Small to medium-sized businesses (SMBs) play a crucial role in the global economy, and technology companies have been trying to tap into this market for years.
However, a recent study has found that converting SMB software buyers is no easy feat. The study, which was conducted by Technology Business Research (TBR), looked at the purchasing habits of SMBs and the challenges they face when making software purchasing decisions.
According to the study, SMBs are often faced with a lack of resources, limited budgets, and a lack of technical expertise, which can make it difficult for them to make informed decisions about the software they need. Additionally, the study found that SMBs often struggle to assess the value of software solutions, leading to difficulties in choosing the right solution for their needs.
One of the biggest challenges for SMBs when it comes to software purchasing is the need to find a solution that meets their specific requirements. Unlike large enterprises, SMBs often have limited resources and a smaller IT staff, meaning they need software that is easy to use and implement. SMBs also face budget constraints, and they are often hesitant to make large investments in software that they may not be able to fully utilize.
Following a purchase, buyers take the following activities to keep their connections with software providers:
Contacting the software provider via support channels: 47% Managing your account or contacting the software supplier via a customer portal: 43%
Attending routine business review meetings with the software provider (monthly or quarterly):42%
Collaboration on the software provider's product roadmap: 40%
Establishing a specific internal point-of-contact to help with onboarding: 34%
Using customized post-implementation material provided by the software provider: 31%
The study also found that SMBs are often at a disadvantage when it comes to evaluating the ROI of software solutions. Unlike larger enterprises, SMBs lack the resources to conduct comprehensive evaluations and may not have the technical expertise needed to fully understand the capabilities and limitations of a particular solution.
To overcome these challenges, SMBs need to partner with technology companies that can provide them with the resources and support they need to make informed decisions about software. This includes access to educational resources, such as whitepapers and case studies, as well as technical support and training. Technology companies can also help SMBs assess the ROI of their software investments and ensure that they are getting the most value from their purchases.
Moreover, uncertain or conflicting information, poor sales presentations, and mismatched pricing expectations are the main hurdles to purchasing. When working with these channels, vendors should be aware that customers prefer material or interactions to be in their native tongue:
Technical support: 40%
Boot camp resources and courses: 40%
Software communication, such as emails and updates, accounted for 32%.
Websites and landing pages for vendors: 31%
Video instruction — 28%
Unbiased user testimonials: 27%
Research using third-party software — 26%
Documents in white — 16%
In conclusion, converting SMB software buyers is a complex and challenging process. SMBs face numerous barriers when it comes to software purchasing, including limited resources, limited budgets, and a lack of technical expertise. However, by partnering with technology companies that provide them with the resources and support they need to make informed decisions, SMBs can overcome these challenges and find software solutions that meet their specific needs.
Read next: Business Openings Surpass Pre-Pandemic Highs, Here’s What That Means for Search Ads
However, a recent study has found that converting SMB software buyers is no easy feat. The study, which was conducted by Technology Business Research (TBR), looked at the purchasing habits of SMBs and the challenges they face when making software purchasing decisions.
According to the study, SMBs are often faced with a lack of resources, limited budgets, and a lack of technical expertise, which can make it difficult for them to make informed decisions about the software they need. Additionally, the study found that SMBs often struggle to assess the value of software solutions, leading to difficulties in choosing the right solution for their needs.
One of the biggest challenges for SMBs when it comes to software purchasing is the need to find a solution that meets their specific requirements. Unlike large enterprises, SMBs often have limited resources and a smaller IT staff, meaning they need software that is easy to use and implement. SMBs also face budget constraints, and they are often hesitant to make large investments in software that they may not be able to fully utilize.
Following a purchase, buyers take the following activities to keep their connections with software providers:
Contacting the software provider via support channels: 47% Managing your account or contacting the software supplier via a customer portal: 43%
Attending routine business review meetings with the software provider (monthly or quarterly):42%
Collaboration on the software provider's product roadmap: 40%
Establishing a specific internal point-of-contact to help with onboarding: 34%
Using customized post-implementation material provided by the software provider: 31%
The study also found that SMBs are often at a disadvantage when it comes to evaluating the ROI of software solutions. Unlike larger enterprises, SMBs lack the resources to conduct comprehensive evaluations and may not have the technical expertise needed to fully understand the capabilities and limitations of a particular solution.
To overcome these challenges, SMBs need to partner with technology companies that can provide them with the resources and support they need to make informed decisions about software. This includes access to educational resources, such as whitepapers and case studies, as well as technical support and training. Technology companies can also help SMBs assess the ROI of their software investments and ensure that they are getting the most value from their purchases.
Moreover, uncertain or conflicting information, poor sales presentations, and mismatched pricing expectations are the main hurdles to purchasing. When working with these channels, vendors should be aware that customers prefer material or interactions to be in their native tongue:
Technical support: 40%
Boot camp resources and courses: 40%
Software communication, such as emails and updates, accounted for 32%.
Websites and landing pages for vendors: 31%
Video instruction — 28%
Unbiased user testimonials: 27%
Research using third-party software — 26%
Documents in white — 16%
In conclusion, converting SMB software buyers is a complex and challenging process. SMBs face numerous barriers when it comes to software purchasing, including limited resources, limited budgets, and a lack of technical expertise. However, by partnering with technology companies that provide them with the resources and support they need to make informed decisions, SMBs can overcome these challenges and find software solutions that meet their specific needs.
Read next: Business Openings Surpass Pre-Pandemic Highs, Here’s What That Means for Search Ads
