Abstract
This IDC study shows that over half of the surveyed companies expect to revise
their 2008 IT spending plans downward. The same survey also found that
customers think it important that vendors have an understanding of
industry-specific business issues and often send their business elsewhere if
their current vendor does not demonstrate an understanding for industry. During
these uncertain economic times, when clients feel their IT budgets must be
maximized and used effectively, IT vendors must be able to reach their
customers that are feeling the effects of the U.S. downturn and facing
potential IT budget cuts or freezes.
According to Monika Kumar, program manager, U.S. Vertical Markets Research, "It
will be more important than ever for vendors to have a vertical strategy in the
future. Using a ' one size fits all' approach will not be effective on customers
that are increasingly seeking vendors with a demonstrated knowledge of industry
issues as well as an understanding of the needs of clients of a particular
company size."
Lee Levitt, program director, IDC Sales Advisory Service adds, "To connect with
customers today, to be invited into an initial conversation with a prospective
customer, requires the vendor to truly understand not just the customer' s
business, but its business problems, processes, challenges, and key
initiatives, all within the context of their industry environment. Vendors that
approach the market with any less are starting with a significant competitive
disadvantage, and buyers will be merciless in keeping them off their short
lists."
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