Enterprise Buyers are shifting behaviors in a volatile marketplace
Findings from the Momentum ITSMA Customer Buying Index
CBX® focuses specifically on the purchase of complex, high-value strategic solutions—from strategy and process consulting through a multitude of different technology-based offerings.
In terms of demographics, CBX concentrates on trends and changes inside the world’s largest organizations across North America, EMEA, and APAC. We ask senior executives what has changed and why.
Many large enterprises are incorporating the lessons learned from the pandemic into how they do business. However, as that crisis fades, business executives face other challenges that are disrupting business. From an economic perspective, rising interest rates, inflation, attracting and retaining talent, and supply chain disruptions complicate the decision-making process. Additionally, the social-political-environmental landscape – such as lingering effects from the pandemic, geo-political tensions, and disasters brought on by climate change – add another layer of challenges for buyers to navigate.
Even as executives struggle to cope with this heightened uncertainty, they seek to forge a clear path to growth. From the research, we have identified three key takeaways for solution providers and B2B marketers to consider when developing content to reach buyers:
- Executives are reordering their top agenda items. The top priorities for executives in September 2022 are improving the customer experience and protecting against cybersecurity risks. Compare that to a year ago, when improving productivity and profitability as well as investing in innovation topped the list. These shifting priorities indicate that solution providers must get closer to their customers, ensure value propositions are targeted and relevant, and protecting relationships with existing customers while also looking to grow market share.
- Buyers have a heightened appetite for insights. Most executives are consuming more content today than they did two years ago. They are more likely to engage with solution providers that produce high-quality content and thought leadership. However, “high quality” is in the eye of the beholder. No matter what content solution providers deliver, it should be creative and appeal to all senses. Buyers not only want well-designed, multimedia thought leadership, they will abandon content they deem to be poorly-designed, a thinly-veiled sales pitch, or not based on research. Solution providers must prioritize strategic, evidence-based, and innovative content.
- Executive preferences in the buying cycle continue to evolve. They seek a mix of pragmatic and aspirational ideas at all stages of the buyer’s journey. Interest in collaborative innovation is substantial, there is a need for multichannel orchestration, and they want both digital content and the human touch. Solution providers can deliver by providing the right content at the right time through the right channels.
These are just a few highlights from CBX® study, wave 2. The full report, Forging a Clear Path for Growth, The Momentum ITSMA Customer Buying Index (CBX) 2022, Wave 2, outlines all of the findings. It is available at no cost to Growth Hub members. To find out if your company is a Growth Hub member or to inquire about membership, contact email@example.com.
'Forging a Clear Path for Growth' outlines all of the findings survey and offers recommendations for solution providers and B2B marketers who seek to drive sustained growth.
If there is one finding from the latest wave of our CBX™ that has resonated more than any other, it's this: the average size of a buying team for a $3m+ technology investment is 14 people. Find out who is buying and how to communicate with them.