New data from researcher Momentum suggests that 92% of large-scale technology investments made in the past year were in direct response to the coronavirus pandemic. It completed a survey of global C-suite leaders responsible for IT purchases over $3m at organisations with revenues over $30bn,
The Momentum Customer Buying Index survey says that the pandemic has left a mark on enterprise buyers “who are suffering from post-purchase anxiety around the issue of security,” Momentum revealed.
More than half (56%) of decision-makers admitted they didn’t fully consider or understand the risks of the new technology they were implementing, and 51% of respondents believe their organisation lacks the internal ability to handle security breaches if one occurred, the survey found.
As well as detailing the anxieties and challenges enterprise leaders face, the report also provides some intellectual nourishment for organisations looking to hone their sales and marketing messages in the post-COVID-19 world. The report found that 51% of enterprise buyers say that encouraging "open and honest" communication, one that "fosters deep trust", has become more important in the last 12 months, as has authenticity, cited by 30% of respondents.
The need to reassure buyers, particularly when it comes to demonstrating shared values around environmental, social, and governance (ESG), and diversity and inclusion, has also become more important, the report notes. Using soft skill techniques like active listening and empathy are also highly desirable qualities as 57% of buyers tend to back away from engaging with partners, rising to 75% of US companies, it says.
Commenting on the findings of the survey, Alisha Lyndon, founder and CEO of Momentum, said: "The Momentum Customer Buying Index® has once again unearthed a host of practical insights to guide sales and marketing engagements going forward, she said. Sales and marketing teams should take note of enterprise buyers' new values and employ more human methods to quell their anxiety."
