sizes you may be best served with a few targeted pieces of content to deliver relevant information to buyers. If you typically have larger average order sizes, you may need a broader library of in-depth content including brochures, specification sheets, Webinars, e-newsletters, white papers, case studies and more to help make your case. Providing good content to prospective buyers helps you gain an advantage over competitors.