Key Insights from ‘LinkedIn’s 2020 B2B Technology Buying Survey’

Key Insights from ‘LinkedIn’s 2020 B2B Technology Buying Survey

As the brands have continued to progress through time in the 2020s, now they must accumulate new approaches and strategies to win the digitally entrust buyers. 

The circumstances of 2020 enhanced today’s emerging world of work in a recent cycle specified by adaptability, innovation and resilience like never before. In a few months, businesses worldwide entered the new journey to reconsider their pathway toward productivity and glory, accelerated by developing workplace trends, increased dependency on cloud-based solutions and the intersection of online engagement and digital transformation.

The COVID-19 pandemic impacted shifts in both business and consumer spending activity, which has led the companies to reassess both short and long term preferences for driving growth. ‘LinkedIn’s 2020 B2B technology buying survey’ incorporated purchasing perceptions from overall global technology decision-makers over the upcoming 12 months for 1 in 3 businesses across all the subcategories, company size and regions.

Satya Nadella, the CEO, Microsoft, said, “Although this year has taught us that no business is 100 per cent resilient, those fortified by digital technology are more resilient and more capable of transforming when faced with sweeping changes like those we are experiencing.”

Read More: AI Drives Business Performances Beyond the Proof of Concept Phase

The other set of findings has to do with the range and intricacy of the buying journey itself, described in the latest report. All-round, more numbers of revenue-generating functions are gaining association, strengthening a bigger pattern of standardised and distributed decision-making taking place in the 2020s. 63% of effective business functions sit outside the IT department, and nearly a 40% decrease in IT’s influence since the first survey in 2013.

The findings from the survey also show – when it comes to increasing trust, buyers seek peer validation and endorsement. Over half of potential buyers note that social proof helps to increase trust in a new product, while end-users’ perspective is also apparent. And certainly, as more and more demands and necessities exist across buying committees, decision-makers and authorities are investing more time, effort in upfront purchasing steps like research and evaluation.

Vital observation for technology marketers

So, the does the change in B2B technology landscape means something for businesses? With so much more observations and understanding available to explore in the Age of Agility, here are few important recommendations for technology marketers looking forward to building a foundation of growth and capture market share in the year ahead.

Empower IT’s Evolving Role as a Guide

Around 63% of non-IT functions are now working closely all through the B2B technology purchase process, and IT should escort this increasingly diverse group toward an agreement. IT is still the most collaborated function during the technology buying journey, with 52% of shareholders collaborating with IT throughout one or more processes. This indicates that the role of marketing role in building recognition among a broad range of business shareholders is critical to effectively winning over new consumers.

Aim for fame in the customer journey

The expansion of new technology solutions in the world equates to bigger competition for buyer attention. In practical terms, most decision-makers (54%) are now responsible for analysing, researching, and evaluating new problems that technology can solve.

Technology marketers must build strong awareness and familiarity of their unique brand and offering, as these crucial board members are collecting more independent research and engaging throughout several stages, rather than working together to keep consideration and familiarity strong throughout the buying journey.

Address the committee’s paradox of needs

10 years from now, buyers will navigate more options, necessities, and shareholders than ever before. Although 1 in 2 technology decision-makers are encouraging toward innovative, challenger brands, 2 in 3 remain doubtful to award business to a new vendor. This indicates that distinction must transfer superior products and service, and most importantly, unparalleled value and experience.

Spark the virtual water Cooler

Today’s uncertain times are redefining conventional methods of communication and information exchange. Over half of technology companies take consumer obsession to a new level by exciting sales through social proof. To this end, businesses must work hard to ensure that they are giving existing users and potential consumers something worth talking about.

Seize the Post-Sale Frontier

As budgets are ever-more scrutinised, it has placed more emphasis on post-sale support. As per the ‘LinkedIn’s 2020 B2B technology buying survey’, nearly half of the buyers prefer a vendor based on their business understanding and needs, whereas the other half mention post-sale support as a crucial characteristic when analysing technology solutions.

To initiate healthy growth, marketers must work in a team with sales and other consumer-facing challenges to boost cross-sell, upsell, and regenerations through upper-level customer experience.