The rapid expansion of the salestech and martech landscapes created a solution explosion, with many buyers prioritizing platforms that can integrate into their existing tech stacks. However, new research from B2B peer review website G2 revealed that this is a difficult process, as 74% of B2B organizations buy five or more solutions at a time to meet their growing business needs.
In response, buyers are overhauling their decision-making strategies to optimize their software spend. The “2021 B2B Software Behavior Survey” from G2 highlighted the shift to smarter buying decisions when searching for new marketing and sales technology and the impact of third-party software reviews on solution adoption. The report also explored how vendors are renewing their engagement strategies to reach buyers in various stages of their buying journeys.
The research found that 86% of buyers turn to peer-review websites to reach a final verdict, while 70% have implemented a formal review process among organization leaders to vote on individual software purchases or renewals. Interestingly, while only 4% of buyers said they trust the information given to them by sales reps or research firms, 60% felt more confident in the solution they decided on after consulting their coworkers or reading peer reviews. As a result, technology vendors are now leveraging positive reviews and customer stories to build brand reputation and gain buyer trust.
“Companies are making software decisions more quickly than ever by taking their research and evaluation into their own hands,” said Amanda Malko, Chief Marketing Officer of G2, in a statement. “Our data points to the growing consumerization of software buying, with the large majority of companies, including in enterprise, turning to trusted peer reviews to inform their decisions.”
Other standout stats include:
- 83% of respondents required security and privacy assessments before implementing a new solution into their tech stacks;
- 67% of software vendors engage target accounts after they have reached a purchasing decision;
- 60% of SMBs and enterprise buyers will always consider alternative software when their current subscriptions are up for renewal;
- 55% needed three months or less to decide on which solutions to invest in; and
- 55% believed their technology spending will increase going into 2022.
For more insights into how buyers are making their B2B software purchases, check out the full report.
