More than half of UK enterprises regret at least one software purchase – here’s how to prevent buyer’s remorse
The secret to completing a successful software purchase is to know what you’re aiming to achieve, keep your list of options short, and temper expectations, according to new analysis.
A survey of UK software buyers by Capterra found that 57% of UK businesses regret at least one software purchase that they’ve made in the past 18 months – and a third of these regretful buyers say they wished they’d clarified their company goals and desired outcomes better.
By aligning on goals early in the process, this helped buyers make sure they had a realistic plan for integrating and using the technology.
Notably, having a short initial list seems to help. Nearly three-quarters of happy customers had between one and four options on their initial list, compared to regretful buyers, who had as many as 59.
Successful buyers are also more flexible when it comes to swapping out some of their initial vendor choices during the process.
Other useful tactics were to listen to users and industry experts. Successful buyers, the survey found, use expert advice, customer testimonials, and review comparison sites to assess their choices.
Similarly, seven-in-ten software buyers said they trusted review and comparison sites over vendor sites for gauging customer satisfaction.
Software buyers who try a product first via a product trial or online demonstration were less likely to regret their purchase. Meanwhile, seven-in-ten satisfied software buyers carried out a product trial, compared with just half of regretful buyers.
For buyers in the UK, the research found other frequent challenges included adopting software that is too complex alongside difficulties onboarding staff onto the new software.
“One of the biggest points highlighted by a third of regretful buyers in the U.K. is having clearer goals and working more closely around desired outcomes,” said David Jani, UK analyst for Capterra.
“Other common issues revolve around having better processes around stakeholder communication and conducting more in-depth research around possible vendors, particularly in the case of security provisions.”
Poor choices deliver poor outcomes
A bad choice, the study found, increased costs for more than half of software buyers, with four-in-ten citing reduced productivity.
A third said they’d experienced security vulnerabilities, a third had adoption difficulties and a quarter cited competitive disadvantage.
“There’s a lot to learn from the 43% of UK companies that had successful software purchases. Just like companies tend to analyze their competitors’ marketing or sales strategies, they should also pay closer attention to how other businesses make decisions during the software buying process,” said Jani.
“Not only is this essential in helping disappointed buyers make the right tech choices, but also helps businesses remain efficient and at a competitive advantage for years to come.”
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