There’s a stat doing the rounds that just 5% of B2B buyers are in the market for your products and services at any one time. That’s according to research carried out for the LinkedIn B2B Institute by the clever people at the Ehrenberg-Bass Institute.
The report states that corporations change service providers — such as their bank or law firm — around once every five years on average. That means only a fifth of business buyers are “in the market” over the course of an entire year; something like 5% in a quarter.
In fairness, this is not rocket science, nor is it especially surprising. But the 5% figure is only a guide. In practice, it varies wildly between specific B2B markets. And that matters. A lot.