Vandalia, Ohio—Price and total cost of ownership are the dominant factors in purchase decisions among b-to-b buyers, according to a new report from TriComB2B and the University of Dayton School of Business Administration.
The report, “The Considered Purchase Decision,” was based on an online survey of 448 b-to-b decision-makers and influencers, conducted during the first quarter.
It found that 64% of respondents said immediate price dominates their purchase decision 60% or more of the time, while 56% said total cost of ownership is considered in 60% or more of b-to-b purchases.
Also, older respondents (those 60 years and older) were two to three times more likely to evaluate the total cost of ownership for considered purchases compared with all other age groups.
The study also found that the top information sources during a b-to-b purchase decision are online technical data sheets (cited by 65% of respondents); industry contacts (54%); a vendor's website (52%); and printed technical data sheets (52%).