Even when budgets are tight, buyers prioritize the ease of SaaS integration over cost (and even security đĄď¸). 4 out of 5 prefer to buy additional products from a vendor they already work with. This doesn't just make partnerships a growth strategy, but THE growth strategy. Let me explain why.
A survey of 1,700 global SaaS buyers from the 2023 G2 Software Buyer Behavior Report reveals some surprising insights that underline the critical role of partnerships in the SaaS industry.
đź A product's ability to integrate seamlessly into buyers' existing tech stack is paramount
82% of buyers require the software they purchase to integrate with their existing solutions. It's hardly surprising, but the interesting bit is that almost all buyers now demand interconnected products. This is precisely where partnerships shine.
đ Trust and loyalty towards existing vendors run deep
78% of buyers prefer to acquire additional products from a vendor they're already in business with, rather than opting for other vendors.
45% go ahead and renew existing vendor contracts without even considering alternatives.
This implies that piggybacking on existing relationships and trust is significantly easier than building new ones. While buyers trust their existing vendors, the bar for new vendors just got raised.
âĄď¸ Capturing new business is becoming more challenging and requires demonstrating ROI within 6 months.
83% of buyers would rather renew their existing product than switch to a new vendor.
For new products, about half of the buyers expect to see the product's ROI within just 6 months. This factor is their top consideration during the purchase process.
đĄ What does all this mean for your partnership teams?
Establishing partnerships and integrating solutions, while time and resource-intensive initially, can ultimately contribute to higher growth for vendors and quicker ROI for buyers.
Partnerships are becoming increasingly strategic, because they can facilitate seamless integration, leverage the trust already built by partners, and offer comprehensive solutions, while driving efficiencies.
Here's a bonus tip:
The research highlights a prevalent buyerâs dilemma. While the number of software products are growing every day, 84% of buyers prefer to purchase a single tool to solve multiple business problems, as opposed to multiple tools.
The only ways to resolve this are partnerships and, especially, cloud đmarketplaces that consolidate vendors in one bill from one trusted provider. Not to mention additional advantages of discounts and using commits we discussed previously.
So, are you convinced yet?
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