What is technology intelligence and why is it vital to your business?
What if you could know every kind of technology used by every one of your competitors? That’s the promise of “technology intelligence.” While “big data” often focuses on consumer behavior – and by extension, business-to-consumer marketing – technology intelligence underlies solutions and strategies for business-to-business marketers.
Think of what you could learn if you could peer into the “tech stack” of every competitor. You’d be able to discern their strategies – which competitors are investing in growth, versus hedging in expectation of tougher times ahead, versus broaden their scope to coordinate better with partners. You’d be able to track competitors’ near-term tactics – which ones are investing in lead generation vs. lead nurturing vs. increasing conversion and so on. You’d know which technologies they tried and gave up. Technology intelligence, and the sales insights it enables, are crucial for B-to-B success today.
Stephen Kraus, Ph.D., Editor-in-Chief, Market-Intelligence.io
What is technology intelligence and why is it vital to your business?
Chances are, you already have an incredible weapon at your disposal — one that can enable company growth, but you’re just not using it. Now, more than ever, a company’s ability to track every piece of data at their disposal– from their customer habits and engagement, even to how their own teams do business, and most importantly tracking their competition is all there, just waiting to be leveraged. But let’s be honest, Big Data is intimidating, overwhelming, and without the proper tools, unintelligible. That’s where Technology Intelligence (TI) comes in. Technology Intelligence is what brings it all together and, if properly utilized, can truly propel your business; it’s about focusing on the right data and using those tools to use to turn that data into actionable insights.
Technology Intelligence identifies your competitive landscape
Finding your fit in the B2B environment is an increasingly tough job. As more and more competition pops up, and as the number of players rises, even with the best service out there, you can easily lose market share. In order to be effective in your marketing efforts, you need to identify both known and unknown competitors- that’s why you Technology Intelligence tools. TI tools can identify your competitive landscape let your team get insights like your competitors’ clients (both the overall number and the best ones), their geographical location, make clear comparisons, and all other relevant data. Once you understand your competitive landscape, you can stand out and take your prospecting efforts to the next level. With this information, you can narrow your focus to the companies that are most relevant for your needs (the type of business, their monthly visits, multiple technology combinations, etc.)
While most companies think they have a sense of their competition, in order to truly level the playing field and raise their chance of success, businesses need to fully embrace the all things digital and delve deep into data to gain actionable insights with a Sales Insights Platform.
Technology Intelligence can reveal what drives and motivates decision makers
Technology Intelligence can transform a marketer’s limited view of a prospect’s details into a more reliable and tangible profile, it enhances that profile with the level of critical insights needed to put to the test your marketing strategies. Learning more about who your target audience is, what makes them tick, and what they want requires the ability to understand what motivates them, as well as how they make decisions. Unreliable data severely hampers the progress of any marketing campaign as all it ends up with are numerous missed opportunities and wasteful time and resource management.
Technology Intelligence, in particular, can be extremely valuable when you figure out what a company’s tech stack says about them. For instance, what technologies have they tried in the past? Do they prefer the best-of-breed solution as opposed to all-in-one? Are there any correlated technologies that you could exploit? Are they unhappy with your competitor, or perhaps conduction a trial with them?
All these insights can help broaden your initial focus, find new potential business verticals to tap into, as well as other technologies and geographies to attack next. Every part of the tech stack can provide information for your strategies and messaging. You may even reveal the next emerging trend your company should be catering to.
Technology Intelligence offers a competitive edge
The downside of data is that it deteriorates quickly. Data may be the most valuable asset any company can possess, but only when it’s fresh. Tomorrow’s winners will be the companies that have total command over their data. Using Technology Intelligence to refine it to increase its raw value means adding value to your marketing goals, be it a lead generation campaign, up-to-date information on decision-makers, etc. All those additional data points become your competitive edge, allowing you to make smarter decisions and gain priceless insights that will drive your marketing effort through highest relevance and quality. Don’t be caught surprised by your own data. In today’s tech-drive world, there is absolutely no justification for it.
Finding a prospect, or scooping up some basic info about the company and its decision makers and send off your sales reps into the unknown is just not good enough. About 90% of B2B decision makers don’t respond to cold sales outreach. As they venture deeper into their research, so should you. This is where TI tools such as a Sales Insights Platform become truly invaluable. Some have features that reveal correlated technologies where you can find out what overlapping technologies your potential clients are using. These actionable insights can help broaden your initial focus, find new business verticals to tap into, as well as other technologies and geographies to attack next. With the breakdown of the companies using competitor technology (the types of businesses, their monthly visits, etc.), you gain a better understanding of what you’re up against. You can also uncover all of the technologies a particular prospect is using, broken down into categories which gives an indication of their business focus. If you want to personalize your conversations and tailor the message down to the smallest detail, you can check out the tech stack and tech adoption history of a given prospect. Not only will you get a sense of what they are currently using, but also when they added it and other technologies they tried in the past.
Another feature Sales Insights Platform use are real time alerts. These alerts give you the ability to know what changes a prospect is making, as they add a tech to (or drop it from) their stack. So you can understand where a company’s pain points are and swoop in at just the right time to close the deal. Not bad, huh?
Summing Up: Technology Intelligence gives data meaning
All a company needs to move the needle from good to great is the TI right tool. With proper implementation, you can take the data you have at your disposal, and make it work for you. Technology Intelligence is your offense and defense rolled into one, and as Sun Tzu wrote in The Art of War, “opportunities multiply as they are seized.” Once you take advantage of Technology Intelligence tools, you can become more agile, and seize great opportunities as they come.