Meanwhile 33% report that it only takes a timely approach from a sales professional to cause them to consider a change
DemandScience, a global leader in B2B buyer intelligence, has revealed survey findings that show the extent of the challenge UK B2B software buyers currently face. The research reveals over three quarters (77%) of UK business software buyers are dissatisfied with their software provider, yet are still renewing their contracts due to feeling there are few better options.
The independent survey of software decision makers at 200 companies with 500 or more employees found that given business software buyers’ low satisfaction levels, 70% are reviewing the tech stacks they are responsible for at least every quarter. Moreover, only 3% wait until they are forced into renewing their contracts by waiting until the deadline arrives. Despite these high levels of consistent evaluation, buyers still struggle to find solutions they are satisfied with.
The research also reveals that a third (33%) of software buyers report that a positive and timely approach from a sales professional would help trigger a move to a new software provider, along with providing better value than the current provider (37%) and offering the latest technology (35%). However, B2B software sellers need to be able to move quickly, as just over a third (34%) of buyers’ purchasing cycles are up to three weeks, and more than half (52%) are a month or less, suggesting that sellers have a short window of opportunity to be in dialogue with buyers when they are actually in market.
Speaking on the findings, Chris Whife, Managing Director Global, DemandScience commented, “B2B software companies are clearly missing a huge opportunity to acquire customers and contribute to their company’s growth. With so many buyers not currently satisfied, sellers need to be making it as easy as possible to set themselves apart from the competition. This includes access to insights about who is in-market for their solutions. Sellers can also target buyers based on whether or not they have answered a cold call or responded to an email in the past 30 days. This combination of predictive intent data and verified contact engagement offers great value to sellers who have a limited timeframe to reach interested buyers.”
Whife emphasised that “in today’s competitive marketplace, sellers need to arm themselves with the right buyer intelligence to support their lead generation efforts and their company’s overall business growth. While many B2B data providers offer ‘intent’ data, not all of it is as predictive as marketers and sellers want. Further, with so many people changing jobs in the market today, knowing how best to reach potential leads across a variety of channels is critical. This was reinforced in the survey, as 37% of B2B software buyers reported that they prefer to be contacted by email, while 33% prefer platforms such as LinkedIn. Fortunately, only 2% said that they don’t want to hear from potential providers.”
“The results of the UK B2B software buyers survey underscore why Demand Science is constantly innovating and introducing tools like Confirmed Connect to help marketing and sales professionals succeed,” concluded Whife.
For more information on this topic, visit www.demandscience.com