2023 Gartner Global Software Buying Trends Report
Gartner just published the fourth edition of their Global Software Buying Trends report.
They surveyed over 1,500 SMB businesses - considered as having less than $1bn in revenue and with 2-999 employees.
The report is essential reading for any revenue leaders across the buying process as it features datapoints from raising awareness, through to decision making and on to onboarding and renewal.
Here are my highlights:
Security and ease of use are top priorities for software buyers
When asked what are the most important factors when searching for new software, respondents scored security and ease of use as priorities.
Too often these topics are buried at the end of a vendor’s sales process - reactively answering a security questionnaire or sharing access to some end user training.
Instead, present this content upfront to buyers - it removes two of their primary concerns.
Buyers look to trusted experts to guide their thinking
With hundreds of possible solutions in any one software category buyers need to rely on others to define their shortlist.
Bearing in mind this is a report from an analyst firm, buyers look to industry analysts and experts, professional associations and discussions with peers and colleagues.
Many of these discussions happen in the dark funnel - in role-specific Slack communities or WhatsApp groups.
Product Review Platforms provide ‘independent’ insight
Having created a shortlist, buyers then use product review platforms including G2, Capterra, TrustRadius to guide their thinking and to validate their initial decisions.
In our personal lives we use the reviews of others to guide our buying decisions on Amazon or our viewing on Netflix - it is no different in our business lives.
We want to know what everyone else thinks.
With enterprise software, buyers want to go further than just a star rating - they want to hear about the unique experiences that other customers have had.
The descriptive reviews of the buying process, contracting, onboarding and handovers to customer success are what gives buyers confidence (or removes it).
Take a look at your listing on G2, Capterra, TrustRadius, and those of your competitors, and imagine you were a buyer - how would you think about your company compared to your competitors now?
Fill the dark funnel with useful content for your potential buyers
Your buyers spend at least 50% of their buying journey outside your field of view - independently researching, speaking to peers and colleagues, discussing with analysts.
Your buyers spend their time in the dark funnel below the line
The question is - what do they find when they are researching your category and your company?
Consider some of these questions?
Which product review platforms do your buyers trust?
Which technology or consulting partners do they already rely on?
Which professional networks or organisations cover your category?
Who are the niche analysts that cover your category?
Who is writing content about your category?
Which private Slack communities are your target ICP members of?
Who is responsible for encouraging real stories from your current customers?
The learnings from this Gartner report are that revenue leaders need to have answers to these questions and a strategy for providing valuable and trusted content for buyers in each of these channels.
It is not enough to have an “inside out” approach where you only consider your sales process, your sales content, your events and digital estate.
You must think “outside in” from the perspective of your buyer and consider how they are trying to educate themselves on the problems their company faces, the opinions of their peers and competitors, and the shortlist of possible solutions to help them.
I recommend reading the full report - there are many more insights to guide your Go To Market strategy.
Conduct a Buyer Experience Audit
If you want help with this, I deliver Buyer Experience Audits where I will impersonate your target buyer and imagine I am researching your category and products.
I’ll research review platforms, social networks, bloggers, analysts and your own website and play back what I learn about the problem I face and the potential solutions on offer.
Get started
Whenever you are ready, there are three ways that I can help you accelerate your revenue.
Buyer Experience Audit - I’ll impersonate a buyer researching your segment and company and let you know what I find. Ideal for planning your Revenue Operations strategy.
Business Model Design Workshops - I’ll work with you and your team to design or refine a business model for a new or existing product.
RevOps Impact Playbooks - I’ll help you implement one or more tactical processes across your revenue teams - content, referrals, testimonials, adoption and more.