Top Takeaways from LinkedIn’s New ‘Enlightened Tech Buyer’ Report

Key Takewaways from LinkedIn's Enlightened Tech Buyer Report

Key Takewaways from LinkedIn's Enlightened Tech Buyer Report Technology is one of the
fastest-growing B2B sectors
, for reasons that are self-evident.
As new solutions and innovations continue to enhance the way
businesses operate across every industry, every key department has
increasing tech needs and buying power these days. The folks at
LinkedIn* recently released a 2019 global report,
The Enlightened Tech Buyer:

Powering Customer Decisions from Acquisition to Renewal
, and it
merits attention from marketers of all stripes. As the
“enlightened” descriptor implies, tech buyers (for reasons that
are also self-evident) tend to be ahead of the curve when it comes
to research, consumption, and purchase behaviors. Today we’ll
take a deeper look at LinkedIn’s new data around this
trendsetting cohort, breaking down five key revelations within. 5
Telling Trends Revealed in LinkedIn’s Tech Buyer Report Here are
some of the most eye-opening tidbits we saw based on LinkedIn’s
survey of “5,241 global professionals who participated in or
influenced the purchase of various hardware or software solutions
at their organization within the last three months.” #1 – Tech
Buying Committees are Expansive and Diverse We all know that, in
general, B2B buying committees are expanding faster than the
Night
King’s army of wights
. This dynamic is especially pronounced
in the tech space. “Where previously 3/4 of enterprise employees
were part of technology decision-making,” LinkedIn reports,
“today the total universe of end-users and decision-makers who
impact business technology investments encompasses 4/5 of employees
(roughly 86%).” Tech Buying Decision-Making As tech
products and services become increasingly integrated with every
aspect of an organization, more voices are coming into play. End
users, external influencers, and cross-functional stakeholders all
tend to have a role. This reinforces the imperative of establishing
strong brand awareness throughout a business, which is a central
focus of
account-based marketing
.   #2 – The Purchase Cycle is
Shortening The report notes that the process of reviewing,
selecting, and implementing new tech solutions has accelerated over
the past few years, with the average purchase cycle now checking in
at about 25 months. This could be viewed as good news or bad news,
depending on how you look at it. On the one hand, that’s still a
fairly long timespan, providing plenty of opportunity for marketing
content to make an impact. Meanwhile, the increase in velocity
could suggest buyers are becoming more deliberate and urgent in
identifying solutions. But on the other hand, this also means that
we as marketers have a smaller window than before to engage and
persuade. We now need to make each interaction count more than ever
— especially if we’re pursuing a new account. LinkedIn’s
study shows that shortlists are becoming more competitive than ever
for vendors. #3 – Vendor Websites Are a Prime Resource Across every
B2B tech category, vendor website/mobile app is the top research
destination for buyers. In aggregate, this source is followed by
blogs/forums/discussion boards, product review websites, and
technology media/trade journals: In short, buyers are seeking out
trustworthy information — be it from a company’s own website or
from unbiased third party resources. This accentuates the
importance of
building credibility with best-answer content
, which can
satisfy a decision maker’s questions during research while also
positioning your brand as helpful and knowledgeable. #4 – Buyers
Want Partners, Not Sellers Above all, tech buyers value the overall
quality of a product or service above all when choosing a vendor.
(Duh.) But the next two factors are interesting: both the ability
to consistently meet a buyer’s needs, and the ability to answer
questions to a buyer’s satisfaction, rank above
affordability/pricing in importance: Choosing a Vendor This is why the
customer
experience is becoming such an overarching imperative
.
Effective marketing now goes beyond the scope of traditional
functions. Brands need to be readily available, with the right
content at the right time. Strategies must account for every touch
point. Always-on
approaches
are becoming the norm. And this level of
attentiveness should go beyond the actual purchase itself…   #5
– Smooth Implementation is Essential Per LinkedIn, “The #1
indicator of customer renewal success is successful adoption and
product satisfaction.” No surprise there. But it’s another
reminder of why the full customer experience needs to be addressed.
“The data shows direct vendor engagement among buyers dropping
off in later stages of purchase, meaning that there’s an
opportunity to be more present and engaged with customers
post-sale,” according to the report. “Marketers need to play an
active role in the implementation and adoption process of new
technology. A seamless customer experience also demands alignment
with customer support in activities, training and key education
resources.” How can marketing continue to shape experiences in
these later stages and after the sale? It’s a vital consideration
for profitability, since we all know the relative cost of acquiring
new customers compared to retaining existing ones. Follow the Tech
Buyers None of the nuggets revealed in LinkedIn’s “Enlightened
Tech Buyer” report are especially surprising, but they do
reinforce some of the trends we see playing out at large:

  • Buying committees are becoming more distributed
  • Researchers seek out objective information and best-answer
    content
  • We need to help, not sell
  • Marketing is starting to impact more parts of the customer
    experience

To get the full scoop on today’s B2B tech buyer preferences,

check out LinkedIn’s report
. *Disclosure: LinkedIn is a
TopRank Marketing client.

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Top Takeaways from LinkedIn’s New ‘Enlightened Tech Buyer’
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Top Takeaways from LinkedIn’s New ‘Enlightened Tech Buyer’ Report