A lot of people think that tech companies are at the top of their game because of their innovations. But the truth is, even tech companies suffer, especially in lead generation. It’s not really about getting leads per se but about getting high quality leads that convert.
If you are an IT/tech company and you are asking, “How can our company overcome this challenge”, it starts with a couple more questions:
- Who are we talking to?
- What are we talking about?
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Who are we talking to?
The first step in finding quality leads is knowing the key people you have to talk to and that starts with creating the buying persona. When creating this, you want to get straight to the decision makers. It will save you a lot of time, money, and effort.
Well, that’s easy, right?
Here’s the fact: companies are changing, especially when it comes to who’s making the decision. Not because a person has a certain job title means he has the final say. For example, a small startup company might not have a CMO or CFO. In some cases, the marketing heads have no purchasing power.
Before identifying who your decision maker is, you also need to define what kind of company will benefit from your product or service.
- How big is the company?
- How much are they making?
- What industry are they in?
Next, what does your decision maker look like? Who do you want to be talking to? They should have similar criteria as your ideal organization.
- What are their duties and responsibilities?
- How long have they been working in the company?
- What kind of decision maker are they — do they make the final decision and sign the paperwork? Do they conduct research and let someone know about the decision? Are they the ones who will directly use your product or service?
- What kind of pages they visit and how much time do they spend on it?
You can get that information by looking at your existing customers as well as your late-stage leads. Look for common threads as you create a picture of your decision maker — the more detailed your profile is, the easier it is for you to find them.
You can have several buyer personas since your customers are diverse. The more you have, the better you can communicate with each of them. They can be the company’s Business Liaison Officer, the CMO, or the end-user.
What are we talking about?
According to APM Digest, organizations that are able to attract key decision makers in the tech industry dropped from 6 to 3 since 2011. In other words, IT decision makers are tough to please and only a few have managed to pass the test.
The report added that these successful vendors have been consistent, agile, and trustworthy in their mission to add value to the clients’ organizations. However, there are other factors that are critical to their success. These factors include:
Customer service and response time
Your customer service represents what your business is all about. It also reflects your company values and dedication to meet your clients’ needs and demands. Your customer service plays a significant role in lead conversion and client retention. According to Marketing Sherpa, 76% of these leads do not convert because of poor nurturing.
Your response time is also important. How long does it take you to get back to your customers’ queries and concerns?
A Harvard Business Review study said that US companies have a slow response time. It stated that only 37% of companies respond to their clients within an hour.
How about the rest?
Some take 42 hours to respond while the rest don’t care to respond at all. How sad is that? And then, many companies are surprised why their ROI goes down instead of up.
Understanding the business goals
Business goals are important. They direct companies and organizations, they provide clarity, and they help in decision making. As much as your business goals are important, so it is to your clients. If you don’t care about these goals, how will you know if your product or service is a good fit for the organization?
Selling the product is not the final step of a successful business process. If the customer returns again and creates a long-term relationship with you, you succeeded. After all, businesses are all about forging long-lasting relationships.
When it comes to customer retention, one of the most effective strategies is having post-sales support. That sends out a message that you are committed to their growth and success.
Noted speaker and author, John Maxwell, quoted, “A leader who produces other leaders multiplies their influences.”
If you are able to make that business a market leader, they also push you up and extend your influence.
Long-term viability of the company
Knowing whether your business is viable or not is quite tricky. However, there are certain factors a business has that makes it viable in the long term.
- It has a unique selling proposition — what makes your service or product unique?
- It has a stable customer base — do you know what type of people buy your product?
- It has a competitive advantage — yes you have a unique product, but are there others who are selling something that is similar to yours?
- It is financially stable — this is the most important factor of a company’s viability. Do you have the cash flow for your day-to-day operations?
Thorough knowledge of their product portfolio
Product knowledge is not only good for your customer service but for your sales as well. If your marketing and sales team have a thorough knowledge of what you offer, it will not be difficult to answer questions and address concerns wherever and whenever.
Walking the Talk
If you want to succeed in the tech industry, you need to know who your audience is and you thoroughly know what your message is.
IT and tech decision makers are a tough nut to crack. You can’t just go to them with a song and dance or a poorly executed product presentation. You need to live and breathe what you’re offering to them. If they see you value your product or service, they will also value what you present to them.