LinkedIn Provides New Insights into Key Tech Purchasing Trends and the Pandemic's Impact
LinkedIn has released the newest edition of its annual survey of B2B technology buyers, which examines major industry trends and offers recommendations to assist tech marketers to improve their performance and reach.
This year's survey included over 5,800 decision-makers from North America, Latin America, Europe, the Middle East, Africa, and the Asia Pacific region, with 1, 911 decision-makers from the APAC region, which is the subject of this version of the research. While the analysis is locally oriented and connected with tech purchase, there are some key takeaways for nearly all marketers in terms of branding, decision-making, and the pandemic's broader effects.
Here are some of the most important points:
To begin, the report examines how the pandemic has affected tech spending, with approximately 47 percent of businesses planning to curtail or halt their tech spending at this time. Given the virus's broader influence, this seems to sense and would apply to most forms of large-scale expenditure. This is an important aspect to remember since it will have a significant impact on how marketers organize their outreach, particularly in terms of branding and developing a connection with potential future customers. Which of the following is an important finding from LinkedIn's research.
According to the research, most electronics purchasers have a long consideration cycle, which can go up to two years in some situations. Another key aspect of your marketing strategy is the assessment time, which varies depending on the type of business. The research emphasizes the importance of branding, as well as the use of social media platforms to help establish that connection and build a reputation that extends beyond direct response to your efforts.
In a time when technology is being bought, implemented, and sold, marketers must guarantee that their brand and solutions are fronts of the mind of the entire buying committee. Again, this applies to a wide range of industries, not just tech purchasers, with brand and community building now playing a critical part in boosting purchase potential and developing longer-term relationships with customers.
The emphasis here is on looking at your broader brand and marketing activities, and how they're helping to develop a deeper connection with your potential buyers, rather than just the conversion metrics. With fewer natural in-office meetings and debates, marketers must rekindle the virtual water cooler by giving their users not only something to talk about but also interesting and appealing ways to foster community and discourse. Companies that see the power of social proof have already implemented it into their marketing strategies, and they are skilled at elevating their consumers and transforming them into brand heroes via digital platforms.
The survey also looks at which sources tech customers use to make their decisions, which emphasizes this point:
Peer reviews and user testimonials are crucial in raising awareness and providing reassurance along the process.
You can also see that, while paid ads can assist raise awareness, they're not the best way to create trust, and that it'll take a mix of these components to get you more business. This, once again, emphasizes the need for continual brand-building initiatives, including testimonials and user-generated content (UGC), as well as fostering brand community as part of your overall marketing strategy. While the survey also outlines the precise components that customers evaluate when making a purchase, here are some essential insights to consider in your preparation.
Although price remains the most important factor, community features such as support, reputation, and peer evaluations all play an important role in the conversion process.
The full study, which you can download here, contains a wealth of additional information, and regional editions are available for a more in-depth look at your town.
It's well worth a look.