Marketing is increasingly becoming more and more data-driven. This is old news. But this is also why Marketers are moving beyond traditional data sources such as social demographics and firmographics, and aligning more with other kinds or sources of data, in order to unlock deeper insights about their current and potential audience base.
This in turn also explains the growing demand to know the hardware and software that a potential customer uses, in other words, the growing demand for Technographics.
An organization’s technology makeup is a key driver of its overall business strategy and also helps understand its profile.
For instance: When you know your competitor uses a particular technology or tool, you can immediately breakdown the why behind it to stay ahead of the curve.
To cut through the clutter today, it is becoming more and more important to differentiate your offerings and it’s easier to do that using different pain points or angles, when reaching out to customers.
This is where Technographics can serve as an important data-point for businesses to identify and act upon the best sales opportunities.
That is because it helps breakdown the technological-make of your potential customers. Armed with this intelligence, you can better curate your offerings according to the current and future technology needs of your prospects.
Technographics is turning out to be the latest weapon for marketers to intelligently target their products and services to specific companies, so as to get better sales ROI.
Technographics and Competitor Analysis: The Connection
Technographics finds applications beyond customer insights, it is a powerful tool for competitor analysis as well. Knowing a prospect’s preference for particular hardware and software, storage infrastructure (cloud or on-premise), and technology plans can greatly improve your conversion rates.
While you are carrying out your marketing analysis, there is a host of competing technology providers targeting your prospects as well as exploring new prospects or verticals.It is therefore crucial to focus efforts on identifying, understanding, and predicting competition from a tech-stack viewpoint as well.
As a technology player in the B2B technology space, technographics can help:
- Identify who your competitors are: By keeping a tab on the technology stacks of your competitors you gain an insight into their offerings and the portfolio of companies they are targeting.
- Study their techno-marketing strategy: You can get to know how your competitors target and convert their leads based on what tools they use. This will require you to continuously monitor what the enterprise is offering, what they are boosting and what services they are phasing out, etc.
- Identify new markets: This is especially relevant for companies looking to expand.Understanding the technological landscape and how your counterparts are shaping up their strategies can reveal opportunities to reach new markets. For example, if you know that a growing technology competitor is offering more services in a competing space, you can invest in research and development in this new area and design more futuristic services, resulting in a better conversion probability in the long run.
- Act on this competitive advantage: Once you know your competition, your sales and marketing teams can prioritize particular accounts, carry out targeted messaging for these accounts, and also know when to let go of certain accounts due to reducing ROI prospects. The key is to taketargeted sales and marketing actions based on the technographics-based market intelligence you have obtained.
Technographics-led competitor analysis is rapidly catching on in fast growing digital segments.
Whatever be the domain for competitive analysis, doing so manually is humanly impossible. It is a good idea to invest in data sets that can help gather and analyse such critical data on an ongoing basis, and help you with continued insights on customer and competitor technology-use behavior. This will greatly enhance your approach to account-based management too and increase your marketing effectiveness.