Three out of four B2B tech buyers engage in extra product research due to concerns regarding data security. That’s what the most recent Statista research shows. We all know that the B2B buying cycle is different from the B2C. It involves more analysis and decision-makers, which results in more product research.
Concerning B2B technology buying, how you market your product can be as important as what you sell. With the growing consumer concern around privacy, as quoted by KPMG in a recent survey: ”a full 86% of the respondents said they feel a growing concern about data privacy, while 78% expressed fears about the amount of data being collected. Some 40% of the consumers surveyed don’t trust companies to use their data ethically, and 13% don’t even trust their employers.”
How to Dramatically Reduce Your Sales Cycle with Privacy
We covered how data security and privacy is influencing B2B technology buying. Now it is time to know how to use it as a competitive advantage. Competitive advantage is about being different and being better. If your tech company is working in product and brand differentiation, you can use informational privacy as a brand and asset management opportunity.
- Work With Development Teams To Build Privacy From The Beginning.
As Dr. Ann Cavoukian wrote: privacy cannot be assured solely by compliance with regulatory frameworks; rather, assurance must ideally become an organization’s default mode of operation. The concept of Privacy by Design is not new, but it has become increasingly important to implement it in a product from the development phase. It helps your company to proactively plan for, and incorporate data privacy compliance as part of what your product has to offer.
You can know more about Privacy By Design here.
- Build Customer Trust From The Beginning
Considering that one in three technology decision-makers complete independent research before reaching out to a vendor. When your company communication is clear about the data privacy and security measures your product takes, you’re showing your company ethics and the reliability of your product even before the initial conversation with a prospect.
We talk more about the steps you should take here.
- Ensure that salespeople have timely access to information on customer privacy concerns.
Ensure your sales team knows not only how to demonstrate your product feature advantages, as they have the adequate training to understand the privacy and security concerns your clients might have and how your product addresses them.
Making your clients see the value of your products not only for the features or additional services you have to offer but also through the investments your company makes regarding data safety and privacy helps to reduce the long B2B tech buying cycle because it gives the prospects all the crucial information they need to make a decision.
If you want to know more about privacy compliance and how you can use it to your business advantage, book a free consultation with us!