Before we go into the benefits of using technographic data let’s consider a scenario: Your company XYZ and your competitor ABC are trying to sell to the same target audience. Both the companies have demographics and firmographics data, but you have also acquired technographic data. Technographic data provides information on the tools they use, why they use it, how long they have been using these tools, etc.
Do we really have to tell you who’s going to win the race?
What Are B2B Technographic Data?
Technographic are the necessary tools and technology used by businesses to run and grow their business. Just think of anything from CRM to Analytics to auto-dialers. Apart from the basic definition, technographic also provides information into when and how your prospects are using their technology.
While it’s a necessity for any company firmographic and demographic makeup of its customers, now marketers are adapting into the technographic. Technographic helps you to better understand your customer by looking at their tech stack.
Sure, firmographic and demographic data are very important to b2b sales, but technographic data completes the whole picture. Without technographic data, you will have very little or no insight about how a company operations, how they complete their buying decisions, and where exactly they are lagging behind in the technology department.
The competitive sweet spot is where demographics and firmographic data intersects with technographic data. With the help of this sweet spot, you can easily identify best-selling opportunities for your solution, by offering a competitive or a compatible solution. So, you no longer have to send hit-or-miss messages to your customer or prospects. Instead, you can build result-oriented, proactive communications and solutions from scratch by understanding their true requirement and preferences.
Why Is Technographic Data So Important?
Technographic might look insignificant on the surface, like knowing whether a prospect is using a competitive or compatible solution. But when you dig deeper, turns out there’s much more to it.
Every organization’s tech stack is unique and hence can give you unique insight. To be more precise, it informs you about their technical expertise, where they are willing to spend their money, is there any room for your solution, and many more critical aspects.
Let’s consider a scenario: You are a tech firm in the financial industry and with the help of technographic data you were able to see that a company ABC Marketing Automation which is a predictive signal for your best prospects. Although ABC Marketing Automation target market is totally different and definitely not your competitor, with the help of technographic you were able to see that the companies using ABC Marketing Automation have a certain level of technical sophistication and are big enough to afford an enterprise solution like yours.
1. More Personalized And Informed Sales Conversations
Although we have covered this already, we are taking a different approach this time. Understanding what and how a company uses technology gives you a whole world of insight. By utilizing this insight a sales rep can include personalization and further tailor their sales pitch to have an informed conversation with their prospects. BTW, it’s no secret that the majority of the people in the b2b industry prefers personalized communication.
2. More Targeted Prospecting
Technographic data can improve your buyer persona to a whole new level. You can precisely understand about your best buyers, which will help you target new qualified prospects more precisely.
Let’s consider a scenario that you started looking into the technology stack of your best customers and realized that 95% of the websites of your best customers are using the same shopping cart. With the help of this data, you can be more precise in your targeting approach by finding the e-commerce website who uses that shopping cart and has a lot of traffic.
3. Improve Close Rates
Highly targeted prospecting, informed sales conversations, and new market reach. These produce better leads, better close rate, and of course more sales. With the help of highly advanced information about their prospect, businesses register increased lead scoring and better lead nurture programs. All these elements altogether finally lead stronger buying signals significant increase in sales.
4. Penetrate New Markets
As your company starts to look for the opportunities to expand, a thorough understanding of the technological landscape can tell you about all the opportunities needed to penetrate new markets.
5. Gain A Competitive Advantage
It is quite obvious that technographic data provides gives valuable competitive insight, which can be utilized to target your competitor’s existing customers, the ability to see when big accounts are considering to switch, and many more.
6. Improve Customer Retention
The insight regarding a customer’s technology allows the sales teams to easily identify the accounts at risk. Once the accounts at risk are identified then these teams can craft and propose personalized solutions which will ensure those accounts at risk stay with your organization. Insight from technographic data can also be used to create personalized offers and plans which encourages customers to benefit from all features within your product for desired success.