How Much Are Buyers Spending On New Suppliers?

A lot goes into generating industrial sales — great emails, valuable content, an optimized website, and a commitment to staying ahead of the latest trends — just for starters.

But what can you expect to get out of those sales? How much revenue is really on the table?

According to our recent survey results, it may be more than you think — and it’s definitely a lot more than in years past.

The Largest Contracts Awarded By Industrial Buyers In 2017

We recently polled our audience of industrial and B2B buyers to gain insight into the way that they think, source, and spend. More than 100 buyers participated in the survey. Here’s what they told us about the largest contracts they awarded in 2017:

• A majority (52 percent) of buyers said that the largest contract they awarded in 2017 was less than $49,999
• More buyers (24 percent) awarded a contract between $100,000 and $499,999 than between $50,000 and $99,999 (13 percent)
• 10 percent of the largest contracts awarded were greater than $500,000, while 6 percent were greater than $1 million

Spotting The Trends

We took a look back at our survey responses from 2016 and, if you are a supplier, the changes are definitely encouraging.

While in 2016, a huge majority (78 percent) of the largest contracts were for less than $50,000, that number dropped 26 percentage points in 2017. In addition, the number of companies awarding $1 million contracts rose from less-than 1 percent to 6 percent. The data shows that spend is trending up.

More Insights. More Revenue.

Want more insights into the habits of today’s industrial and B2B buyers? Get your free copy of our 2018 Industrial Buying Habits Report. And if you are looking to attract more buyers and win more contracts, let our team of industrial marketing and sales experts help you. Contact us today.