TrustRadius’ 2023 Tech Buyer Data Reveals Self-Serve Economy is “Prove It or Lose It”
The current economic climate has upended the traditional go-to-market playbook, leading 87% of tech buyers to adjust their purchasing process for mission-critical products that align to buyer expectations and yield ROI.
TrustRadius published its seventh annual B2B Buying Disconnect research report designed to help bridge the gap between how technology buyers want to buy and how sales and marketing teams go to market.
Data for the TrustRadius 2023 B2B Buying Disconnect report was sourced from an online survey that included go-to-market teams of technology providers and professionals who were involved in a new technology purchase for their organization in the past year. 1,604 responses from technology buyers and 248 members of go-to-market teams were analyzed for this report.
This year’s report titled, 2023 B2B Buying Disconnect: The Self-Serve Economy is Prove It or Lose It, offers a deep dive into how the current economy is changing the buyer mind-set, including why buyers are more risk-averse than in the past seven years and how go-to-market teams can rewrite their strategies to attract their target buyers.
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TrustRadius’ 7th annual 2023 B2B Buying Disconnect report proves “The Self-Serve Economy is Prove It or Lose It.”
Top 5 takeaways in 2023:
- Buyers are more risk averse than ever before. 87% of technology buyers adjusted their decision-making to ensure they only purchase products that provide ROI–and fast.
- More than 80% of buyers stated that economic uncertainty increased their interest in products that help with time savings and reduced headcount.
- There are more C-suite decision-makers in the buying process. Due to the current economic climate, buyers reported a 27% increase in the number of decision-makers and an additional 14% increase in C-level decision-makers in the buying process.
- 51% of respondents (a 20% increase from last year) reported that the most important factor in choosing a product is prior experience.
- 54% of technology buyers consult user reviews during the buying journey, but only 35% of marketers believe they are “very effective.”
Buyers want to try before they buy, and they want vendors to enable them. “We are still very much in a self-serve market,” says Vinay Bhagat, Founder and CEO of TrustRadius. “In this economic climate, B2B tech buyers have become more risk averse. They spend more time doing research and they involve more stakeholders in buying committees. They are seeking solutions that bring efficiency to their business. Demos, reviews, and free trials remain their most-used sources of information. This report provides actionable recommendations for how vendors should adapt.”
TrustRadius will discuss this year’s data and GTM strategies to address the findings in a LinkedIn Live this Thursday, June 15, 2023, at 12:00 pm ET. Leading the conversation will be TrustRadius’ very own Vice President of Research, Megan Headley, and joining her for the discussion will be LinkedIn’s Vice President of Marketing, Jim Habig.
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