Firms need to have a clear strategy regarding their ultimate goal and their target audience to strategize accurately. And, setting this goal is impossible without tech intelligence.
The most successful companies have a defined strategy of which markets to serve, how to serve the best and why. How an organization selects which markets to pursue has tremendous implications for growing and managing their business in the future. Only with tech intelligence and knowledge about market trends, firms can simplify their goal-setting process. Tech intelligence is crucial to:
- Staff the business appropriately and invest in the right tools and technologies for growth
- Persuade investors for funding
- Create more profitable and equitable sales territories;
- Aligning the efforts of sales and marketing teams on the proper accounts;
Getting these wrong will invite risks like being under or overstaffed, investing wrongly, or entering markets that don’t make sense, wasting marketing resources on the false opportunities and missing on the sales target. Without proper tech knowledge, analytics, and research, the ROI of firms will always remain under risk.
For years, companies have relied on traditional reports from analyst firms to estimate the market size and opportunities and strategize accordingly. While such data may provide a starting point for the planning efforts, it doesn’t provide in-depth information needed to understand why a particular market should be targeted. The degree of subjectivity in such reports also makes it difficult to base the revenue projections on the reported numbers. In addition, none of the published data is actionable for the sales and marketing teams.
Technology Intelligence is a must to instill confidence in planning, making it more accurate and actionable. For a precise plan, marketers need much deeper insights than what’s included in an analyst report, which is generally an estimate of the total available market (TAM) or the serviceable available market (SAM). Fine-tuning the business plan to make more realistic revenue projections require much more than just a TAM or a SAM.
Tech intelligence is an essential asset to comprehend the right market to invest – zooming on the one with fewer competitors and more opportunities. Without tech intelligence, it’s challenging to know where competitors are installed. This might lead to firms jumping into a market saturated by competitors impacting the revenue projections, increasing the risk of misappropriating resources by going after the wrong opportunity.
Sales leaders use granular tech intelligence to divide and map out their sales territories into regions that contain accounts that match their ideal customer profile. ICP includes knowing shared interests and spending patterns. Marketing and sales teams use tech intelligence to deliver and develop highly relevant campaigns with customized messaging to a prospect’s strategic initiatives, existing solutions, and pain points. The product teams also use tech trending information to decide on which products they need to enhance or end, and what new solutions they need to develop to future-proof their sales.
Many companies today continue to rely on market research reports to guide their planning. Smart decision-makers supplement this information with detailed tech intelligence to validate or dig deeper into the high-level market-size numbers. Tech intelligence de-risks market entry decisions are assuring that the resources are well-targeted to derive accurate revenue projections.
Detailed technology intelligence will be the biggest asset for tech companies in 2020 and beyond. It will ensure they target the right audience and the right markets, finding the best opportunities for expansion to increase their chances of meeting or exceeding their ROI targets.