Technographic data helps determine the tools and technologies used by prospects. This is a great way for marketers and salespeople to target prospects that are interested in purchasing your product. In the age of information, technographics is the future for many businesses looking to incorporate data into their business processes. This means that the earlier you incorporate it into your business functioning, the better you will understand it and get to harness its many advantages.
Profiling prospects based on technographic data allows you to know what kind of products they use for their marketing, sales, and other operations. Owing to this and several other reasons, technographic data can be beneficial to your company. It can give you an upper hand over your competitor. Here are the ten things you can do with the technographic data of your prospects and reach your business goals.
10 Things You Can Do with the Technographic Data of Your Prospects
1. Determine Product Usage Metrics
Technographics keep a track of which technologies and tools a prospect uses; it maintains a record of all the services and products owned by all of your prospects. It further calculates the extent to which these tools are used daily. Technographic data also tells you when a certain technology was initiated.
When used during prospecting, it not only tells you whether a company uses a particular tool, but also gives you an idea of the importance of that tool to the company.
This includes whether they use it often or rarely, when they started using the tool, when their subscription to it expires, etc. This is vital information because it gives you an idea of how to lure a business from being a prospect to becoming a customer. For instance, let’s say you’re a business that sells a tool which integrates with other tools. Using technographics you can easily find and target those businesses that are using all the tools that integrate with yours.
If the data shows that a tool is used frequently, it may be of great importance to the company. Therefore, incorporating this tool into your sales pitch will give you a better chance of convincing the company to become your customer. If the company does not use it often, it will save you from emphasizing about it during your pitch. It is good practice to incorporate other data pertaining to technology stacks, contract renewals, customer subscriptions, etc. This makes it easier for you to create personalized sales pitches and marketing campaigns which yield more conversions.
2. Improve Sales Team Productivity
Technographic segmentation improves the productivity of sales. You may ask how this is so. It’s simple, 70-95% of a salesperson’s time is spent on irrelevant things that do not generate revenue. It is important to note that time is money in businesses, and wasted time can never be recovered. By incorporating technographic data into your profiling process, you get a more precise and accurate representation of what your target audience actually looks like. This way, when you make sales pitches, you know what your prospects want and you can address their exact requirements and pain points to win them over.
For instance, if a company is looking to purchase a CRM, then by profiling its technographic data including tech stacks, digital footprints, technology adoption patterns and psychographic data that shows you whether a prospect has searched for CRM products, you can customize your sales efforts to cater to their needs.
3. Track Your Competitors
It is every company’s wish to be one step ahead of its competitors. It would be any company’s greatest joy if they knew their competitors’ every move so they could carefully plan their way to the top. Well, there might be a solution to this after all, and the answer to it is technographics.
Technographics data gives you access to your competitors’ entire customer base, from contact information and specific pain points of customers to contract expiry alerts. This enables marketing teams to target these customers through various channels. Some might say that this is an unfair game, but we know that it is not illegal, and business is always a game of who can get the most out of their resources, a competition where only the best survive. Incorporating technographic data into your business processes undoubtedly gives you an upper hand over your competitors.
4. Understand Your Prospect’s Purchase Intentions Through Their Tech Stack
In the world of business, it is often that you find yourself needing a particular solution but you can’t find what you’re looking for because the seller of the solution hasn’t understood how to reach the right audience. Technographic data helps businesses better understand their audience through analyzing their tech stacks and finding audiences with the right pain points that don’t even realize they have a need for your product. As a result, technographic data helps make it easy for customers that may have a need for the solution your product has to offer by helping companies that sell these solutions to better understand who their customers are and what they need.
5. Improve Customer Retention
No business in the world wants to lose its customers. Whether highly valued or not, it’s the customers that define a business and its success. Therefore, it is every company’s duty to ensure each of its customers remains happy. Many companies spend a lot of time and resources trying to nurture their customers’ satisfaction.
Technographic data helps companies keep records of their customers’ activities, what technologies and tools they use, and what solutions they might be exploring. Therefore, it becomes easy to see if customers are losing interest in your product or service. In turn, you can use the gathered technographic data to address their exact issues and get them to like your product again.
6. Activate Tailored Messaging
Technographic data helps you create tailored marketing campaigns, advertisements and hyper-personalized emails that match what your prospects desire. Speaking the same language as your prospect gives you an added advantage as they feel you can specifically cater to their needs. Putting their needs before anything else is what any customer expects from a product or service; it assures them that the choice they made to purchase your product was one that was meant to be.
7. Account-Based Marketing
Adding to firmographics, technographic data helps you formulate an Account Based Marketing strategy that speaks directly to your prospect’s persona. An ABM strategy enables you to communicate with your prospects one-on-one, helping you nurture your relationship with them. This makes it easier for customers and prospects to rely on your company as a result of the dedicated service you provide.
8. Identify Products In Demand
It is in any company’s best interests to ensure they keep up with what is trending today. No one wants to spend money on something that isn’t going to sell. Through the ability to inform businesses about the type of products and services customers are looking for, technographic data helps businesses identify what today’s customers want and what they don’t. This is helpful because businesses are required to be constantly updated with concurrent trends and the ever-changing demands of customers, especially considering that data makes the modern world of business go around. As a result, technographics help businesses keep tabs on what they must venture into along with a timeline for the same.
9. Focused Technographic Segmentation
Focused technographic segmentation helps you analyze your current customers and see what they have used to solve different issues. This helps build a broader view of the methods they used while solving issues related to their value proposition. Technographic data further enables you to identify the various channels used to overcome these challenges, helping you devise similar solutions for your customers that face such issues in the future.
10. Make Your Content Relevant
You can always customize your marketing content once you’ve properly understood the evolving technology stacks used by your target market. By customizing content, you create new opportunities that would not have been possible if you had no idea of what technologies your prospects use. By knowing your prospects’ technology stacks and monitoring trends, you can identify what exactly your buyers are looking for and create or modify your content to captivate them and thereby improve your close rates.
Technographic data has turned into an extremely advantageous proposition for companies that seek a competitive edge that will help get them to the top. Buying Intent and technographics have become the future that all businesses look forward to. Today, thanks to tools like Slintel, you can now access comprehensive technographic data of all your prospects from the convenience of a single platform.