The Data Digest: Do You Know Your New Technology Buyer?
For years, technology purchasing has been moving away from a central IT approach and into the business. Forrester Data shows that in North American enterprises, 73% of technology spending is either business-led or the business provides significant input into IT’s purchase — up from 71% last year.
Clearly times have changed when it comes to technology purchasing, and business decision-makers (BDMs) are more critical to the process than ever. For example, North American enterprise BDMs reserve 41% of their respective budgets for technology purchases and expect to increase their total spend by 5% over the next year.
When asked why they are spending more of their business budget on technology, North American enterprise BDMs cited three critical reasons. First and foremost, technology is too important for the business not to be involved:
Second, the rising expectations of customers require the business to push IT to keep technology current. And finally, business executives’ understanding of technology is increasing; so, they can interact more effectively with IT.
Thirty-nine percent of North American enterprise BDMs believe that “software is the key enabler for their business,” and helps them to engage with customers. This trend is even more prevalent in Europe and Asia Pacific, where 51% and 58% of BDMs, respectively, believe the same thing. This significant attitudinal shift will continue to shape how software is acquired, deployed, and used to drive business success.
So how can you capitalize on the widespread and significant changes to the B2B technology landscape?
- Know your new buyer. That statement seems simple enough, but having a deep understanding of who buys your products — their priorities, challenges, available spend, etc. — is key.
- Understand their purchase journey. Who gets involved when, how do they research solution information prior to purchasing, and what kind of content do they need?
- Tailor your product strategy and marketing so that they resonate with your new buyer.
The best business leaders know that to win in the age of the customer, they need to lead the next wave of technology adoption and embed technology into everything they do. By gaining a deep understanding of the new technology buyers, you can identify market opportunities, capitalize on growth segments, and ensure that your go-to-market strategies drive revenue.