How long does the search take?
Once the search is underway, it takes an average of over two months to make a decision on a new piece of software. (NOTE: This data point refers to how long the search takes. This is different than Section 1 which looks at how long it takes to start the search once the need arises. By combining these two, we see that it takes about five months from when a need is identified, to when a final purchase is made.)
Actions Items
1) Make sure your sales team asks how long they have been looking for a solution.
2) If a prospect is early in the process and you know competitors will be considered, you may want to focus on premium pricing and services so you can negotiate down later.
3) If they are late in the process, you should focus on the needs that previous vendors could not address and attack those angles ferociously.
Yellow flags: If the prospect just started this process and says they are going to make a decision in a week, take it with a grain of salt. If they say they have been looking for five months or more, there is a good chance that this need is not a priority and they are not truly in the market.
Software Buyer's Journey
Here’s how 200+ software decision-makers say you can win their business. This study explores how to attract and convert buyers from many different industries. It covers how to get their attention, how they select which software tools will get serious consideration and how the final decision is made.
Since then my team and I have published over 2,500 long-form articles for SaaS and HR Technology companies all over the world and engaged with over 20K influencers to promote this content.
I’d be happy to chat with you about anything and everything we have learned along that journey. Please don’t hesitate to reach out!
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