The technology purchase process is complex and customers are looking to their vendor partners for help. Depending on the technology being purchased, IT decision-makers rely on specific information sources and individuals to help them navigate the buyer’s journey.
Foundry’s 2023 Role & Influence of the Technology Decision-Maker Research provides insight into the progression of technology in business, as well as an in-depth analysis of who is involved in the IT purchase process and the information sources they rely on during each stage of the process. This global research of more than 846 technology decision-makers is a valuable resource for tech vendors to understand the decisions made around their products and services to gain an advantage in this competitive landscape. To assist technology marketers as they plan out their strategies for the upcoming year, we have outlined a handful of key findings below.
- Technology is still seen as “recession proof” as budgets are expected to increase (50%) or remain stable (38%) over the next 12 months.
- The buying cycle is getting longer, as 6.5 months is the average length of the tech purchase process, up from 6.2 months in 2022.
- The average number of individuals who have influence over the tech purchase process increases to 25 people this year, up from 20 people in 2022. This varies by the technology being purchased. On average, there are 28 individuals involved in cloud purchases, but only 21 in desktop/laptop purchases.
- Brand awareness matters – 65% of ITDMs typically spend more time consuming content from known and trusted brands, which increases to 73% for Millennials and decreases to 68% for GenZ.
- During the purchase process, tech buyers rely on technology content sites, white papers, webcasts/webinars and technology vendors via phone, email or video conference. The sources relied upon also vary depending on which stage of the purchase process ITDMs are in.
The findings in this report solidify the need that tech buyers have for consistent, valuable, and trustworthy vendor relationships. These individuals are tasked with researching, evaluating, and implementing new technologies while maintaining status-quo tasks. To do so, they seek reliable information sources and insight during each stage of the process to make sound purchase decisions.
View the sample slides below for additional insight and download the full report to better understand and engage with tech buyers.