55% of Tech Buyers Identify Specific Solutions and 40% Identify Vendors Before Budgets are Allocated
SAN FRANCISCO, July 17, 2013 /PRNewswire/ -- UBM Tech, a global media business that provides information, events, training, data services and marketing solutions for the technology industry, unveiled the "IT Buying Trigger: How Tech Purchases Are Ignited & How the Buy Goes Down" research report. The report provides insight into the complex enterprise organizational purchase process, with the goal of guiding technology marketers to deliver the optimal information for their customers' needs.
"We have been conducting research on the technology purchase process for more than ten years," said Amy Doherty, Research Director, UBM Tech. "Today our research shows that the technology buying process is accelerating and technology vendors must be part of the purchase process earlier than ever before. Additionally, our report outlines that technology marketers must understand both the business and technology factors that trigger a new buying process, how IT buyers justify their investment as well as the criteria used in the final selection."
Study highlights include:
- 55% of tech buyers identify specific solutions for consideration before budgets are even allocated, while 40% identify vendors before allocating budgets.
- 37% of tech buyers report the process has accelerated, while only 16% say it has slowed down. Additionally, the average time from identifying business need to the purchase decision is 6.7 months.
- Two-thirds of tech buyers say that performance or process optimization is one of the top three triggers for a new purchase cycle, for any technologies. The availability of new technologies is the second-most frequent reason, followed by the opportunity to support new growth opportunities.
- IT management is most likely to identify a need, initiate a new purchase and lead the purchase process.
- New technologies have changed the corporate tech landscape and created new considerations for IT decision makers. 55 percent of respondents said that new technologies have increased complexity of their systems.
To read an executive summary of UBM Tech's IT Buying Triggers research, please click here. The report was authored by UBM Tech's Amy Doherty, Research Director and Winnie Ng, VP of Marketing, Business Technology Media.
The research report is based on new 2013 quantitative research, which delves into the technology buying triggers of 730 business and technology professionals involved in the purchase process for technology products and services.