Mike Cotoia: Yeah. We don’t really disclose the conversion rates on top of the funnel to the bottom of the funnel. But let me give you a little bit of color. What you see in the market right now, even on customers across the enterprise tech space deals are being elongated. What was six months is now 12 months or nine to 12 months, sometimes 18 months. So that — you can see that in terms of people doing their research and that’s tied to their customers that are pushing off deals, because they’re also trying to navigate the uncertainty. But it really goes back in terms of what our main focus on or one of our main focus is, and that’s on the content strategy. So we know that, today’s buyers demographics continue to change. And at the end, they want a repless experience.
They want to make sure they have information that’s relevant to them and trusted when they’re making 5- 6- 7- 8-figure deals. One of the notes that we mentioned was our organic traffic was up 20% year-over-year and that’s coming off a 50% increase in the previous year. So our goal right now is to make sure, we’re turn those pages or visits in the new network members to then serve them up with the most relevant content to draw up the most obvious intent signals to help our customers, a, by top of the funnel, b, have the right conversations to drive those to mid-funnel and ultimately be in the best position to close those deals. So that’s really our focus. But I think you can see throughout the entire market deals have taken longer. And that’s been happening throughout the course of 2023.
I expect that to go into 2024, but we’re doing all the right things around our content and our product offerings to make sure that we are in the best position to capture that uptick.
Jacob Staffel: Thanks so much.
Operator: Thank you for your question. The next question comes from the line of Kunal Madhukar with UBS. You may proceed.
Kunal Madhukar: Hi. Thank you for taking the question. One on the total customers so that’s the number that you disclose annually. And it’s been a while but can you talk about trends around total customers and then how that translates into number of seats per customer or average spend per customer and how that has trended over the year? And then it was interesting you mentioned COVID. So when we look at the high watermark in your revenue which was last year as we think of the growth coming out as the macro improves, how should we think of that within the overall macro outlook, which may be more capital constrained higher cost of capital and increased focus in your enterprise customers for profitability? Thank you.
Mike Cotoia: Charlie it’s the last for you. In terms of total customers it’s in the Q that we — around 2,900 total customers. In terms of seats not all of our customers are Priority Engine customers. So we don’t disclose seats because we have a majority of our customers or a lot of our customers are spending with us on their marketing and their branding go-to-market strategy for their content creation and their positioning strategy. So that’s not a seat in terms of that. In terms of the macro and the outlook, yes, we see what you’re seeing in terms of cost of capital and high inflation rates and their focus on getting back to profitability. That’s everything. That’s — those are all three key areas that all of our customers or most of our customers are very focused on.
What I would tell you is, there comes a point in time when our customers’ pipeline does not support the revenue targets that they need to hit there’s still revenue targets. So during a period of pullback in the market, customers may take an approach of I’ll try to do this on my own, or I will purchase less cost effective less costly and cheaper data. Well, it will constrict in terms of their overall budget process. But all that stuff and all those decisions ultimately turn into a formula where the pipeline that they are providing their sales is rolling up does not support the revenue targets. And what we’ve seen typically in the past is a flight back to quality. We are in a position unlike any other company I know that actually is in the middle of two core constituents.
The sales of technology and the buys of technology. We provide a service for both. And so making sure that we all stay in that position to serve our buying community who are the members as well as the selling community who are our customers is really critical to help capture that.
Kunal Madhukar: Got it. Thank you.
Operator: Thank you for your question. The next question comes from the line of Andrew Marok with Raymond James. You may proceed.
Andrew Marok: Great. Thank you for taking my question. Kind of more of a from a theoretical perspective, do I have it right that you would benefit more if a more complex or confusing area and IT arose and there needed to be better clarification of information around it? Just thinking for example like generative AI right now especially given that there are so many vendors out there competing for mind share with their solutions.
Mike Cotoia: Yeah. That’s a good way to look at this. I don’t want to theoretically mention that. I think we’ll bring a tremendous amount of value around complexity in the market. But I would also say like any major technology initiative in the market among enterprise B2B tech we’re going to have security or storage or UI or AI generative AI, we’re providing a true value to both sides of the equation, to the buyers of the technology because that content investment is so critical the editorial content, the analyst content, our vendor content that we capture, our Bright Talk community content everything there help serve those buyers. And we actually can help guide them because we have the proximity depth and breadth with each of these specific markets.
So when you get like a generative AI topic that comes out is hot, we rank really well on that. When you look at our organic search results. I think we rank between one and two on over 1,000 GenAI terms. I think if you Google generative AI we’re currently ranked number organically. So we are in a really good position to help buyers who are trying to figure out what this all means, get to the answer or as clear to an answer as possible while they’re going through their research journey. So I don’t want to just assume theoretically that we’d be perfect across the board on that, but that is absolutely a service that we provide and an opportunity to help our buyers.
Andrew Marok: I did just Google Generative AI and you are number one organic. So thank you for the color.
Mike Cotoia: You bet.
Operator: Thank you for your question. [Operator Instructions] There are currently no further questions in queue. So that concludes the TechTarget Reports Third Quarter 2023 Conference Call and Webcast. Thank you for your participation. You may now disconnect your lines.
