The coronavirus pandemic has forced businesses around the world to adapt to a new reality. On the technology front, we’ve seen a spike in demand for the products and solutions enabling businesses to support remote workers. These shifts have been well documented, but we wanted to go one layer deeper, taking a close look into how these and other technologies will be purchased by businesses.
In the midst of the crisis, we surveyed almost 500 tech buyers for our new report, B2B Buying Trends in 2020 and Beyond. Our research offers insights into the channels and vendors businesses plan to use to buy hardware, software, and services during and after the pandemic. We also dive deeper into the reasons behind those preferences, against the backdrop of businesses dealing with the implications of an increasingly remote workforce in 2020 and beyond.
After analyzing the data we have a better understanding of the current market situation and have recommendations for tech marketers as they adjust to a new normal.
5 Tips for Tech Brands and Service Providers
Know what buyers want: The top 5 criteria businesses consider when choosing a vendor or purchase channel (i.e., direct, online retailer, VAR, MSP) include the best pricing, overall value, long term business relationships, access to technical experts, and end-to-end support. IT vendors should lean into their strengths. Typically, direct manufacturers are able to offer the best overall value, expertise, and have the closest relationships with customers. Channel players are often able to provide the best pricing, trusted advice, and long term relationships. Know your competition, and lean into strengths to attract new business.
Focus on current pandemic pain points: Businesses are shifting priorities during the COVID-19 crisis, so it’s important to connect with them and listen carefully to their current needs. Doing so could mean the difference between a sale and a missed opportunity. While many of your potential customers are actively searching for solutions, they’re also busier supporting remote users and harder to reach than before. Therefore, it’s important to tailor your outreach to address their unique pain points now in order to catch their attention.
Invest in relationships: Relationships matter more than ever, and with the entire business world going through the same COVID-19 challenge, there’s the opportunity to foster genuine connections. Even if customers aren’t ready for a solution now, investing in building relationships now can lead to future business opportunities. According to our survey, 64% of IT buyers said their experience with providers is highly dependent on who they have as an account representative, and 72% said positive word of mouth is very important when selecting a managed services provider to serve their organization’s needs.
Help buyers consolidate: Organizations want to reduce complexity: 63% of IT buyers who participated in our survey said they would prefer to reduce the number of vendors and channels they purchase products and services through. As organizations shift to a remote workforce, IT complexity will only continue to grow. But with this challenge comes the opportunity for IT vendors that can offer comprehensive solutions and services — such as post-purchase integration and support — that make life easier for businesses adjusting to our new reality.
Beware of security pitfalls: During the pandemic, security concerns have become heightened. With employees working from anywhere, corporate devices around the globe are using potentially insecure home networks that IT departments have little control over. Additionally, potential customers will likely scrutinize IT vendors and service providers more due to these concerns. According to our study — fielded well into the coronavirus crisis — 59% of IT buyers are concerned about security issues that might arise when trusting third parties, such as MSPs, to do IT work. Extra care should be taken to ease security fears when reaching out to prospects.
For businesses, picking which channels and vendors to use for technology purchases is an important, and often complex decision. In our report, we offer deep insights into the minds of IT buyers and the products they tend to buy from whom.
In the shifting IT industry it’s essential for tech brands to understand changes in the market, while establishing or strengthening relationships with businesses taking steps towards modernizing and transforming their tech stacks. As the word deals with changes brought on by the pandemic, the best positioned tech brands will be the ones that can best cater to clients’ evolving preferences, so they can more effectively market to those in-market to buy.