Key Takeaways from the G2 2023 Buyer Behavior Report
G2's 2023 Buyer Behavior Report provides critical insights into how software buyers are navigating increased budgets but heightened scrutiny. There are key opportunities in providing quick ROI, enabling efficient buying, and guiding buyers through complex purchasing processes.
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As 2023 comes to an end, we see the natural uptick in e-books or pdf guides that act as sales funnels for companies that are looking for those that are interested in their content. I just read G2's 2023 Buyer Behavior Report, which provided critical insights into how software buyers are navigating increased budgets but heightened scrutiny. There are key opportunities in providing quick ROI, enabling efficient buying, and guiding buyers through complex purchasing processes. I saved you some time by picking out & summarizing the key points in the areas that I felt are the most relevant for those trying to augment revenues...hopefully you can use the intel to refine your messaging, content, and sales motions:
Outreach Takeaways
- Lead with value over cost. Buyers care more about receiving ROI within 6 months than software costs or TCO. Emphasize how your solution drives quick value in outreach messaging. Provide metrics and use cases.
- Buyers prefer self-service. Enable access to info and demos without requiring contact info first. Add gated content as the buyer shows more intent.
- Leverage channels beyond salespeople to build awareness. Buyers prefer online reviews, networks, and experts over salespeople. Ensure your SEO, community forums, and review management are strong.
Demo Takeaways
- Personalize to showcase value. Buyers want ROI fast so ensure your demo showcases the value specific to their role or industry.
- Enable self-guided demos. 60% want self-service options at the evaluation stage. Have an interactive demo portal ready before engaging 1:1.
- Highlight security and compliance. 76% require security assessments so be prepared to speak to security, compliance and privacy.
Buyer Cycle Takeaways
- Buyers have set buying processes but still buy quickly. Ensure clear onboarding paths for buyers with and without processes. Be prepared for quick turnarounds.
- The research stage takes the most time. Provide ample educational resources during research phase to establish trust and credibility early.
- Implementation causes delays. Offer guides and services to smooth implementation, as renewals depend heavily on initial rollout.
In-Market Signals
- Buyers are increasing software budgets, especially for AI. Listen for emerging budget or desires to add capabilities like AI.
- Multi-year deals preferred for discounts and locking down renewals. Listen for buyers looking for budget consistency year over year.
- Intent signals include researching new tools 6-12 months before renewal. Understand tech stack renewal cycles and monitor research spikes.
Buyer Insights
- Vertical and company size impact priorities. Understand differences in priorities for SMBs, mid-market and enterprise. Personalize messaging.
- Economic conditions pressure buyers to show ROI fast. Lead with value messaging and be prepared to discuss TCO.
- Buyers juggle speed and compliance. Have guidance prepared to help buyers navigate security and buying processes quickly.