Marketing | 4 Min Read
Top Challenges Face by Businesses Adopting New Technology
Technology companies in B2B sectors like software, hardware, networking, and security are struggling to reach the right decision-makers on the right channels to drive revenue and improve their sales pipeline. The ability to connect with the right decision-makers can have a huge impact on the revenue growth of enterprise technology organizations.
In the face of increased competition, sales development representatives are facing challenges to build strategies that facilitate consistent retention, upsell and cross-sell of their new products, features, and services. To understand how to approach a customer with precision and personalization, SDRs must be fully aware of their prospect’s existing technology stack and how their products can fit in or complement their tech stack.
According to the 2020 survey – “Top 9 B2B Sales Challenges Faced By Sales People in 2021 and How to Overcome Them”
1. Post-Pandemic Slowdown in Global Economy
2. Finding High-Quality Leads
2. Finding High-Quality Leads
3. Low Call Connect Ratios With Decision Makers
4. Not Getting Enough Responses From Prospects
5. Not Getting Enough Sales Appointments
6. Objection Handling
7. Low Sales Efficiency
8. Differentiating From Competitors
9. Long Decision-Making Cycles
How to use Technographics data to close more deals
Today, business intelligence tools have become a key part of the fabric of modern businesses and the way they function. Technographics, an integrated business intelligence tool, can enable businesses to seize high intent opportunities and transform the way in which businesses function.
Technographics with Inbound Marketing
To enhance inbound leads as soon as they submit a form, add technographic data to any marketing automation software. After enriching the data, you can categorize and nurture prospects depending on the technologies they utilize, as well as trigger sales notifications when technology is added or removed.
Account Based Marketing (ABM) and Technographics
Leverage technographic in combination with predictive analytics to identify new and current accounts that resemble your ideal customer profile (ICP). Technographics customer profiling empowers your marketing and sales teams to be more data-driven. Respond to purchasing signals such as technological updates, financing rounds, and business announcements to identify which accounts are most likely to purchase.
Technographics and Total Addressable Market (TAM)
To better assess your potential addressable market, use technographic data. Data on technology utilization may be used to determine which firms utilize which technologies and to create a profile of those enterprises. Perhaps you might discover all other businesses that fit the same criteria and combine it with firmographic data (size, revenue, location, etc.). When you integrate data models with technographic data, your total potential market becomes much more accurate and comprehensive.
Technographics and Sales Teams
Look for accounts that employ competing or complementary technologies and engage with them. Do you want to annihilate your rivals? Analyze who employs your competitor's products and target them. Receive updates and learn when someone adds or omits your rivals' technology. Utilize data enrichment with CRM records to create pitches that are tailored to each prospect and the solutions they use. Receive an alert when one of your accounts switches technology vendors or manifests other purchasing cues, such as fundraising or opening a new office. To boost sales development efficiency, blend technographic data with high-quality contact data.
Stop Customer Churn
Anticipate attrition risks by identifying consumers who are toying with a competitor's technology. Determine which clients are likely to be upsold based on purchase indications such as technological advancements, funding rounds, and business announcements. Integrate technographic with predictive analytics to uncover clients with the highest lifetime value.
SaaS firms in sectors with yearly deals may also leverage this data to determine when targeted prospects' contracts with their vendor are up for renewal. For example, knowing that Patagonia began deploying Akamai as its CDN in January implies that they could be up for renewal at the same time upcoming. If you work for another web infrastructure provider, this might be a good time and get in touch.
Gain Valuable Data Insights: For business intelligence teams, technological data is extremely beneficial. By gathering data on technology deployments around the world or across verticals, BI experts will help their businesses mitigate risks and make informed decisions. BI teams may use tech usage data to determine the abatement or uptick in different customer profiles and their tech purchasing intentions. This information can help a product or R&D team decide whether to invest in one innovation or pivot in a positive trajectory. By incorporating this data into other data models, their firm gains a greater insight into its rivals, consumers, and market possibilities.