Buying new technology is a big investment of both time and money. You invest a lot of time researching and ensuring that the solution is a good fit for your business, and a lot of money actually purchasing it.
So how do you know if the solution in question is worth the investment?
6 Tech Buying Considerations
We’ve put together a list of six things that will help you better determine if you should forge ahead or abandon the solution altogether.
1. Has the vendor given you a piece of insight you didn’t otherwise know?
If the vendor has a good understanding of your industry and your business in particular, they should be able to offer insights you may not have considered.
2. Does the product truly support your strategy?
The product in question shouldn’t introduce problems, but should support an existing set of business objectives in order to achieve ROI. This, of course, means your organization needs to have clearly articulated core objectives or philosophies.
3. Do you understand the solution’s functionality?
The vendor should be able to easily explain how their product works, and you, at the very least, should have a solid grasp of basic functionality. When in doubt, don’t be afraid to ask basic questions. The more you understand how the solution works, the better you’ll be able to explain it to others and/or get others on board.
4. How long will implementation take?
Knowing the basics of timeline, integration, and how much effort will be required to get the solution up-and-running can easily help you disqualify some products.
5. Who else will you need to involve to get the solution off the ground?
Maybe you’re the tech budget holder and have the final say on purchases, but who else will you need to involve to integrate this new product? For example, you may need to partner closely with IT in order to get an integration plan in place, and with the CIO to ensure all security issues have been considered.
6. Are you getting the most bang for your buck?
Ensure you negotiate reasonably regarding price to ensure you’re not paying too much, but don’t devalue the solution!
Finding the Right Vendor
Ultimately, the right vendor will understand your industry, your business, and your specific challenges/pain points. The more insight they can provide your business, the better partner they’ll be. After all, you don’t want just a solution provider, you want a business partner who’s invested in your outcomes as much as you are, right?
The right vendor will also continue to provide support and offer guidance throughout the buying process. This isn’t necessarily hand-holding, but more like strategic advice when you need it the most.
Last not least, the right vendor will use a consultative approach, working closely with you to:
- Identify business improvement opportunities
- Set goals
- Create benchmarks
- Provide you with a comprehensive perspective of what you’re trying to accomplish
- Evaluate your success along the way
Want to learn more about what tech buyers like you wish they had known before buying a solution like CPQ? Click below to check out our survey of B2B firms in North America.