Overcoming Incumbency Bias: The Role of Strategic Content in Influencing IT Vendor Decisions
In the current economic climate, organisations may be more risk-averse when it comes to opting for new vendors or partners. It maybe easier for IT decision-makers to stick with the status quo rather than branching out and choosing a new vendor.
While current vendors may have their own shortcomings, and may not be fully meeting the needs of today’s organisations, putting their neck on the line and going with an unknown may be perceived as the riskier option for those making tech-buying decisions. Especially at a time where buying decisions and their financial impact may be more closely scrutinised. As a result, the business case for twisting rather than sticking must be strong.
Incumbency bias makes us go for what we perceive to be the safer buying option. The brands we know best may not be most cost effective, or even the outright best performing, but we’re confident they will at least deliver a satisfactory solution that won’t threaten business continuity, reputation, or finances.
Overcoming incumbency bias to communicate the advantages rather than the perceived hazards of switching vendors or partners should therefore be central to any content marketing strategy.
The right content can have a notable impact on buying decisions, with one-in-three respondents rating the influence of content on buying decisions at an eight or higher. In fact, fifty-six per cent of our research respondents for this report have previously switched technology suppliers, at least partly, based on content they consumed. A further twenty-three per cent are unsure, though they have likely been influenced by content too.
Research respondents were asked how the content they consumed has informed technology buyer decisions to switch vendors or suppliers. From the responses, it is clear that IT leaders want content that clearly lays out the benefits of choosing a new supplier, reflects the experiences of others, particularly through case studies, highlights the cost, remedies failings with current vendors, and improves their understanding products’ capabilities without the legwork of setting up test environments.
Even in technical B2B sectors, buyers make emotional decisions first and post-rationalise them afterwards – though they may not be aware of this fact. Respondents were also emotive in their responses, using words like ‘impressed’, ‘awareness’, reassurance’, ‘understanding’.
IT decision-makers can research product features themselves, but content provides a narrative for how such products will impact their business, overcome pain points they are experiencing with their current solutions and understand. In today’s vendor-customer relationships, a good product alone is no longer enough. Interpersonal skills, connection and a sense of mutual understanding are crucial, and content must reflect this.
However, producing good content alone is not enough. Organisations must think carefully about the types of content and the purpose they serve for different stakeholders in the buying process.
When asked what content types are most useful when making a buying or strategy decision, case studies of similar business technology initiatives came out on top followed by, side-by-side technology reviews and comparisons, research-based technology articles, information from IT leader peers, and content written by analysts. IT leaders want to learn from the experiences and mistakes of others, value research-led content, and want to understand what a new vendor or supplier is offering that their incumbent does not.
While IT leaders may be tempted to stick with what they know when it comes to vendors and suppliers, the right content at the right time can prove highly effective in improving brand reputation and increasing mindshare. Meaningful, salient and unique content that reflects organisations’ business needs and pain points, but also appeals to the emotions of the individual IT leader reading it, is needed to present a strong business case for making that switch.
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