Capterra, a leading software review platform and resource for businesses, found in a recent survey that 61% of small to midsize businesses have buyer’s remorse over a technology purchase in the past 12 to 18 months. Read below to learn what’s causing the buyer’s remorse and what you can do to avoid similar remorse at your business.
What’s causing 61% of small to midsize businesses to doubt their technology purchases?
The Capterra survey found poor support, higher than expected costs, difficulty proving a positive ROI, poor training and onboarding, and overall poor product quality as the top reasons for buyer’s remorse. Poor support (39%) and higher than expected costs (34%) were the top two reasons.
Many businesses cited poor support specifically with their new technology purchase integrating with their existing technology and business processes. Technology and software vendors are often unable to customize solutions specific to each business and small to midsize businesses often lack the IT resources to integrate new and existing technology and processes.
In a time of inflation and concern with the direction of the economy, businesses are more sensitive to costs. With the COVID pandemic, supply chain issues and labor challenges, costs were driven up even more. Many businesses added new technology post pandemic quickly without careful evaluation or a long-term vision for how the product will integrate into their business.
How can your business avoid buyer’s remorse when it comes to software and technology purchases?
Create a business case. It’s easy to get caught up in headlines and trends when it comes to hot new software and technology products, but don’t do it. Before any purchase create an internal use case that clearly documents the needs for new technology, how it will be implemented and integrated, who will use it, what solutions it will provide and how its success will be measured.
Take advantage of free trials and demos. Demos provide an opportunity to ask vendors detailed questions about their products. Free trials provide an opportunity to try the new technology yourself and can include dummy data and multiple employees. Think of it like test driving a vehicle. Don’t skip this opportunity.
Budget for a total cost of ownership. Software or a technology product has an initial cost but you must add in costs for implementation, training, support, maintenance and subscriptions. Think of purchasing a house. The house has its list price but there is maintenance, property taxes and upgrades with costs.
Partner with an IT managed services provider. It requires a range of skills and knowledge to understand a new technology and how it will fit into your existing business. There is also vendor and product selection, purchasing and contract negotiations, implementation, onboarding, maintenance and support. The right IT managed service provider will be able to provide professional expertise and support each step of the way.
Insight BTR, an IT managed services provider serving southern Wisconsin, is able to help you and your business each step of the way so you avoid buyer’s remorse when it comes to technology. From our relationships with technology vendors to our team of IT professionals, we can help your business achieve its goals. Call us at 608-661-0750 or email firstname.lastname@example.org.