Wreckage of COVID-19 Sparks Age Of Anxiety For Enterprise Buyers, Momentum Survey Finds
The real impact of COVID-19 on enterprise buying behaviour has been laid bare in new research from the growth consultancy Momentum.
The Momentum Customer Buying Index®, a survey of global C-suite leaders responsible for IT purchases over $3 million at organisations with revenues over $30 billion, discovered that the majority (92%) of large-scale technology investments in the past year were made in direct response to the coronavirus pandemic.
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The rushed decision to commit to a large tech purchase while scrambling to deal with the impact of the pandemic means many enterprise buyers are suffering from post-purchase anxiety around the issue of security.
More than half (56%) of decision-makers admitted they didn’t fully consider or understand the potential security risks when implementing their new technology.
A skills shortage is compounding angst around security at large enterprises. 51% believe their organisation lacks the internal ability to deal with a security breach if one happened.
As well as outlining the anxieties and challenges keeping enterprise leaders awake at night, the report provides some compelling food for thought when it comes to honing sales and marketing messages in the post-COVID-19 world.
Half (51%) of enterprise buyers say that “open and honest” communication that “fosters deep trust” has become more important in the last 12 months, as has authenticity, cited by 39% of respondents.
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Reassuring buyers has become more important, particularly through demonstrating transparency and shared values around environmental, social, and governance (ESG), and diversity and inclusion. “Soft” skills like active listening and empathy are also highly desirable traits as 57% of buyers shy away from engaging new partners, rising to 75% of US companies.
Alisha Lyndon, founder and CEO of Momentum, said of the research: “The Momentum Customer Buying Index® has once again unearthed a host of practical insights to guide sales and marketing engagements going forward. Sales and marketing teams should take note of enterprise buyers’ new values and employ more human methods to quell their anxiety.”
