Joshua Reynolds

B2B technology vendors face a new normal: An undercurrent of heightened skepticism among buyers built up over years of hype and exaggeration. And this poses massive hurdles to sales and marketing teams struggling to grow market share in one of the most challenging environments the tech sector has ever seen.

In October 2021, we surveyed 625 U.S. B2B technology purchase decision makers, and almost three out of four say they believe tech vendors typically fall short of being honest. That poses a huge hurdle for sales and marketing leaders.

That’s a worse showing than a year earlier amid the height of COVID-19, when 57% started with the assumption that their vendor wasn’t being completely honest. But the latest results are on par with pre-pandemic results from 2019, when 86% of buyers said the same. And while the extreme pressures of the early stages of the pandemic may have inspired a temporary reprieve from distrust, it appears we’re normalizing back to the assumption that vendors are more interested in transactions than transparency.

In short, this year’s survey underscores just how much tech vendors have to do in order to differentiate themselves as trustworthy.

And it’s a challenge that’s likely to separate winners from losers in 2022. After all, trust is pivotal to getting into new deals, closing them, growing the business, securing customer references, and building a strong reputation.

The good news is, there are things vendors can do long before the first sales pitch to establish themselves as honest and trustworthy.

1—Be candid

Traditional marketing is often seen as an exercise in appearances, spin and exaggeration. To make the desired impression, outdo competitors for constructive candor. Almost two-thirds of buyers found that candid discussions around mistakes, lessons learned and how to avoid vendor hype were effective ways of building trust. In fact, these techniques are just as effective at building trust as a company’s overall brand and reputation or detailed descriptions of the technology and how it worked. Being candid about mistakes is even more persuasive than customer success stories, customer references, or explicit service-level-agreements built into contracts.

2—Be true to societal values

Actions often speak louder than words when tech buyers assess who to buy from. Four out of five buyers say a vendor’s actions on racial equality, diversity and inclusion and social justice impact their purchase decisions, with 13% saying it’s a make-or break issue. Almost nine of 10 companies (88%) say a vendor’s commitments to environmentally sustainable practices influences purchase decisions, with 10% saying it’s a make-or-break issue. And 91% of respondents said a company’s vision, mission and purpose impact purchase decisions, with 17% saying it’s a make-or-break issue.

What’s more, these results are consistent with the 2020 study. This indicates the emergence of a new truism for B2B tech vendors: success hinges on holding true to your values just as much as your value proposition

3—Be thought-provoking to drive word of mouth

When it comes to closing a deal, peer-to-peer conversations remain the leading source of influence, followed closely by coverage in technology publications, industry analyst reports, private analyst consults, and conferences and events.

In fact, word-of-mouth from peers is so influential, 70% said that those conversations can persuade them to shift their business priorities and budget allocations. That means companies have an opportunity to take budget away from adjacent categories if they engage in well-orchestrated word-of-mouth campaigns among reputable buyers.

And for content marketers, some of the most effective ways to get conversations going and generate positive word of mouth include: reframe a technology challenge, reframe a business challenge, challenge existing views with surprising data points, and pose questions that get people to rethink existing views.

4—Be consistent with messaging across all channels

B2B buyers consult an average of five different sources to inform their decisions, which means a multi-channel marketing strategy, with a consistent narrative across each channel, is critical.

When it comes to getting into an RFP, peer-to-peer conversations, tech publications, industry analysts and conferences and events remain the top five most influential marketing and communications channels, the survey showed. Consulting firms, company web sites, financial analyst reports and business publications come next.

While search engines and social media ranked last, they remain extremely effective for maintaining top-of-mind awareness. Search engines, social media and conversations with peers were the sources of information B2B tech buyers turned to most frequently to stay educated on the latest trends.

5—Rethink budgets based on results

There is a disconnect between how B2B tech companies spend their marketing budgets versus what drives sales, the survey shows.

Industry analysts, for example, have a disproportionately strong impact on sales, and yet historically they receive a disproportionately tiny fraction of the marketing budget. The same holds true for PR, content marketing and word-of-mouth campaigns.

So it may be time to revisit your B2B tech marketing budget allocations.

6—Be the trusted voice

All in all, tech buyers crave candor. Give it to them. Be a trusted voice of reason in a sea of hype. Bust myths. Challenge assumptions. Tech sellers don’t have to have all the right answers. Instead, recommend the most valuable questions. Help accelerate people’s learning curves by being open and honest about what works, what doesn’t, and how to avoid the next big mistake.

In 2022, the real race in B2B tech won’t be just about transformation—but about trust and transparency.

May the most honest vendor win.

Joshua Reynolds is the CEO and founder of Rob Roy Consulting, a marketing consulting firm.