One in five business leaders say at least 16 people are now involved in making purchasing decisions, with 68% of finance executives describing HR as one of the top five decision-making functions, 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 investing in goods and services.
Before making a purchase decision, the report reveals that:
- 84% of business leaders say HR services and tech are involved in some way, from consulted to signing-off, on a wide range of products and services
- 68% of finance executives describe HR as one of the top five decision-making functions, while more than half (54%) of marketing executives think the same.
- 64% of finance executives say that they regularly (every week) work with HR, while 57% of sales and 49% of operations say the same.
Commenting on the launch of the report, Will Brookes, CEO, Raconteur said: “HR’s role in decision making can not be underestimated. If B2B marketers want brand-awareness and lead-generation campaigns to be effective, they can no longer afford to target just CMOs or single decision-making roles – HR must play a bigger role in conversations.”
David Kells, Director of partnerships, Raconteur, added: “The fight for engagement in B2B marketing has become increasingly difficult and the results from this research highlight one of the main contributing factors. Too many campaigns are born out of an obsession with an ideal buying persona, not a committee of buyers. It means that all too often the content produced by brands isn’t unique, relevant or helpful, and doesn’t target or reach the right people, making it ineffective. With a better understanding of HR’s role in business decisions, agencies can help clients build campaigns that deliver results.”