Many IT bosses end up regretting their purchases

Date:
Mon, 16 Oct 2023 10:11:04 +0000

Description:
Study reveals how companies can prevent software-buying regret from vendor
and customer points of view.

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As 2023 begins to draw to a close, Gartners look at the previous year has found that three in five (60%) global software buyers regretted their purchase.

The firm's study revealed the acquisition and retention challenges facing
-aaS providers, including online collaboration software companies, with
around one-quarter (24%) canceling their contracts and a further one-third changing providers.

The good news for software companies is that Gartner spells out two of the
key areas for focus: immediate responses to customer requests and the provision of enhanced implementation assistance. Both individually could prevent almost half of customers from walking away. Businesses arent happy with their software subscriptions

Gartner Digital Markets Global VP of Product, Thibaut de Lataillade, noted that software buying isnt just a transaction, but rather its a strategic choice aligning with business objectives.

The study reveals that customer reviews and product trials are equally as important factors when considering a vendor, with many other companies interested in product demos and having a good relationship with the provider.

That initial impression is vital because a staggering 96% of the 3,400 international software buyers said they start with a vendor list when
shopping for new software, but only four brands on average even make the
list. Of those, around nine in 10 (89%) purchase from their list, leaving
very little room for newcomers.

Purchase regret looks to be at its highest five months into a new contract, and is likely to more affect businesses experiencing growth, and
particularly, accelerated growth. Failure for software to keep up with business needs looks to be at blame for the most part.

For providers, Gartner says that giving customers dedicated account managers to answer questions and assist with implementation can help reduce walkaways.

Customers looking to be confident in their purchases should use comparison sites, consult with colleagues before committing, and consider future needs
as their business shrinks or grows. More from TechRadar Pro Here are the best hybrid working tools to support your workforce Businesses are spending thousands on unnecessary software every day Stay in touch with colleagues wherever they are with the best video conferencing software



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Link to news story: https://www.techradar.com/pro/many-it-bosses-end-up-regretting-their-purchases


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