Tech and Professional Services Companies Struggle as Large Enterprises Delay Buying Decisions, Tollejo Research Finds
London, 23 April 2024: The current economic conditions have made it difficult for technology and professional services leaders to meet their sales targets, according to a recent study by growth research firm Tollejo. The Growth Blockers UK Q1 survey, which surveyed 103 CXOs and entrepreneurs in the tech and professional services industries, found that 72% of respondents did not hit their sales targets in the first quarter of the year. The biggest barrier to their growth was slow decision-making from buyers at large enterprise companies.
Dan Ilett, CEO and founder of Tollejo, explained the challenges facing revenue leaders in the current market: “There are extreme pressures on revenue leaders as larger firms have put the brakes on so many projects. It’s clear that companies had a tough quarter and the one before didn’t look much better for most, yet some companies are still hitting targets. So if you’re doing well right now, you’re doing really well.”
The study also found that while 28% of firms are still hitting their targets, 48% of CXOs reported that Q1 was even harder than the previous quarter. However, 19% of firms said it was easier, suggesting that there are still companies finding success in the current climate.
When asked about the biggest barriers to top-line growth, CXOs cited slow buyer decisions (46%), economic conditions (26%), and a lack of access to funds (14%). To overcome these challenges and enable better growth, 38% of CXOs said they would like to see better economic conditions, followed by a better understanding of what customers want (22%) and better sales and marketing performance (18%). In other words, better listening and communication are key for success in the current market.
The research was conducted in partnership with The Executive Summary, Tollejo’s weekly newsletter for global tech CXOs and high-growth entrepreneurs. Acacia Henry, a spokesperson for Tollejo, said, “The CXOs surveyed signaled that even they are looking for more collaboration and creativity from their suppliers, so it follows that their clients would as well. Companies that are hitting targets are being creative and attentive to customers. They’re listening hard and recognize that post-Covid, marketing, communications, and buyer requirements have changed again.”
The full report can be downloaded here.
About Tollejo
Tollejo is a B2B growth research company that provides businesses with the insight to achieve their full potential. Combining advanced analytics, industry knowledge, and buyer behaviors, Tollejo crafts strategies that drive significant growth and brand development. Founded by a team of experts in marketing, data analysis, and business strategy, Tollejo is an invaluable partner for companies looking to lead markets. Their services range from market research to brand positioning and growth strategy formulation. For more information, visit www.tollejo.com.
About The Executive Summary
The Executive Summary is a newsletter for global CXOs and entrepreneurs in technology and high-growth companies. It is partnered with growth research company Tollejo and covers cutting-edge innovation, imminent challenges, and essential insights across the business and tech agenda. Written by a team of business and tech experts, ex-journalists, and business leaders, the newsletter’s mission is to challenge leaders and build a community that embraces new insights and connections. For more information, visit www.theexecutivesummary.com.
Media Contact:
Acacia Henry
acacia@tollejo.com
+44 020 1234 5678
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.