The pressure is still mounting on B2B Marketing teams to stop being just another cost centre and turn into a core performance driven function. As a result of this, sophisticated data sets and custom Marketing and Sales intelligence is becoming the new need of the hour.
Better business intelligence that offers a strategic advantage and enables the goals of multiple teams within an organization can pave the way for smarter, quicker decisions that generate higher returns.
The right data teamed with high level business intelligence and insights is crucial to achieving centralized goals.
Choosing the right Business Intelligence Provider
While on the one hand, these 10 factors matter to most teams when choosing a Big Data or Business Intelligence provider, choosing the right data set is also just as crucial for them to successfully engage with their customer and prospect base and for them to understand the most impactful triggers that turn out to be actual drivers of choice.
With collaboration becoming the in-thing in the B2B and technology domain, Sales and Marketing teams now need to empower their efforts with better intelligence to engage with their targets successfully amid growing competition from bigger collaborations.
For most Marketing and Sales teams, when it comes to scoring leads, behavioral (62%), demographic (48%) and firmographic (38%) are the common attributes being used.
In most cases today, teams are combining this information to try and achieve a more predictive intelligence inspired result of their target behavior.
Source: A 2017 DnB report
By combining different data sets and different data points with relevant intelligence within existing martech systems like CRM, marketing efficiencies and win rates do increase significantly.
Overall Benefits to Business, Marketing and Sales:
How does business intelligence backed by technographics enable better Marketing and Sales?
Total Addressable Market
More accurate identification of total addressable market (TAM) based on technology categories you sell and actual technology consumption patterns of your target contacts and target accounts
Whitespace analysis backed by the technology-buying behaviors of your prospects can contribute to a more successful identification of relevant sales and marketing opportunities based on the audience’s technology consumption patterns
ICP and Customer lookalikes
Identifying accounts who can possibly use your solution based on the technologies they currently use help marketing teams define a more focused approach to acquire them
Technology-use based Audience Segmentation
Segmentation of target lists based on the technology products they currently use or will most likely use can form a stronger foundation for overall campaigns. Marketing and business intelligence derived from technographics helps marketing teams know which technologies are currently trending or will most likely trend in the future. This allows them to position their product to capitalize on market behaviors.
Appropriate Marketing and Sales Messaging
Insights based on technology buying behaviors and tech spends can improve relevancy in marketing and sales messaging, sales pitches and other outreaches
Intelligence backed by technographics helps Marketing and Sales Qualify accounts based on IT spend capacity and technology preferences
Identification of in-market accounts
Knowing which target companies are currently in-market for a tech product like yours reduces prospecting time and effort by upto 13%. The intelligence backed by technographics offers details on those who have a higher propensity to buy your product too leading to significantly reduced sales cycles. A combination of all of this leads to increased win rates.
Sales Territory Prioritization
Defining Sales territories based on revenue potential to align efforts of Field Sales teams saves resources and reduces the sales cycle and prospecting efforts of teams
Focused and timely Targeting
With the extent of noise and competition in the marketplace today, identifying the right target audience and creating data-backed personas is an important stage in the process. A better understanding of who you are talking to based on their technology-buying journey can reveal so many more pain points or behavioural patterns that seasoned marketers can dip into to tighten their targeting message and overall efforts.
Improved Competitor Intelligence
Using technographic-backed business intelligence to identify your competitor’s customers, find the industries your competition is targeting next and identify whitespace gives you the edge you need to beat the competition at its own game.
B2B marketing teams in some of the world’s leading technology companies find their competitors customers who are mostly likely to switch to their product based on this. Others use it to track the technologies powering their competitors marketing and sales efforts in an effort to up their own game.
A few words of advice
Any successful audience acquisition plan requires more than just identification of the right companies to go after or an accurate list of contacts with complete firmographic data.
Always remember, any intelligence that Sales uses should lift efforts by at least 10% (source: A DnB report).
That is why Intelligent Audience Segmentation, Intelligent Targeting, Strategic Prospect Profiling should be top of mind.
|What’s surprising is that in many readily available online surveys, nearly half of the Sales professionals surveyed said they don’t prioritize leads!|
Focusing on quality data and intelligent insights leads to better quality leads and overall business growth
It is becoming more and more crucial for Sales and Marketing to interconnect data across their systems and deliver intelligence to sellers at the point of interaction.
This starts by having clarity on market opportunities and a better understanding of target audiences to drive effective lead scoring.
Technographic-backed intelligence can give you insights like:
-When a particular tech product is due for renewal
-What kind of technology products target companies are using
-What kind of technology products they will need to enable their efforts successfully
Customized insights on your prospect and audience base’s Next Technology Purchase Behavior offers intelligence that can allow you to predict their future technology buying habits as well as calculate their intensity score.
Global technology companies and tech leaders use business intelligence backed by Technographics not just to identify companies that really need their solution but to draw triggers like the ones above.
How would you use it to optimize your business strategy and goals?