Study: 83% of Industry Vendors Believe In-Person Trade Shows Are Most Effective Mode of Communication
Modern broadcast and media technology buyers feel bombarded with marketing messages, digital content, and cold calling from technology suppliers. Most of it is not relevant to them at that moment in time and gets ignored. But then, how do vendors ensure buyers keep up with innovation and how can they showcase what they are able to provide and what business problems they can solve? A recent study from Bubble Agency shows that tradeshows remain the most popular channel for buyers to keep up with industry trends and vendor news, trade press magazines and websites remain important channels of information for sellers and buyers and LinkedIn dominates the conversation on social media. Independently researched and produced by Caretta Research in partnership with Bubble Agency, Marketing Media Technology: Revealing what broadcast and media technology buyers want from their suppliers is based on the analysis of detailed focus group interviews and survey data gathered from a broad range of industry leaders in Q3 2021.
According to the report, the focus of sales and marketing in media technology was already changing rapidly pre-pandemic driven by the shift to SaaS and cloud services, smaller projects, faster buying cycles, and increasingly-informed buyers cherry picking the vendors they want to work with. The report examines the way that these changes have only accelerated since, offering strategic insights into evolving buyer/vendor behaviors.
Key findings include:
- Even after a series of cancelled trade shows, the lure of in-person events remains strong. Trade shows remain the most popular channel for buyers to keep up with industry trends and vendor news, chosen by 83% of respondents.
- Media still plays a critical role in the industry. Trade press magazines and websites remain important channels of information for 71% of sellers and 69% of buyers.
- LinkedIn dominates the conversation on social media, with 98% of technology providers and 88% of buyers using it for industry research ‘often’ or ‘sometimes’.
- 81% of sellers think their company is good at understanding potential customers’ needs, only 61% of buyers agree. This is a dramatic disconnect that suggests vendors need to listen more effectively to their customers.
The report contrasts the attitudes of buyers and sellers in several key areas and delivers valuable insights into how buyers are finding out about the market, how they want to engage with technology providers, the sort of marketing content they’re consuming through which channels, and how vendors can best respond.
“This research reveals the fundamental shifts in the broadcast and media technology buying process that we’re tracking,” says Rob Ambrose, co-founder of Caretta Research and the report’s author. “Buyers want honest, transparent marketing communications from potential suppliers so they can clearly understand what vendors can do, and gauge their ability to deliver. In an increasingly-virtual world building trust has never been more important.”
“The industry is changing rapidly, and as a result the successful sales and marketing strategies that the leading companies are deploying are changing too,” comments Sadie Groom, Bubble Agency CEO. “Modern marketing communications needs to be a two-way process with a clear strategy developed for engaging with customers and prospects and hearing what they want, and it is fascinating to see both the similarities and the differences in emphasis between the two sides of the conversation.”
To read the full report, click HERE.