Strategies to Avoid Buyer’s Remorse: Create a Buyer’s Checklist
Did you know that 61% of marketers have experienced regret for one or more of their software purchases within 12-18 months? If you’ve had that experience, you know that the new software scent only lasts so long, especially when you sink tens of thousands of dollars into an investment that either isn’t right for you or isn’t adopted sufficiently by your organization.
When you want to add or replace a martech tool to your existing stack , start with a basic checklist to avoid buyer’s remorse:
Define Your Objectives.
Start by determining what success looks like for your department. What gets you to 100%? Is it automation, intuitive website navigation with quick loading times, or gaining customer insights? Generating cost savings? Define what your major objectives and benchmarks are for the martech tool you want to add to your stack by outlining your key priorities. They will help inform your choice.
Do your homework.
Research is invaluable because there are thousands of options and tools that have different capabilities. Remember those 14K+ tools? The research process can refine, reduce the options and pinpoint what you need. Take a look at customer reviews. What do your peers say about the tools they’ve bought? What survey results from industry peers, reports or use cases are out there that you can read to find out what others’ real-life experiences have been? When you take time to educate yourself on how much a tool costs, what it features and the kinds of experiences others have had with it, you’ll be in a better position to make a wise choice.
Can it grow with you?
Tech tools that work well today may not necessarily work effectively for you three years from now – or even in one. Make finding a tool that can grow with you to scale a top priority. Prepare a list of questions to inquire about performance and capacity, data management and integration, customization, security and compliance as well as future roadmaps and enhancements.
Take it for a test drive.
When you find a vendor who has the product you believe will deliver exactly what you need, it’s time for a demo. Product demonstrations give you the overview and allows you opportunity to ask organization-specific questions to ensure the tool will be a good fit. Now is the time to pull out that list of goals and objectives that define what success looks like so that the vendor can tailor the demo to your specific use cases, type of business and unique needs. You can request a trial period with your tech tool of choice to gather firsthand experience with its functions, ROI potential, exploration of integration options and enable your team to discover how the tool impacts their daily processes. Following a set period for trials, you can make an informed, data-driven choice.
Be sure to ask the vendor to explain:
- What options do they offer for pilot programs?
- What costs, if any, are associated with the pilot program?
- How long will the product trial last?
- What product training will be available during the pilot program?
- Is the training provided in person, virtually or by other methods?
- What customer support will the vendor provide during the trial period?
- What data reporting will they provide from the testing period to aid in your decision making?
Before you begin your pilot program, determine what your team’s key performance indicators are for the tool. What is the baseline result you are looking for? Review the results to ensure the tool delivers what you need and performs as expected, if not better.
A blended family.
You have a martech stack and plenty of options in your digital toolbelt. Make sure the tool or family of tools you select can integrate seamlessly with the tools and processes you already have. Without confirming this, you risk having stacks of abandonware and a drain on your budget.
It's time to put your IT hat on and ask questions like:
- What type of out-of-the-box integrations are available?
- Are APIs and webhooks available for custom integrations? (Be sure to ask the vendor for API documentation and review it carefully.)
- Does the tool support third-party platform integrations like Zapier?
Get buy-in.
Don’t make a decision alone. You need input from your department and in-house cross-functional teams – the ones who will use the tool, manage it, support it and pay for it. Partner with IT early on so when it’s time for implementation, you already have their attention. Involving stakeholders early allows them to prepare for security assessments, prioritization of development resources and integration. Adoption is only as successful as the appropriate levels of buy-in.
Be resource ready.
As your team stands today, do you have the internal talent who have the expertise to understand and effectively use the new martech tools? If there are skill gaps, ensure you’ll have educational training available to your team. Determine if you need to create new roles or adjust existing ones to accommodate the new technology, or if its adoption will streamline tasks, freeing up time for existing staff to prioritize more strategic initiatives.
Renown or notoriety?
When you find a tool you are interested in, make part of your research the vendor company itself. What do people say about them? Do they have a bad reputation, or are they known for providing a quality product, outstanding service and reasonable rates? Don’t hesitate to ask for client references. Knowing who you’re dealing with along all steps of your journey as the customer is essential to avoid disappointment and headaches later on.
The customer service question.
Ask the vendor what customer support options will be available to you once you purchase their product. Will they provide a dedicated Account Manager or Customer Success Partner for you? Can you talk to a human when you have a question about their tech? What options for ongoing training or troubleshooting support will be available? It’s imperative to know what level of assistance is part of your contract and how promptly the vendor’s customer service team will respond to you.
Interpreting the fine print.
Your budget has a lot riding on this purchase. You need to be certain you know what the fine print says – not just what the bottom line in bold tells you. Ask the vendor targeted questions:
- Beyond the purchase price, what other costs are involved with:
- Implementation
- Staff training/tutorials
- Future improvements or upgrades
- Licenses
- How many licenses does the purchase price include?
- Are those licenses enough for your team and organization?
- If you need to add more licenses during your agreement period, how are they parceled out, and how much will they cost?
When you consider the cost of purchasing a new or replacement technology tool, take all of the expenses into account that you may incur so you won’t be surprised later on and wish that you’d gone with Vendor B instead of Vendor A.
Double check before you sign on the dotted line.
As mom said, look both ways before you cross the street. While you’re in the process of negotiating a contract for your martech tool of choice, make sure you cover your company’s interests before you sign the service agreement. Consider the contract from every angle:
- How long is your service agreement?
- What will the difference be between the introductory rate and the renewal rate?
- Is there a clause for early termination if you need to halt the service before the contract term ends? How much will that cost? Is there a penalty?
- Is there an auto-renewal clause that you should be aware of?
- If the tool legitimately doesn’t deliver what you anticipated, what are your options?
Pro tip: Our experts can provide a substantive list of questions that you should approach a vendor with to ensure your organization is protected in the negotiation and buying process.
