Enterprises have more technology options than ever before. They also have more information regarding their performance.
Theoretically, this should help decision-makers invest more wisely. However, new Gartner research suggests otherwise.
Indeed, a whopping 56 percent revealed they had a high degree of “purchase regret” regarding their most recent large-scale technology purchase.
Surveying over 1,100 participants – at manager level or higher – the study reveals that it is the buying experience causing most frustration. Indeed, regret-related feelings are at their peak during the pre-implementation stage.
Speculating as to why this might be, Hank Barnes, VP Analyst at Gartner, stated:
In the past, it was relatively easy for product leaders to predict who buyers were, but no longer. Buying team dynamics are changing, and customers can find buying to be a real challenge.
The study also indicates that such emotions can prolong purchase completion by seven to ten months. In the CX arena, this often leads to frustrated teams, slower transformation, and wasted time and resources.
Another thought-provoking statistic – which goes some way to rationalizing tech regret – is that over two-thirds of people making technology-buying decisions are not in IT.
Pointing towards this finding, Gartner speculates that a chasm is emerging that divides confident technology adopters and buyers from the vast majority.
To enhance the chances of winning good business, the analyst recommends that technology providers question which type of client they are dealing with.
Building on this point, Barnes said:
To shift strategies, we need to think about psychographics beyond the motivations for buying to also include how decisions are approached and which groups are driving the strategy.
Creating a model that identifies “best fit” and “should avoid” situations may help here, with Barnes recommending Gartner’s psychographic model “Enterprise Technology Adoption Profiles”.
Yet, the analyst also provides three staples to help technology providers overcome buyer’s remorse. These are:
- Focus on supporting “best fit” situations with the right offering messaging, content, and engagement activities.
- Coach customer-facing teams to the customer characteristics that indicate a “best fit”.
- Train customer-facing teams to adjust their approach when talking to prospects that fall into the grey area between “best fit” and “should avoid”.
By following these, CX vendors may address worry trends – including the much-debated decline of customer service – and enable companies to seize more value from technology implementations.