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Why Software Buyers Experience Regret: Your Key to Maximizing Acquisition and Avoiding Churn
Software buyers experience regret due to unmet expectations, poor vendor management, and unclear ROI. Learn how to maximize software acquisition and reduce churn by clarifying goals, researching vendors, and involving stakeholders.
- Software buyers experience regret due to various factors, including vendor under-promising and over-delivering.
- Unmet buyer expectations lead to higher regret levels, with 60% of software buyers experiencing regret.
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Top reasons for regret include:
- Higher than expected total cost of ownership (60%)
- Poor vendor management and communication (50%)
- Insufficient product demos and trials (40%)
- Difficulty in implementing the software (40%)
- Unclear expectations and unrealistic ROI (30%)
- Regretful buyers may choose to replace the software with another product, request a refund, or cancel the contract.
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To avoid regrets and reduce churn, buyers should:
- Clarify goals and outcomes before purchasing
- Research and compare multiple vendors
- Check reviews and social proof
- Be transparent about TCO and ROI
- Involve stakeholders in the decision-making process
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Software vendors can help buyers by:
- Providing reliable and transparent information
- Offering flexible and scalable solutions
- Implementing effective sales and implementation processes
- Collecting reviews and social proof from existing customers
- Ensuring alignment with buyer goals and outcomes
- Gartner’s research on software buyers’ regrets highlights the importance of understanding buyer behavior, addressing expectations, and providing effective solutions.