What is the deal with Technographics?
Multiple data sets come into play that go into building an ideal customer profile to aid the sales & marketing activities throughout the customer journey. These include demographics which is data related to people, such as name, work title, etc. & firmographics which is data related to companies, such as company size, revenue, etc. But Technographics is the one which provides a clearer picture of the customer environment. It can give information regarding the kind of software installed by customer, when it was purchased, where it’s being used & how long it’s been in use. All these information are crucial in developing highly targeted customer messaging.
For example, “Company A” & “Company B” both have identified small & medium manufacturers as target market for their SaaS offering. On basis of account histories both companies see high likelihood that the prospects in the market will want what they are selling. Both companies have same demographical data & firmographic data but “Company B” also has technographic data which reveals exactly what EPR technology the prospects are currently using, approximately how long they have used it and when they last upgraded. It’s clear that who will win the business, right.
Technographics & Empathy
Technographics tells a lot more than just about prospects working with which product or competitor. The tech stack of every company will be different. By noticing that you will be able to identify what they are willing to spend money on, their experience in tech, and several other factors unrelated to technology itself. Technographics can also have great deal of effect on the empathy of your salespeople. Salespeople worldwide are done with them being referred as con-men who try to sell customers things that they do not need for making money. Empathy has always been at the heart of understanding & creating real connections with others. More than just information is needed to empathize with prospects while moving forward along with assessing the sales opportunity at hand. Technographic data enables you to place yourself in the prospect’s shoes & create that shared emotional experience in an authentic way.
Influence of Technographics in Sales & Marketing
Your marketing’s competitive sweet spot is where firmographics & demographics intersect with technographics which helps in the identification of best-selling opportunities. To your prospects it means that you are no longer pushing hit or miss messages at them but proactive, result-oriented messages & solutions in response to your understanding of their real needs. Technographics totally changes the game in prospect identification which finally results in the churning to customers. If you are still not impressed by our pitch, we have jotted down a few ways Technographic data will change your way of business.
- Better Targeted Marketing Segments
Understanding buyer personas is really important in marketing. If you don’t thoroughly understand your buyers, how will you target new, qualified prospects? Sales & marketing teams of organizations can build segments within their target market based on the technographic to identify opportunities & build personalized marketing strategies for each segment. For example, marketing team of a specific company can create a target market segment for companies that have a certain technology provider on their marketing website & develop a personalized & optimized marketing campaign for this target market segment.
- Better B2B Sales prospecting
Knowing about the customer is a big deal which can help a sales guy in determining whether to spend valuable time on a particular prospect or not. Technographic data can provide valuable insights to sales teams regarding the prospect’s technology usage. By analyzing the prospect’s technology stack opportunities or gaps in the workflow or strategy can identified. The sales team can also gather insight into prospect’s buying habits by monitoring changes in technology investment. Personalized messages can be crafted that can be used for meaningful conversation with prospects rather than plain old cold calling with use of Technographic data.
- Communicating with a position of strength
With the help of technographics, marketing teams can identify specific customer challenges on the horizon & could address those head on by providing apt solutions. This means the sales team doesn’t even have to try to win deals on price. Data driven insight enables the sales team to analyze the situation & recommend the best path forward- whether if it’s offering a compatible solution or pitching to replace a competitor.
- Conquering new markets
Understanding the technological landscape can reveal opportunities to marketers & give better understanding to them in reaching new markets. By analyzing the technology stack of potential buyers, the marketers can identify new market opportunities & demand for new products and services.
- Better Customer retention
With technographics insights regarding customer, technology can be acquired that will allow sales teams in identifying at-risk accounts. This can help the sales teams in proposing solutions that’ll guarantee customer’s continued business. Also, technographic data help companies to create plans that encourage leveraging all features within the product for optimal success.
Closing the deal
Edward Forrest in his 1985 study of VCR users for the Journal of Advertising Research, wrote that customer profiling “should be based on an amalgam of variables which might best be referred to as ‘technographic’…which focuses on motivations, usage patterns, attitudes about technology…as well as measures of a person’s fundamental values and lifestyle perspective.”
This perspective on consumer market data works equally well for today’s B2B markets & in fact, may in fact, be more easily understood based on the amount of company information available online today. Technographic data can provide marketers with an empirical set of facts of the key technologies installed at an account, allowing being more strategic.
Also read about our blog on: WIN YOUR DEALS SCIENTIFICALLY WITH SALES PIPELINE
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