Since the internet offers access to a vast amount of data, the importance of data analysis in the modern-day business realm has never been greater. Companies have access to an array of different classifications and forms of data.
Conveniently, businesses have multiple methods of harnessing the power of all that data and applying it to their operations. However, it’s easy to overlook the most critical categories of data in all that abundance, and technographic data is one of those categories.
Let’s discuss why it is important and how it can benefit your business.
The Importance of Technographic Data
Often overlooked, technographic data gives businesses valuable insights regarding the latest technological developments across modern industries. It allows business leaders to tap into competitors’ technological stacks.
It also provides information on what kind of technology your customers prefer, what operations your competitors automate, and the type of software and hardware they use.
You can use it to learn about your competitors’ abilities to use the latest technologies and cope with the newest technological trends in your industry.
Benefits of Using Technographic Data
Since it’s impossible to run a business today without digital technology, the collection of technographic data can offer a few business benefits that you might want to leverage to your advantage.
Data-driven Sales Conversations
Technographic data provides deeper insights into technologies your competitors and consumers use. It also helps you understand how they use them.
These valuable insights can help you adjust your marketing approach and tailor your marketing campaigns and sales pitch to drive more prospects to your sales funnel.
Improved lead Generation
Lead generation depends on your ability to target the right audience and attract quality leads to your website. However, targeting prospects requires you to understand the ideal buyer persona. It allows your marketing team to understand your consumers, their needs, and their pain points.
It helps you analyze your target audience and find the best way to approach them through channels of communication they prefer. Your customers may use the same technologies and devices. That information can help improve your targeting efforts and drive more leads to your website.
Expansion into New Markets
Understanding the current trends in the technological landscape can help a business grow and scale up by discovering new expansion opportunities.
Whether through launching new products and services or lead generation, technographic data can help you identify new markets with an increasing demand for innovation.
Beat your Competitors
Since technographic data can help you unlock more sales, better close rates, and improved lead generation, you can gain a competitive advantage.
It provides valuable competitive insight that allows you to target your competitors’ consumers and improve your sales. It also offers insights into the best ways to nurture your leads and establish meaningful connections that can help your business grow.
Improve Customer Retention
Understanding customer technology allows you to educate your target audience about the scope of features within your products and services.
You can provide your consumers with high-end solutions that guarantee better customer experiences and increased satisfaction.
Use that satisfaction to ask your customers for feedback to find the best ways to nurture your relationship with them. Satisfied customers keep coming back for more; it’s a well-known fact.
Where to Acquire Technographic Data?
Companies looking to improve sales can obtain technographic data in several ways:
- Web scraping – browsing the web and extracting publicly available data regarding technology and apps companies use can help businesses collect relevant and actionable technographic insights.
- Company reports – gathering data from company reports can help you identify your competitors’ weaknesses and the need for new products and solutions.
- Social media posts and job postings – tap into information regarding technology partners, companies’ customers, and new hires to put context behind the collected data.
- Third-party vendors – hire service providers to get the most accurate and relevant technographic data sets.
The expansion of data-driven businesses made modern companies ever interconnected with the latest technologies. The need for technographic data is increasing daily.
Incorporating it into their daily operations gives B2B businesses a better chance to beat competitors, generate more leads, improve sales, and expand into new markets. Technology is the key to achieving business growth today.
Aside from helping you improve your marketing and business strategies, technographic data is vital to understanding modern-day consumers and their complex needs.