The rapid expansion of the Salestech and Martech landscapes has sparked a solution explosion, with many buyers prioritizing platforms that can be integrated into their existing tech stacks. However, a new study by the B2B peer review website G2 has shown that this is a difficult process as 74% of B2B companies buy five or more solutions at a time to meet their growing business needs.
In response, buyers revise their decision-making strategies to optimize their software spending. G2’s “2021 B2B Software Behavior Survey” highlighted the shift towards smarter purchasing decisions in the search for new marketing and sales technologies and the effects of third-party software reviews on solution acceptance. The report also examined how vendors are innovating their engagement strategies to reach buyers at different stages of their buying journey.
The study found that 86% of buyers visit peer-reviewed websites to make a final judgment, while 70% have put in place a formal review process among business leaders to vote on buying or renewing custom software. Interestingly, only 4% of buyers said they trusted the information given to them by sales reps or research firms, however 60% were more confident in the solution they chose after consulting with their peers or peer -Read reviews. As a result, technology providers are now leveraging positive reviews and customer stories to build brand reputation and gain buyer trust.
“Companies are making software decisions faster than ever by taking their research and evaluation into their own hands,” said Amanda Malko, G2’s chief marketing officer, in a statement. “Our data points to the increasing consumerization of software purchases, with the vast majority of businesses, including corporate, using trusted peer reviews to make their decisions.”
Other standout statistics are:
- 83% of respondents needed security and privacy assessments before implementing a new solution in their tech stacks;
- 67% of software vendors engage target customers after making a purchase decision;
- 60% of SMBs and corporate buyers will always consider alternative software when their current subscriptions need to be renewed;
- 55% took three months or less to decide which solutions to invest in; and
- 55% expect their technology spending to increase by 2022.
For more information on how buyers make their B2B software purchases, see the full report.