Why Should You Know Your Customers’ Technology Stack to Improve Lead Generation Efforts?
The first step of a long and tiring sales journey is identifying potential customers and creating consumer interest in your product or service that ultimately results in a sale. This first step is called lead generation in business jargon. And, as they say, it is always the first step that is the hardest, lead generation is indeed the toughest first step of the sales cycle involving various challenging activities like cold calling, outbound emails, social selling, sales cadences, etc.
A recent survey of B2B marketing decision-makers in the U.S. revealed that approximately 32% of lead generation specialists had a hard time connecting with the decision-makers. Also, 33% of these specialists found it difficult to identify their niche market. These challenges in the lead generation process directly affect the overall growth and revenue of your business. However, the knowledge of your customers’ B2B technology stack data can help address these challenges quite effectively.
What Does a B2B Technology Stack Mean?
A B2B technology stack term has recently grabbed the limelight with the exponential rise in the number of tech and SaaS companies in the B2B industry. The term is used for all the software and applications that a B2B company uses. The insistence on data-powered marketing and sales strategies has required B2B organizations to invest decently in their B2B tech stack.
Let's understand in detail why it is important to know your customers' B2B tech stack to boost your lead generation efforts.
● Helps Identify New Business
The traditional sales grind subjected the sales team to shooting in the dark without any inkling of the customers’ expectations and their tech ecosystem. But now, a simple click enables the sales teams to access the data of those customers who are looking for the products they want to sell.
For example, a sales team has a report that shows various types of software or solutions that a company uses for their CRM, sales enablement, and other in-house operations. The access to this hyper-targeted technographic data makes them understand not only their tech stack but also their approach to technology, scalability, budget, business goals, and so on.
These insights along with the accurate data of the customers’ tech ecosystem help the sales team generate new business which is the lifeline of any company.
● Saves Time
It is estimated that sales executives spend 22% of their time generating leads that may include prospecting or researching without exact details of the potential customers. The access to your customers’ tech stack data puts an end to this random, time-consuming gut-centric approach to lead generation forever. A simple click of a button gives the sales team a list of thousands of potential customers. The sales executives now know exactly whom to approach, when, how, and why. This knowledge frees up their precious time which can be used to focus on creating more productive and effective sales strategies for the company.
● Solves Problems Faster
Setting out to sell a product without knowing your customer’s pain points may look like a doctor prescribing medicine without really understanding his/her patient’s exact problem. An accurate B2B technology stack data serves as the test report that reveals the health of the technology landscape of your customers. The knowledge of customers’ pain points helps the sales team adjust their own sales processes and customize the product or service that fixes the pain points quickly and efficiently.
● Helps Predict and Analyze Faster
The earlier method of sales forecasting and analysis by humans was fraught with a lot of natural human errors. But, sales technology has made forecasting and analysis much easier and faster with its real-time and accurate insights into the customers’ technology landscape. For example, your B2B tech stack data informs you about your customer’s upcoming cost-cutting measures in their tech stack. You can predict and analyze how your product would fit in that strategy. This helps focus better on your sales strategies.
● Helps Prioritize Leads
As per the recent survey of B2B marketing decision-makers in the U.S., 35% of marketers acknowledged that buyers don't understand the value of their offering. This happens when the sellers approach the buyers who may not be interested in their products. When the sales executives know the customer’s tech stack, it is easier to prioritize the leads. Having generated the leads at the click of the mouse, they can attribute a specific value to each lead in what is known as the lead scoring process. A lead that is almost ready to buy gets the highest score. The sales executives can prioritize these and focus on them quite easily and effectively.
● Improves ROIs with Shortened Sales Cycle
The main reason for the longer and tiring sales cycle is that it is difficult for sales executives to reach the right decision-makers at the right time. In the absence of this exact sales outreach strategy, they often happen to approach customers who may not be their ideal lead.
The knowledge of customers’ technology stack comes as a savior in this situation. It not only helps you reach your niche market but also informs you about their readiness to buy. This empowers you to prepare a sales pitch that has more potential to close the deal faster! As they say, time is money, and when a lot of time is saved in approaching the ideal prospect, it results in saving a significant amount of money in the lead generation process. And, when companies can close more deals with the help of the technology stack data with minimal investment, it means higher returns on investment!
Whether you are a seasoned sales executive or a beginner, the lead generation process would always feel frightening or overwhelming as it is one of the baby steps in the long and exhausting sales journey. Therefore, it is imperative to equip yourself with sharp insights into the technology stack of your customers. And, as they say, knowledge is power; let the accurate knowledge of your customers’ technology stack be your power in generating quality leads and closing more deals.