Does Buyer Age Affect Tech Purchasing Practices?

 
 
By Gina Roos  |  Posted 2016-06-02 Email
 
 
 
 
 
 
 
 
 
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    1 - Does Buyer Age Affect Tech Purchasing Practices?
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    Does Buyer Age Affect Tech Purchasing Practices?

    New research examines the B2B tech buying practices of three age groups. Surprisingly, Millennials prefer face-to-face meetings with vendors, not social media.
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    2 - Purchasing Power
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    Purchasing Power

    33% of Millennials said they have budget and/or sign-off on enterprise technology purchases of $10,000 or more. Meanwhile, 23% of Baby Boomers and 27% of Gen Xers have the same authority.
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    3 - Selecting Vendors
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    Selecting Vendors

    28% of Millennials said they research potential providers for inclusion on their short lists, compared with 14% of Baby Boomers and 24% of Gen Xers.
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    4 - Final Selection
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    Final Selection

    One-fifth (20%) of Baby Boomers and 23% of Gen Xers evaluate providers on the short list and select the best solution, compared with 13% of Millennials.
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    5 - Decision Makers
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    Decision Makers

    44% of Baby Boomers provide input to help the evaluators and decision makers, compared with 28% of Gen Xers and 26% of Millennials.
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    6 - Trusted Sources
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    Trusted Sources

    When considering B2B tech purchases of $10,000 or more, respondents said the top source of information to evaluate technology solutions is industry analysts (42%), followed by internal colleagues (40%), vendor face-to-face meetings (40%), vendor Websites (40%), case studies or customer testimonials (36%).
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    7 - Top Tools for Millennials
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    Top Tools for Millennials

    Millennials often refer to industry analysts (38%), vendor face-to-face meetings (36%) and Websites (33%) when evaluating tech purchases.
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    8 - Top Tools for Older Workers
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    Top Tools for Older Workers

    Baby Boomers rely more on analysts (50%), colleagues (49%) and vendor meetings (48%), while Gen Xers prefer colleagues and vendor Websites (both 40%), analysts and trade shows (both 38%).
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    9 - Millennials: Seeking Experts
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    Millennials: Seeking Experts

    Millennials turn to internal colleagues and industry analysts (both 29%) and case studies or customer testimonials (24%) when looking to understand and explore a possible business problem.
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    10 - Older Workers: Evaluation Stage
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    Older Workers: Evaluation Stage

    Baby Boomers go to industry analysts (41%) and industry/professional online communities or forums (35%), while Gen Xers prefer industry analysts (31%) and internal colleagues (28%) for initial problem solving.
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    11 - Millennials: Second-Phase Research
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    Millennials: Second-Phase Research

    When researching for available technology solutions, Millennials prefer internal colleagues (26%), vendor face-to-face meetings (25%) and vendor Websites (21%).
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    12 - Older Workers: Search for Tech
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    Older Workers: Search for Tech

    Baby Boomers prefer industry/professional online communities or forums and vendor Websites (both 36%); industry analysts, live or in-person demos and Web searches (all 34%); Gen Xers prefer vendor face-to-face meetings and vendor Websites (both 33%); and industry analysts (28%).
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    13 - Final Decisions
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    Final Decisions

    When selecting a short list of solutions, the top information source for Millennials is vendor face-to-face meetings (24%), while Baby Boomers prefer live or in-person demos (39%) and Gen Xers choose case studies or customer testimonials and vendor face-to-face meetings (both 27%).
 

Do workers in different age groups gather the information they need to make buying decisions in the same way? Millennial enterprise technology buyers are influenced by similar sources of information to older Gen X and Baby Boomer colleagues, despite the popular notion that younger workers rely solely on mobile and social channels, according to a survey released by Arketi Group, a high-tech B2B public relations and marketing firm. The poll of 262 business technology buyers finds that the three generations have significant influence on B2B purchasing. The research showed differences and overlaps among the three age groups during all phases of research for vendor and solution selection. One difference: Millennials rely less on any single source of information than the other two cohorts, said Mike Neumeier, principal at Arketi Group. A surprise finding is that Millennials prefer face-to-face meetings with vendors, not social media, when making final tech purchasing decisions. Here are key survey takeaways that might help vendors and channel partners find the best way to provide solution and service information to B2B technology buyers.

 
 
 
 
 
 
 
 
 
 
 
 

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