Duration of the Average Buying Cycle for IT

• According to a Gartner study conducted on a sample of 506 technology buyers, an average enterprise buying cycle for a new IT product or service takes 16.3 months. 
• Most participants in the survey expected the buying cycle to be shorter. 

Steps in the Enterprise Buying Cycle

• The process is long to the number of people that are involved and the number of meetings needed. 
• The number of people in a buying team for IT is 14 on average, with team members located in multiple locations, from various levels of management and functions.
• This team has to spend a considerable amount of time conducting in-depth research involving peers, partners, independent parties, and online search.
• One of the most time-consuming steps is the review of the cost and risk associated with the project's business case. This lasts two to three months on average.
• Buying teams are involved in 3-4 buying projects at the same time and this delays the process.
•  Around 18% of the total buying cycle is spent by the buying team on internal interactions, including meetings.
• It takes around 2.9 months to gain internal alignment within the company and the buying team.

Time Spent with Sales Reps

• Some buyers spend 80% of their time in the buying cycle without the involvement of Sales or Marketing teams.
• This means that out of 16.3 months, they are only involved for 3 months.
• The rest of the time, or 13 months, is used to build consensus, resolve internal obstacles, and obtain project approval and funding.
• According to research by Gartner, buying teams spend only 17% of their time in meetings with potential suppliers.
• They spend 27% of their time on independent online research and 18% on independent offline research.
• Meetings between the buying team takes 22% of the whole buying cycle time.