Technology is one of the two things that has changed the way business is done in the last decades the most. Companies have to rely on technology and innovations more and more to stay competitive. The other of the two game-changers is big data. Collecting and analyzing information is crucial for businesses to move forward. No wonder, that in combination these two things provide important insights into contemporary enterprises. The combination meant here is technographics or data about the company’s technological stack. As data and technology are the two pillars of businesses in the 21stcentury so far, technographic data is among the best ways to understand the foundation of those businesses.
Technical matters
Most people today, especially in the Western world are using a lot of high-tech devices. Technology is used for various purposes by everyone from little children to senior citizens. Thus, naturally, a lot can be told about us from the devices we own and the way we use them.
But technology usage is a telling feature not only of private persons, but of companies as well. In fact, data on how a company is utilizing technological advancements can be very revealing. This is reflected by a specific type of data – technographics – now used by managers and market analysts to gain a deeper understanding of companies and industries.
The basic types of technographic data include:
• Data on the hardware and software a company is using.
• All automated tools and applications they utilize.
• How well and in what manner the tools are utilized, and the systems developed and updated.
This type of information will tell a lot about where exactly the company is in today’s highly technological business landscape.
Technographics and business success
All kinds of information when properly utilized can lead to business success. Technographic data is no exception. Insights drawn from this type of data can be valuable in many different ways for companies that possess it. Here are a few of the key examples of how technographics can help in achieving profitable results.
1) Knowledge for marketing
The key to marketing success is knowing your potential customers. And, as mentioned above, a big part of what defines modern companies is the technology they use. Having this information will assist in creating better marketing strategies that refer to the needs of the companies based on what their technological stack is missing or how could it be improved. Technographic data is an important part of information that will help to identify which companies have the most potential to become your customers and focus on them. It will also help to generally understand the company, its needs, and goals better, allowing for a more focused campaigning. In addition, knowing the dominant technological trends in specific industries will open up opportunities for well made, attention grabbing advertisements.
2) Business intelligence
Big data and analytics are crucial for surviving in the competitive world of business today. High-quality business intelligence is one of the most important foundations for good decision-making. And technographics is an integral part of it. Information on what types of technology and how much are other companies using will improve understanding of relevant industries and the market as a whole. This will help to build strategies that reflect the trends of the market and cement your company’s place in it.
3) Sales efficiency
When we try to offer something to someone, we have much more chance of succeeding if we know their needs and aims. That is why sales and marketing teams invest a lot of time and effort into researching the leads. Making use of technographic data would allow to make this process much more efficient. Properly analyzed technographics will allow the salesperson to know exactly what the company can offer to the prospect and how to offer it in a way that the benefits are communicated in the clearest way possible. This will lead to better conversion rates and faster deals, allowing to make even more offers and propelling the company’s growth.
Learning from experience
Technographics as many other types of data, when utilized to the fullest, provide extremely valuable insights for better business decision-making. However, technographic data is also sort of exceptional in what it means for the companies.
We have been using various tools and technologies from the dawn of our era. How and what we are using is a big part of our experience. The same goes for companies and various types of technology they use.
Knowing the technological stack and habits of other companies and analyzing their results is a great way to learn from their experience. Understanding what others do in comparison to ourselves will help to develop better strategies in every department of our own business.
After all, learning from all available sources has always been the key to success.
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