It falls to marketing to figure out how to segment and pursue their market. There are many ways to approach this, but most choose to only focus on prospects within their core market segment. While this approach has its advantages, it can also limit your reach and result in missed opportunities.
Below are three examples of how Priority Engine customers are looking beyond their core market segment to reach new buyers and stay ahead of the competition.
Influence Active Prospects researching complementary goods
Does your product go hand-in-hand with any other products?
Think of the first time you bought a car. You were likely so busy focusing on finding the perfect model, color and price that the furthest thing from your mind was which insurance company you will use. Yet, insurance companies know that after you buy the car, your next step will be to buy insurance. That’s why so many of them set up advertising partnerships with car dealerships.
Similarly, a technology buyer may be focused on purchasing desktop virtualization software, not realizing that they also need to improve their infrastructure to support the increased demand on their systems.
If you were a flash storage vendor and knew a company was about to buy virtualization software, it would be a great opportunity to talk to the buyer about why they need to upgrade their storage before deploying desktop virtualization.
Many Priority Engine customers choose to expand their market segments in order to reach prospects who are researching complementary goods. This strategy has helped them increase top of funnel demand, build consideration before competitors, and establish credibility through early-stage brand awareness – particularly smaller companies who are going up against strong, established brands.
Target accounts where your products can enhance another installed technology
Does your product improve the performance of another product?
Consider the computer you’re sitting at right now. Are you using a wireless mouse? Do you have a second monitor? How about one of those little, plastic camera covers? Are you reading this on Chrome? All of these products enhance your computer, and yet most of them are acquired from a third party after the original sale.
This holds true for B2B technology sales as well. It’s not uncommon for new technologies to solve one problem and in turn create new ones, opening the door for ancillary products that will enhance it. Look to expand your Priority Engine market segments to reach new prospects who are looking to buy products you know yours can improve.
For example, CRMs may help sales teams get organized, but they are often plagued with data consistency issues that require cleansing solutions to fix them. If you were a data cleansing vendor, it would make sense to target prospects who either have a CRM installed, or are looking to buy a CRM, knowing that you could try to get data cleansing added with the larger CRM buy.
Know your prerequisite technologies and influence their customers
Does your solution rely on another technology to operate?
If your solution relies on another technology to function you should be directly targeting their market as well as yours. After all, changes in their customer and prospect base can directly impact your demand.
For example, if your product runs only on AWS, you’ll want to make sure you’re targeting the Priority Engine AWS market segment and reaching prospects who either use AWS or are considering it.
In addition, consider using the Installed Technology and Vendor Interest filters to create Account Lists that monitor new customers and Active Prospects researching companies that your solutions rely on.
While these three multi-segment approaches are the most common, this list is far from exhaustive. Contact your TechTarget client consultant if you would like to expand your current market segments or would like to learn more about employing a multi-segment strategy for your company.