In the increasingly complex B2B buying landscape, it’s no longer sufficient to focus solely on the primary decision-makers.
Take the example of enterprise IT. While Chief Information Officers (CIOs) and Chief Technology Officers (CTOs) often take centre stage in the decision-making process, the reality is that secondary and tertiary target groups (TGs) like Procurement Heads, Finance Heads/CFOs, and Compliance Heads play a crucial role in shaping enterprise IT buying decisions.
The Expanding Buying Committee in Enterprise IT
Traditionally, the focus of B2B tech marketers has been on CIOs and CTOs. While these roles are indeed critical as they are directly responsible for the technological direction of an enterprise, the B2B IT purchasing process has evolved, and it’s now being influenced by a broader range of stakeholders.
Recent research highlights this shift. According to a study by Gartner, the typical buying group for a complex B2B solution involves six to ten decision-makers, each equipped with independently gathered pieces of information.
This buying group includes not only IT leaders but also procurement, compliance, and finance teams. Each of these roles brings unique concerns and preference to the table, which then collectively influences the final B2B buying decision.
The Evolving Role of Procurement Heads Beyond Monetary Negotiations
Procurement Heads are increasingly influencing the B2B enterprise IT purchasing process.
With a primary focus on cost-effectiveness and value for money, procurement teams scrutinise contracts, negotiate terms, and ensure that any B2B IT purchase aligns with the company’s procurement goals.
Gartner’s research indicates that procurement teams are becoming more involved in B2B IT purchase decisions, with a significant 45% of IT buyers reporting that their procurement teams had substantial influence over technology purchases.
To effectively engage Procurement Heads, B2B tech marketers must develop value propositions that go beyond technical specifications and highlight cost savings, return on investment (ROI), and total cost of ownership (TCO).
The Evolving Role of Compliance Heads Beyond Regulatory Oversight
Compliance Heads are responsible for ensuring that IT solutions adhere to the mandated regulatory requirements. Their role has become increasingly critical in light of stringent data protection regulations such as GDPR and India’s Digital Personal Data Protection Act (DPDPA).
According to a report by IDC, compliance considerations are now a top priority for 67% of IT purchasing decisions. Since Compliance Heads evaluate B2B tech solutions through the lens of risk management, data security, and regulatory compliance, they need a firm assurance that their organisation’s new technology purchase will not expose the organisation to legal or regulatory risks.
To appeal to Compliance Heads, B2B tech marketers should emphasise the security features, compliance certifications, and risk mitigation capabilities of their solutions. Providing detailed compliance reports can help build trust and demonstrate that the tech solution meets necessary standards.
The Evolving Role of Finance Heads Beyond Financial Management
Finance Heads are tasked with overseeing the financial health of the enterprise. Their involvement in B2B IT purchasing decisions is crucial, as they evaluate the financial implications and alignment with the company’s budgets.
Multiple studies have highlighted that Finance Heads are increasingly taking an active role in B2B IT decisions by looking for clear evidence of financial viability, predictable costs, and alignment with long-term financial goals.
B2B tech marketers can engage Finance Heads by presenting detailed cost-benefit analyses, ROI calculators, and potential financial impacts. Offering flexible, pay-as-you-use pricing models can also address their concerns about financial predictability and budget management.
The Criticality of a Holistic Marketing Approach
Given the expanded influence of these secondary and tertiary TGs, it’s clear that B2B tech marketers need to adopt a more holistic approach. Since focusing solely on CIOs and CTOs is no longer sufficient, B2B tech marketers must create tailored value propositions that resonate with the broader buying committee.
This can be done by:
- Developing Targeted B2B Content
Create content that speaks to the specific needs and concerns of each stakeholder group. For instance, White Papers on cost savings for Procurement Heads, compliance guides for Compliance Heads, and financial impact assessments for Finance Heads.
- Use Multi-Channel Communication
Engage these audiences through a variety of channels. Leverage LinkedIn for professional insights, Email marketing for previews to long-form content, and targeted advertising to reach specific roles within the organisation.
- Amplify Collaboration
Highlight Case Studies that showcase successful collaboration between IT, procurement, compliance, and finance teams. Demonstrating how your solution facilitates cross-functional collaboration can be a strong selling point.
- Build Brand Trust
Provide comprehensive documentation, certifications, and customer testimonials. Trust is a key factor for all members of the buying committee, and transparent, well-documented evidence of your tech solution’s effectiveness can go a long way.
Summing Up
The evolution of the B2B enterprise buying process necessitates a broader focus for marketers. Secondary and tertiary TGs such as Procurement Heads, Compliance Heads, and Finance Heads play pivotal roles in influencing IT purchases. By understanding their unique perspectives and crafting bespoke value propositions, B2B tech marketers can enhance their engagement and drive more effective purchasing decisions.
Since its inception, Augmentis has helped leading tech organisations acquire enterprise customers faster through tailormade marketing that resonates with all stakeholders of the enterprise tech buying committee. To learn how we can assist your organisation in its B2B tech marketing initiatives, please feel free to reach out to us at marketing@augmentis.in.