5 (Five) characteristics of a New Age IT Buyer behaviour
Information Technology has been in existence for last 60 years since Mainframe computers, the actual implementation of IT for business gathered pace in the 1990s with the advent of software solutions meant for improving business processes. Since the 1990s, technology has advanced manifold & hence the customer behavior. Customer behavior has changed during the last 2–3 decades & we are trying to capture the latest traits below.
1) Knowledgeable: As the Internet has grown up rapidly and it has a penetration of more than 84% in the US — the mecca of technology. With the availability of information on the internet, a new age buyer is a knowledgeable person who spends time in understanding the solutions offered by the vendor rather than blind faith. Today, the buyer wants the vendor to understand the business problem & provide the solution recommendations. Buyer validates the solution with the available knowledge in internet domain
2) Agile: Business is moving fast & technology faster. With the rapid innovation in technology, businesses want vendors to be agile for the project implementations. Lack of agility can lead to business losses for the end customers
3) Data Driven: Currently, buyers are looking for data to help them not only to monitor the projects but also to select the technology options. Data-driven approach helps the consumer understand the vendor knowledge depth as well as process implementation & adherence
4) Not Money Stingy: Now a day, technology buyer is not stingy. In last two decades, technology has changed from being a cost center to a profit center. Hence, the buyer is looking for the right technology selection as well as implementation to drive business objectives. The customer is ready to pay the proportional value as per the derived benefits from technology.
5) Collaborative: Today, due to acceptance of the Agile way of development, collaboration has become an essential characteristic. New age technology buyer are collaborative & expects the same from the vendor. The buyer assumes the provider to collaborate during the agile sprint in the form of sprint backlogs, planning, scrum meetings, showcase, and retrospectives.
Customer behavior has been changing as per the changing business needs & technology landscape. If any vendor misses these, then it led to serious consequences in business. It is imperative for the technology solution providers to embrace the same.