The increasing complexity and rate of change within the technology landscape has resulted in a number of changes in the B2B technology buying process. The Foundry Institute recently completed a study, The Role and Influence of The Technology Decision Maker to identify these changes.
The success of your B2B technology firm in acquiring the clients it seeks will be contingent on your firm having a comprehensive Buyer Driven B2B Go to Market strategy which takes these changes into account.
Below is a detailed description of the key changes and the implications for your technology firm.
Buyers are conducting more thorough research.
The average number of information sources used by IT Decision Makers during the product/service evaluation stage is 7 pieces of content (up from 5 in 2019)
More people than ever involved in the purchase process
In 2024, on average 28 people in total are involved in technology purchase decisions comprised of :
- 15 people from the IT function
- 13 people from Lines of Business (LOB) across an organization
This is up from an average of 20 people in total back in 2022.
Average buying committee size varies by organization
- Enterprise companies: have on average 32 people (17 from 1T, 15 from LOB)
- Small or Medium Businesses (SMBs) have on average 22 people (12 IT, 10 LOB)
Top executives are more involved throughout the Technology purchase process
The participants throughout the various purchase stages are as follows:
Determine the business need
- CEO
- CIO
- IT management
Determine technical requirements
- IT management
- CIO
- IT staff
Evaluate products or services
- CIO
- IT management
- IT staff
Recommend and select vendors
- CIO
- IT management
- CTO
Sell internally
- CIO
- IT management
- CTO
Authorise and approve
- CIO
- CEO
- CFO
Post sales engagement
- CIO
- IT management
- IT staff
IT Decision Makers use a mix of content and meetings as part of their purchase decisions
Helpful sources include:
- 3rd party research
- White papers
- Meetings with vendors
Where tech buyers go varies throughout the buying process
Technology Content Sites
Most vital for determining business needs and selling internally
Peers
Most valuable resource for selling internally and authorizing/endorsing purchases where their deep knowledge of business objectives and people carry influence.
FACT: 63% of IT Decision Makers are more likely to trust online information received from a peer
IT Decision-Makers run into 2 key internal roadblocks in the technology purchase process
46% of IT Decision Makers need help evaluating products and services
43% of IT Decision Makers need help when determining tech requirements
Vendor involvement seen as less useful in later stages.
Videos and podcasts are popular information sources for IT Decision Makers
95% of IT Decision-Makers watch tech related media
- Most popular topics include:
- Industry research
- Product reviews
- Interviews with industry experts
61% of IT Decision-Makers have listened to business related podcasts
- Key topics include:
- Emerging technologies
- Business trends
There are some geographic differences in B2B technology purchases.
| Buying Characteristic | North America | Asia Pacific |
| Average Buying Cycle | 5.9 months | 7 months |
| Number of Sources Used | 6.8 sources | 7.3 sources |
| Buying Team Composition | 25 people (13 IT, 12 LOB) | 31 people (17 IT, 14 LOB) |
| Where Help is Needed | 45% of IT DM need help determining the business need and selling internally 49% need additional resources when they are evaluating products and services | 38% say internal skill shortages is a barrier |
| Where and How to Reach Your Target Audience | YouTube LinkedIn X | YouTube Facebook LinkedIn |
WHAT DOES THIS ALL MEAN FOR YOUR B2B TECH COMPANY?
Consider incorporating the following recommendations into your company’s B2B Go to Market Strategy
- Develop a “Listening” Program to understand:
- Who are the buying committee members for your target industries and companies
- What are their key priorities, objectives and challenges
- Where they go and with WHOM they associate with to obtain the “AIR” (Advice, Insights and Recommendations) seek
- Providing product comparisons as well as diagnostics and assessments to enable your clients and prospects to evaluate offerings as well as determine technical requirements
- Develop and implement a Buyer-Driven Content strategy that is focused on providing “AIR” – Advice, Insights and Recommendations to the key priorities, objectives and challenges of IT Decision-Makers
- Be sure to make your content available in the preferred formats and channels for your target IT Decision-Makers
- Elements for consideration include:
- Guesting on podcasts pertaining to your target industries
- Hosting Livestream interviews with Q&A sessions
- Incorporate engagement mechanisms that appeal to IT senior executives such as Roundtables, Panels, Executive Briefings
NEED SOME “AIR” To Drive Client Engagement and Business Growth?
Get my Go to Market Playbook Designed Specifically for Small and Medium B2B Accounting, Tech and Law firms containing practical strategies and approaches to acquire, retain and engage the clients you seek.
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