How Buyers Consume: Content, Knowledge, and Wisdom, Results from the ITSMA How B2B Buyers Consume Information Survey, 2013
Upcoming SlideShare
Loading in...5
×
 

Like this? Share it with your network

Share

How Buyers Consume: Content, Knowledge, and Wisdom, Results from the ITSMA How B2B Buyers Consume Information Survey, 2013

on

  • 604 views

Over the last few years, ITSMA’s How Buyers Consume information research has uncovered important buyer trends that have changed the face of marketing. Today, buyer behavior is being driven by a ...

Over the last few years, ITSMA’s How Buyers Consume information research has uncovered important buyer trends that have changed the face of marketing. Today, buyer behavior is being driven by a relentless need for knowledge given disruptive technology change. Despite the conventional wisdom, ITSMA’s research shows that buyers can’t learn everything digitally; they need to interact with people. And the people they most want to interact with are subject matter experts. The good news for ITSMA members is that solution providers have become the experts that buyers rely on. The relationships between buyers, solution provider sales people, and SMEs are very important. Success hinges on marketing’s ability to join forces with SMEs and sales to bring content and thought leadership to the buyers.
Read this report to find out how Marketing can:
• Create the right balance in the marketing mix to reach both B2B Social and Traditional buyers
• Create the right balance in the marketing mix to reach business, finance, and IT executives
• Facilitate access to subject matter experts and their knowledge
• Help sales become subject matter experts in their own right
ITSMA, in partnership with CFO, conducted the 2013 version of its acclaimed How Customers Choose research with 438 buyers of large, complex IT solutions across seven countries. Specifically, the study answers questions such as:
• What are the most important criteria used to select solution providers?
• What content do buyers view on solution provider websites?
• How are buyers using social media during the purchase process?
• When creating a short list of providers, what sources of information do they use?
• Who takes the lead role during the different stages of the buying process?
• What are buyers’ preferences for maintaining relationships post purchase?
Study Methodology
In Fall 2013, ITSMA, in partnership with CFO, conducted a web survey of 438 business, finance, and IT executives from companies that purchase business or technology solutions for individual contracts over $500,000. These respondents represented larger enterprises, with 55% having $1 billion or more in annual revenue from seven different countries: US, UK, France, Germany, Australia, India, and Brazil. Respondents were interviewed in the following vertical markets: Manufacturing, Financial Services, Communications and Media, Public Sector, Healthcare, Energy/Utilities/Oil/Mining/Gas

Statistics

Views

Total Views
604
Views on SlideShare
464
Embed Views
140

Actions

Likes
0
Downloads
7
Comments
0

3 Embeds 140

http://www.lydiamarketingconsulting.com 86
http://www.weebly.com 51
https://twitter.com 3

Accessibility

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

How Buyers Consume: Content, Knowledge, and Wisdom, Results from the ITSMA How B2B Buyers Consume Information Survey, 2013 Presentation Transcript

  • 1. ITSMA/CFO Survey | 2013 How B2B Buyers Consume Information How Buyers Consume: Content, Knowledge, and Wisdom Results from the ITSMA/CFO How B2B Buyers Consume Information Survey, 2013 Abbreviated Summary Julie Schwartz Senior Vice President, Research and Thought Leadership, ITSMA Dianne Kim Research Associate, ITSMA © 2013 ITSMA. All rights reserved. F024AS Reproduction or forwarding of this document to others is prohibited. 1
  • 2. ITSMA/CFO Survey | 2013 How B2B Buyers Consume Information Abbreviated Summary According to ITSMA’s “How Buyers Consume Information Survey,” your buyers want three things: Note: This abbreviated summary highlights some of the significant findings from How Buyers Consume: Content, Knowledge, and Wisdom, results from the ITSMA How B2B Buyers Consume Information Survey, 2013. A more in-depth analysis can be found in the full report. Insights Expertise Your customers buy the big stuff: long-term commitments for high-stakes bundles of complex, expensive, and customized tech services. They’re the minority of buyers who spend the majority of the cash. And because they’re always changing, the way you sell to them needs to change too. Human contact Flawed assumptions about what your buyers want can cost you millions of dollars. © 2013 ITSMA. All rights reserved. F024AS Reproduction or forwarding of this document to others is prohibited. 2
  • 3. ITSMA/CFO Survey | 2013 How B2B Buyers Consume Information Buyers work hard for insights In an age of technological disruption, buyers have become students again The desire to learn has driven the biggest changes in buyer behavior over the last ten years. And those changes, in turn, have led to a revolution in marketing. In the course of your job, how often do you spend time getting a better understanding of the application of technology solutions to business problems? % of B2B Social Buyers (N=218) 46 In an age of technology-led disruption, everyone is a student again. That includes buyers, especially B2B social buyers—the young executives with clout who find social media to be useful during the purchase process. Buyers are hungry for new knowledge. Their futures depend on it. And they are carefully evaluating your organization as a source of knowledge. 37 13 3 1 Daily © 2013 ITSMA. All rights reserved. F024AS Reproduction or forwarding of this document to others is prohibited. 3 Weekly Monthly Rarely As needed Source: ITSMA/CFO, How B2B Buyers Consume Information Survey, 2013
  • 4. ITSMA/CFO Survey | 2013 How B2B Buyers Consume Information Buyers crave person-to-person contact Early in the buying process, digital sources of information are not the only source of information—people matter! We all connect through the threads of email, social media, and the web. But those links could also be seen as walls separating us from genuine relationships. When you are keeping up with the industry and learning about technology solutions, how do you tend to distribute your time among the various sources of information? Mean % of Time (N=427) Offline 21% We connect emotionally with our eyes, our ears, and our sense of touch. It’s not easy to connect emotionally to customers through a screen and keyboard. Connections don’t occur through a search engine. They occur when we look across a table and see another person. With solution providers or outside experts People-based sources = 45% You need digital and social channels. But you also need person-to-person connections. Digital alone won’t make the sale. The buying process may begin on Google, but it ends with a person. © 2013 ITSMA. All rights reserved. F024AS Reproduction or forwarding of this document to others is prohibited. 4 Online 34% 22% 23% With peers Source: ITSMA/CFO, How B2B Buyers Consume Information Survey, 2013
  • 5. ITSMA/CFO Survey | 2013 How B2B Buyers Consume Information When making high-stakes purchase decisions, buyers listen to people, especially the experts Most buyers feel they have adequate access to SMEs, but there is room for improvement Buyers want to get personal—but not just with anyone. According to buyers, subject matter experts (SMEs) supply the most credible information during the buying process. But there’s a problem: not enough SMEs to go around. Poor We have extremely limited access to subject matter experts Fair We have access to the subject matter experts sporadically During the sales process, how would you describe your organization’s access to the solution provider’s subject matter experts? % of Respondents (N=427) 1 16 55 29 Fewer than three in ten buyers agree with the statement “We have as much access to the subject matter experts as we need—they are available and responsive.” The rest want more time with SMEs or feel that their access to SMEs is sporadic or extremely limited. That’s why salespeople need to step up their game. © 2013 ITSMA. All rights reserved. F024AS Reproduction or forwarding of this document to others is prohibited. 5 Good The subject matter experts are available and responsive, but it would be better if we could spend more time with them Excellent We have as much access to the subject matter experts as we need—they are available and responsive Source: ITSMA/CFO, How B2B Buyers Consume Information Survey, 2013
  • 6. ITSMA/CFO Survey | 2013 How B2B Buyers Consume Information Sales people are much more than order takers Buyers recognize that salespeople provide significant value during the purchase process Buyers already welcome smart salespeople. Salespeople have the time, motivation, knowledge, experience, and social skills to interact with buyers one-to-one. It is time to start expecting salespeople to step up and become SMEs as well. 76% Seller  Provide product or service information  Help navigate among alternative solutions  Help build the business case Conduit Thought Leader satisfaction of B2B buyers report with their most recent sales experiences  Put buyer in touch with SMEs  Provide references  Provide insights on technology trends  Provide insights on business trends  Challenge thinking  Educate on opportunities in changing the status quo One of the top drivers of satisfaction during the sales experience is a knowledgeable and experienced sales team © 2013 ITSMA. All rights reserved. F024AS Reproduction or forwarding of this document to others is prohibited. 6 Source: ITSMA/CFO, How B2B Buyers Consume Information Survey, 2013
  • 7. ITSMA/CFO Survey | 2013 How B2B Buyers Consume Information The role of sales and marketing is education  The people buyers most want to talk to are your SMEs  You need to find ways to scale your SMEs – Make them more accessible online – Augment SME ranks by enabling the sales force Buyer behavior is being driven by a relentless need for knowledge given disruptive technology change. The sales and marketing partnership is really a triumvirate Buyers can’t learn everything digitally; they need to interact with people.  Digital marketing does not standalone  Online, offline, and people-based interactions need to be seamlessly integrated: think Marketing omnichannel © 2013 ITSMA. All rights reserved. F024AS Reproduction or forwarding of this document to others is prohibited. Sales SMEs 7 Source: ITSMA/CFO, How B2B Buyers Consume Information Survey, 2013
  • 8. ITSMA/CFO Survey | 2013 How B2B Buyers Consume Information Study Methodology Countries Represented Germany 10% France 10% What is your company’s primary business? 20 5 9 Approximately, what is your company’s annual revenue (or operating budget if government)? % of Respondents 9 (N=438) 10 24 18 $100– 249M $250– 499M 23 13 10 $500– 999M $1– 4.9B $5– 9.9B 23 $10B or more © 2013 ITSMA. All rights reserved. F024AS Reproduction or forwarding of this document to others is prohibited. United Kingdom 15% % of Respondents (N=438) Annual Revenue of Organizations Represented 14 United States 37% Australia 10% % of Respondents (N=438) In Fall 2013, ITSMA, in partnership with CFO, conducted a web survey of 438 business, finance, and IT executives from companies that purchase technology–based solutions for individual contracts over $500,000. These respondents represented larger enterprises, with 55% having $1 billion or more in annual revenue from seven different countries: US, UK, France, Germany, Australia, India, and Brazil. 22 Brazil India 9% 9% 8 Other Other includes: retail/wholesale, transportation, business services, travel and hospitality, aerospace/defense Energy/Utilities/Oil/Mining/Gas Healthcare (payer, provider, and benefits) Government/Non-Profit/Public Sector Communications (telecom, media, entertainment) Financial Services (banking, insurance, investments, etc.) Manufacturing (consumer/industrial, process/discrete) Source: ITSMA/CFO, How B2B Buyers Consume Information Survey, 2013
  • 9. ITSMA/CFO Survey | 2013 How B2B Buyers Consume Information Respondent Characteristics Job Role Are you an IT, finance, or business professional? Finance 23% % of Respondents (N=438) Purchase Involvement How would you characterize your involvement in your organization’s purchases of major technology solutions for individual contracts over $500,000? Business 34% % of Respondents (N=438) I have budget and/or final sign-off authority IT 43% Job Title Decision maker Which of the following most closely describes your job title? 65 % of Respondents (N=438) 44 I research potential providers for Evaluator inclusion on the short list/ 34 I evaluate the providers on the short list and select the best solution 18 I provide input to help Influencer the evaluators and 34 decision makers 13 Manager Note: Multiple responses allowed. © 2013 ITSMA. All rights reserved. F024AS Reproduction or forwarding of this document to others is prohibited. 9 11 14 Director/ Controller/ VP/ Assistant Treasurer Senior VP/ VP Head C-level/ Pres./ General Manager Source: ITSMA/CFO, How B2B Buyers Consume Information Survey, 2013
  • 10. ITSMA/CFO Survey | 2013 How B2B Buyers Consume Information Table of Contents for How Buyers Consume: Content, Knowledge, and Wisdom, Results from the ITSMA How B2B Buyers Consume Information Survey, 2013 Executive Summary Implications for B2B Marketers Detailed Findings Respondent Demographics The Purchase Process Stage 1. Epiphany Stage 2. Awareness Stages 3 and 4. Interest and Confidence Stage 5. Loyalty The Sales Experience Slide 3 24 34 34 52 66 80 121 134 140 For More Information Julie Schwartz Senior Vice President Research and Thought Leadership ITSMA Email: jschwartz@itsma.com Phone: +1-781-862-8500, Ext. 112 © 2013 ITSMA. All rights reserved. F024AS Reproduction or forwarding of this document to others is prohibited. 10