As the competition gets more intense, businesses look for more ways to make better data-driven decisions. Companies collect different types of data to gain a competitive edge, however, many of them miss out on opportunities that technographic data provides.
Learn about technographic data to get more insights, which will help you deliver better marketing campaigns, improve customer retention, and open up more growth opportunities.
What is technographic data?
Technographic data is complementary information about the technology stack of the company and the new technologies it has adopted into it. The technographic data gives you an overview of the adaptation of certain tools companies use to operate. The tools usually include CRM software, tools for analytics, and payment platforms.
The insights from technographic data can boost your lead generation with company tech stack information. Understanding technographic data is extremely important for successful account-based marketing (ABM) and competitive intelligence strategies. The marketing technology landscape has drastically changed over the years, that’s why it’s important to understand the tech stacks of target markets to ensure the right accounts are prioritized.
This type of alternative data helps businesses better understand market trends, their target audience, customers, and competitors. Technographic data plays a huge role in helping more than 70% of tech companies in their efforts to be more client-centric.
With technographics, you learn more about what technology your customers and competitors use, how they spend their budget on tech assets, their approaches, and their expertise. This gives you many advantages, including better competitor analysis.
Ways to use technographic data
Technographic data can be used in many different aspects of your business, including marketing, sales, customer success, and business intelligence.
How technographic data can be used in marketing
There are several marketing spheres, where technographic data can be used and bring a lot of value:
- Inbound Marketing. You can add technographic data to the marketing automation platform. This will help to enrich inbound leads as soon as they submit a form. Then you can nurture leads and trigger notifications when technology is added or dropped.
- Account-Based Marketing (ABM). Technographic data in ABM allows marketing and sales teams to make data-driven decisions and identify which accounts are more likely to make a purchase. They also see how these accounts respond to technology changes, company news, etc.
- Total Addressable Market (TAM). Here technographic data can be used to identify your total addressable market. You can find out which technologies are used the most by different organizations. Also, it’s good to know that your TAM is more accurate if combined with data models containing technographic data.
Utilizing technographic data in sales
Technographic data can be used by sales teams as well. This type of data can help you find and engage accounts that use different competitive or complementary technologies. When you combine technographic data with high-quality contact data, you can improve the efficiency of sales development.
The role of technographic data in customer success
Technographic data will help you better understand which customers are strong candidates for upselling based on different buying signals. When technographics are combined with predictive analytics, you will be able to identify customers with the highest lifetime value.
This type of data is also very useful for renewal tracking to know when certain prospects are coming up for renewal with their provider.
Using technographic data for business intelligence
With technographic data, you can gain valuable data insights for better decision-making. It’s very valuable for business intelligence teams, as they can better identify the growth or reduction between customer profiles and their tech purchasing behavior. It impacts the understanding of competition and market opportunities.
Main benefits of technographic data
Companies use data and technology for their business needs. Technographic data is a great asset that provides needed industry insights impacting decision-making. There are a few main advantages of using technographic data, including:
- Get competitive insights
- Improve investment intelligence
- Boost lead generation and sales productivity
- Learn about new opportunities
- Make account-based marketing campaigns better
- Boost customer retention
All of these benefits can be realized with technographic data. This is why companies should incorporate technographic analytics into their marketing efforts and analysis of the customers.
Technographic data can also provide insights into many opportunities in new markets that you wouldn’t be able to discover otherwise. When you know about a prospect’s technology stack, it becomes easier to customize marketing content for the initial contact.
Conclusion
Technographic data gives your company’s sales and marketing teams the needed tools to deal with qualified leads. With this type of data, you can clearly identify the right opportunities for selling your products and whether they are competitive with other products available on the market. Technographic data also plays an important role in preparing your business for future growth, as you learn more about the market, your competition, and consumers.