For SaaS vendors, the pressure to drive efficient revenue growth has never been higher. Findings from our latest Buyer Behavior Report underscore the challenging environment facing sales and marketing teams today.
Buying behavior has changed, placing pressure on vendors to deliver value fast
Based on an annual survey of 1,900 global software buyers, we found that buyers’ short lists are shrinking, their ROI expectations are heightened, and their executive and legal teams are part of stricter approvals.
In fact, two in five buyers say the C-suite holds ultimate purchase power and 57% expect ROI within just three months of a software purchase!
Amid this pressure is a shining light of opportunity: AI.
More than three-quarters (77%) of buyers believe software companies have genuinely advanced AI tech in their products beyond merely capitalizing on the hype and 56% said their organization had purchased an AI platform within the last 3 months (as of March 2024).
Exploring opportunities for sales & marketing leaders
With these challenges and opportunities in mind, G2 along with our partners Gong and LinkedIn, recently hosted a panel discussion in London to explore the latest trends and strategies for thriving in the age of AI.
The panel featured insightful perspectives from industry leaders, including Lesley Ronaldson, VP of Sales at Gong, David Walsh, Head of Insights EMEA & LATAM at LinkedIn, and Liam Bartholomew, VP Marketing at Cognism. Together, we delved into the challenges and opportunities presented by AI, and how sales and marketing teams can leverage this transformative technology to stand out and drive measurable results.
3 winning strategies from leaders at Gong, LinkedIn, and Cognism
Through our discussion, there were three key takeaways that stood out to me that can serve as a guide for go-to-market leaders to succeed in today’s software economy.
Leverage AI-powered tools to enhance sales productivity, improve forecast accuracy, and enable more personalized coaching and enablement
Lesley explained that AI-powered tools, including those from Gong, can analyze sales conversations and provide insights that enable her team to be more targeted and efficient in their outreach and follow-up.
Lesley also highlighted how Gong's Conversational AI feature helps her team improve win rates by 26%, allowing them to quickly get insights and coaching recommendations for specific deals and customers.
“I often don't have time to listen to calls, but I do have time to look at the insights AI serves up to me and helps me make really smart and wise decisions on my business and on my sales floor.”
– Lesley Ronaldson, VP of Sales at Gong
Build trust, reputation, and familiarity with your brand to stand out in a crowded market
David emphasized that this familiarity and trust is essential for gaining consensus among the buying group, as buyers want to feel confident they are making the right choice. Establishing your brand as a trusted, reputable solution provider can help overcome the "fear of messing up" that often drives B2B purchasing decisions.
“Beyond targeting your core 'decision-maker' audience, it's important to consider the 'hidden buyers' that exist in the broader buying group, like those in legal, procurement, and finance functions. Those people typically influence 50% of the B2B decision-making process. It is therefore critical to build brand reputation and trust with this important group and to drive overall collective confidence in the buying decision.”
– David Walsh, Head of Insights EMEA & LATAM at LinkedIn
Adapt marketing strategies to meet buyers where they are, rather than pushing them through an artificial sales funnel
We know buyer behavior has changed, so vendors must also change how they meet the buyer. With this in mind, Liam stressed that marketers must focus on providing valuable content and insights to buyers, rather than just trying to push them into a sales process.
"No longer do we need to go out and collect contact data, we also need to influence all the members of the buyer committee at all times. Buyers also want to go out there and find out and research stuff themselves and get that information, they don't want to speak to sales until the very last moment."
– Liam Bartholomew, VP Marketing at Cognism
As we continue to navigate the evolving software buying and selling landscape, it's clear that the strategic and thoughtful application of AI will play a key role. By embracing the power of AI while maintaining a human-centric approach, sales and marketing teams have the opportunity to position themselves for sustainable growth and long-term success.
AI, ROI, & trust have rewired software buying. Check out our 2024 Buyer Behavior Report for more exclusive insights.
.png "revenue growth in the age of AI")
by Zandra Moore