When first brought to market, cloud computing, social media, and mobile devices were heralded as game-changing technologies. However, with artificial intelligence (AI), blockchain technology, and web3 looming near mainstream adoption, multiple IT procurement trends impact nearly every software as a service (SaaS) and IT service provider (IT xSP).
The Consumer-Grade Customer Experience (CX) Driving IT Procurement Trends
B2B tech buyers from companies of all sizes (small- and medium-sized businesses (SMB), mid-market, and enterprise) research and make purchase decisions differently than they did five years ago.
During the COVID-19 lockdowns, technology professionals saw a dramatic acceleration of work-from-home (WFH) and hybrid teams have made most tech buyers clamor for a consumer-like (B2C) purchase experience from their companies' vendors.
There’s a major problem that must be addressed:
Product-Led Growth Changes the Go-to-Market Playbook
Product-led growth (PLG) allows tech companies to deliver a fully-functional free version of their products as part of a concerted single-user, land-and-expand strategy.
Due to its radically disruptive friction-eliminating activation model, PLG will reshape most tech companies' go-to-market playbooks, upending decades of legacy IT procurement precedents and trends.
Product-led growth is just a no-brainer for any company leadership team trying to grow faster, provide a better customer experience, get better results from their account-based marketing (ABM) investments, and optimize unit economics.
The divide between PLG- and non-PLG-enabled companies now exerts intense competitive pressure on product and engineering teams to reshape their core offerings to compete with a frictionless sales model.
What is your company doing to address emerging IT procurement trends and competitive pressures driven by the shift to product-led growth? Let me know in the comments section down below.
And if your SaaS or IT xSP company needs to update its go-to-market (GTM) to address how modern IT buyers research and make purchase decisions, enroll now in our free 7-day eCourse: Go-to-Market Strategy 101 for B2B SaaS Startups and Scaleups.