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Differentiation has always been the key to higher win rates. Many technology products are becoming commodities, and your features and functionality are likely becoming the same as many of your competitors. In a cloud world, you need to re-define your value proposition and ensure it is compelling in order to stay ahead of the curve.
The Issue:
The needs of today’s technology buyers are different. They only want to pay for what they use and are no longer willing to make large, up-front capital investments. Instead, they would rather pay for products on a monthly basis. This is one of the reasons you need to adjust your pricing model and start offering packaged offers or leasing/renting options.
The way your prospects make buying decisions has changed. This includes what they want to pay, how quickly they want to go live, and what they expect in terms of support.
The Solution:
Your challenge as a Software/Hardware vendor is to align your selling process with they way your prospect wants to buy, and to shift your marketing from being technology and functionality centric and to being focused on core business pains. You will need to be more than a provider of products, and ensure that you have an industry specific solution that your customers love and depend upon in order to run their business and remain competitive in their market.
Adapting to the new technology buyer’s way of thinking will require you to:
- Change your outdated and expensive direct selling approach
- Invest more heavily into marketing
- Use digital marketing to nurture prospects through the buying cycle
- Educate prospects online rather than just selling to them, and
- Scale your marketing globally
What you do, how you engage, and what you focus on needs to radically change.
As technology products become commodities, emotional engagement, tribal acceptance, and disruptive teaching become the new differentiators. Put simply, if you can’t teach your prospects anything new or add value to what they are already doing, you are largely irrelevant and will never get past a 20% win rate with today’s technology buyer.
How We Help:
Our team has over 25 years of experience selling and marketing technology software and hardware. Members of our leadership team have worked for SAP, PeopleSoft, created the CRM product category and launched the first CRM product in 1996, headed up marketing globally for ATI Technologies Inc and more. We can help you understand the new modern technology buyer, accelerate your customer acquisition and gain market share.
For more information, speak to an expert!
