It’s hard to believe a whole year has passed since we announced our G2 2021 Software Buyer Behavior Report findings at the SaaStr Annual conference. But, here we are again, as I find myself back in the San Francisco Bay area, readying to take the stage to present our 2022 report findings.
While many of the findings then still stand true today (like buyers taking greater control over their purchasing journey), there are many trends that have accelerated and new insights gleaned. We also expanded our respondent pool this year, surveying over 1,000+ global B2B buyers.
While there are many, these are the top three trends that stood out to me:
This increasing need for trusted sources is seen again when according to our 2022 survey, the most influential sources in buyer’s purchasing decisions are: 1) industry experts; 2) professional colleagues / network; 3) internal influencers; 4) online reviews from peers. Further validating the shift away from biased sources, these rank above other sources like vendor supplied content and sales.
The acceleration of these buying preferences come as the majority of respondents across all company sizes (more than 80%) said they need less than six months to make a purchase decision of $20,000 or more. In addition to speeding up the purchasing journey, there are other reasons software buyers may seek out other channels. Marketplaces can offer that convenience and comfortability some are seeking, while VARs provide the consultative support others need to ensure a successful implementation post-purchase.
At the end of the day, companies need software to be successful to help them reach their goals. We see this even despite economic uncertainty, where most buyers expect their software and tech spending to either increase or remain the same in 2022 (89%) and 2023 (92%). But they’re under greater pressure to prove value faster. This is why we also see that 93% of buyers indicate that the quality of the implementation process is important or very important when making the decision to renew a software product. And, more than half (57%) of all software contracts are six months or less.
Ultimately, software buyers need the purchase process to be easy, the implementation to go smoothly, the software to be easy to use and quickly adopted, and they need to see results as soon as possible. Making things easy is the name of the game!
All of these findings point to an exciting opportunity for software companies — but only if they take swift action to meet buyer needs. Here are a few things they can do now:
See you back here next year…same place, same time. I’m giddy just thinking about what we might see in the 2023 report! Until then, we’ll be continuing to learn about all of the 60M+ annual buyers visiting the G2 marketplace. And, stay tuned for the results of our annual Best Software Awards in February, which will be here before we know it!