Senior corporate executives are increasingly using social media as part of their decision-making process for major business-to-business purchases, according to research by IDC.
The study, titled Social Buying: The Importance of Trusted Networks During the B2B Purchase Process, surveyed 760 respondents in eight countries across the technology, professional services, and finance sectors.
The figures show 75% of the B2B buyers, including 84% of C-level executives, turned to social media to support their purchase decisions.
The executives using social media for business purchases had 84% bigger budgets, made 61% more purchase decisions and had influence over a greater number of decisions than those who didn’t.
In a statement, Michael Fauscette, IDC’s group vice president of software business solutions, warned there is a significant disadvantage for companies that lag behind in terms of using social media effectively.
“For vendor companies, this transformation may be difficult and will take time; however, new competencies will amplify the value that buyers seek from social networks. This will create an echo effect, making social networks even more valuable to buyers,” Fauscette said.