A new study of 400 B2B executives by lead generation provider Sopro sheds light on the challenges B2B businesses face in 2024.
Sales cycles are becoming longer and more complex, with more stakeholders involved in the decision-making process, making it harder for companies to connect with buyers. At the same time, traditional outreach methods are becoming less effective, and businesses are facing pressure to refine their go-to-market strategies and tech stacks.
Today’s B2B sales environment demands a balanced approach that integrates brand building with sales activation. It also requires streamlined tech stacks, smarter data usage for personalized outreach, and multi-channel strategies to engage the right stakeholders at the right time.
B2B lead generation competition
B2B buying processes are growing more complex, with more decision-makers involved. Over 20% of businesses now have six or more people in their decision-making units (DMUs), three times the number from two years ago. Furthermore, 7% of DMUs now include 10 or more stakeholders. As buyers increasingly research independently and engage with vendors later in the process, businesses must refine their strategies to connect with decision-makers earlier. According to the study, 29% of businesses report that buyers expect more personalized experience from vendors.
Tighter budgets are also driving greater selectivity among buyers, who are more likely to negotiate or go silent in the decision-making process. In fact, 65% of B2B businesses noted that buyers have tighter budgets in 2024, and a third reported that leads often go silent without explanation.
The B2B landscape is also becoming more competitive. A study of 3,500 B2B buyers found that the number of brands buyers consider before making a purchase has increased by 62% since 2021. Additionally, the gap between the leading brand and the second-place brand has narrowed by 78% during the same period. Half of B2B vendors (45%) say they faced increased competition in 2024.
With all this competition, standing out is more challenging. Being visible across multiple channels is important, but 95% of buyers are not in-market at any given time. As a result, staying top of mind when buyers do enter the market is crucial. For many marketers, justifying spending on brand building versus immediate sales activation remains a key challenge, with 28% citing it as one of their primary concerns this year.
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