New research reveals the critical factors influencing broadcast and media technology buying decisions
Broadcast and media technology buying decisions are being driven by a search for vendors who are honest and open, according to the findings of new research commissioned by Bubble Agency. The research reveals that buyers prioritise products meeting today’s needs from vendors they can trust, a factor which translates into a willingness to pay more when there is confidence in a vendor and project risk is lower.
The research, independently researched and produced by Caretta Research in partnership with Bubble Agency, provides the first glimpse of the post-pandemic approach to buying in the broadcast and media sectors. Insight is drawn from depth focus group interviews with a representative range of technology buyers, plus extensive survey data gathered from global buyers and sellers in Q3 2022.
Among the key findings revealed by the research, having a clear roadmap for how a product will develop is the most important factor for 17% of buyers, but only 10% of vendors. This represents a significant gap and one that vendors’ marketing communications (marcomms) can help close if product, sales and marketing teams are all closely aligned.
Despite prioritising products from vendors that are honest and can deliver on their promises, focus group respondents shared multiple examples of potential suppliers making inflated claims of product capabilities and their ability to deliver, including in formal RFP responses. Whether this is intentional or a reflection of a vendor’s lack of understanding of its own products, these suppliers were caught out — leading to an unrecoverable breakdown in trust.
Both product capabilities and company credentials are equally important to buyers, and vendors’ marcomms should focus on them equally. Buyers believe it’s not good enough just to say it; they also want to see the proof that a vendor can deliver as promised, with factors such as reference calls playing a crucial role in decision-making. And while socially-responsible factors — reducing carbon and increasing diversity — rank lower, they still represent an important part of the buying process.
Additional key findings include:
- Both product capabilities and company credentials are equally important to buyers, and vendors’ marcomms should focus on them equally.
- Technology decision-makers increasingly expect a self-service PoC as part of their buying process, favouring SaaS vendors with simple, intuitive products.
- Post-pandemic, face-to-face meetings are back on the agenda; most of all, buyers want to engage directly with product managers, engineers and developers.
- Collaborative working and co-development projects are rising in importance, demanding a strong cultural alignment between buyer and vendor people.
“Broadcast and media technology buyers understand the intrinsic value of trust in ensuring their vendor relationships are delivering on strategic objectives. The problem is that too many vendors still fail to deliver on their sales and marketing positioning,” commented Sadie Groom, Bubble Agency CEO. “In contrast, creating authenticity throughout the communications lifecycle can deliver huge reputational and financial benefits for vendors across increasingly competitive markets. It’s an approach which delivers a win-win for buyers and sellers alike but can only be achieved with careful planning and execution across the board.” BCS Bureau