94% Of Businesses Have More Than 6 People Involved In Buying Decisions

LONDON, Wales - Nov. 23, 2022 - PRLog -- One in five business leaders say at least 16 people are now involved in making purchasing decisions, according to a new report by B2B media brand Raconteur.

The study of 1,100 UK business leaders has uncovered a complex buying matrix when it comes to investing in goods and services.

Before making a purchase decision, the report reveals that:

• 94% of business leaders say at least six people are involved in buying decisions
• 53% say 11 or more decision-makers are consulted
• One in five (21%) say buying decisions involve at least 16 people

The report also reveals the influence business leaders have outside their own departments. The majority of business leaders influence decisions across at least FOUR product/service lines outside their immediate function.

It also shows that the days of assuming the most senior individual is the ultimate sign-off are long gone. Decision-making has become much more egalitarian, with 36% of managers saying they often have final sign-off, while 38% of CXOs say the same.

Raconteur CEO Will Brookes says the results show that businesses are becoming less siloed at a leadership level, with departments working together to make buying decisions. This means that to be effective, business leaders must balance being an expert in their field with developing a broad understanding and knowledge of the major trends affecting business.

He said: "The business world is becoming increasingly interconnected, meaning the impacts of the decisions leaders make are far more wide-reaching. Whether companies are considering their sustainability strategy, navigating supply chain risk or purchasing a new CRM system, leaders increasingly need to understand what is happening outside their function and how it impacts them. Those who do not will struggle to play a valuable role in their organisations, limiting their ability to gain influence and progress."

Brookes says that the report also has implications for the way B2B marketers try to engage senior stakeholders given the rise of cross-departmental collaboration and the unpredictable role seniority plays. He cautions against using a one-size-fits-all content strategy and instead says brands need to target across functions and seniority levels.

He said: "If B2B marketers want brand awareness and lead-generation campaigns to be effective, they can no longer afford to target single decision-making roles or even single business departments – it needs to be broader and smarter than that."

Learn more about the research findings here: https://insights.raconteur.net/decision-making-2022