According to a study conducted by CCGroup, enterprise technology buying behaviors are undergoing clear shifts due to the need to increase revenues, keep up with technological advancements, and improve efficiencies. This has led to a growing demand for new technologies such as artificial intelligence (AI), automation, and private networks.
The Understanding enterprise technology buying: Lessons for vendor marketing report, based on a survey of 200 technology decision-makers from UK enterprises, revealed that despite market conditions, enterprises are investing in new technologies with healthy budgets. The report also highlighted the increasing use of various marketing channels and content formats by enterprises when making technology purchasing decisions.
Key priorities for enterprises in the coming months include increasing sales, reducing operating costs, and expanding into new business areas or geographies. The study found that enterprises have made an average of five technology purchases in the past year, with the need to increase revenues, keep up with technology trends, and improve efficiencies being the top deciding factors for purchasing new technology.
Additional factors considered by enterprises during the technology buying process include supplier sustainability policies, diversity and inclusion policies, and the involvement of channel partners. Marketing channels such as industry analysts, business technology media, and management consultants were found to be influential in building buyer awareness of technology suppliers.
When selecting suppliers, live events, trade media, and peers were deemed equally important, underscoring the significance of suppliers’ presence and voice in the industry. It is crucial for technology vendors to have integrated marketing programs in place to ensure they are not missing out on opportunities. Reputation, sustainability efforts, and diversity, equity, and inclusion policies are important factors in selecting vendor partners.
Chloe Pope, head of next-gen connectivity at CCGroup, emphasized the need for technology vendors to showcase not only their market leadership and innovation but also their business goals and workplace cultures to appeal to enterprise buyers in a challenging economic environment.