Increase Business by Developing Relationship
Business Development needs a strategic approach for software companies. Understanding the capabilities and identifying the USP is important for marketing software products, this helps in drafting the right sales pitch. For software consultancy projects, it is important to identify the area of expertise and the skill set of the engineering team. Particularly for service engagements, it is important to analyze the need of the prospective customer and identify his pain-points. Then it is required to be mapped to the engineering skillset for delivering a solution that minimizes the pain-points and enables digital transformation.
Creating engaging marketing collaterals like datasheets, presentations and brochures are required for introducing a company’s offering. Equally important is the creation of an engaging, lucid and search engine optimized website. Creation of social media handles and maintaining them dynamically establishes the company’s online presence and gets the target audience interested as well.
Market Research forms the basis of any investment. Understanding the demand in the market by sending questionnaires to the target audience and subsequent analysis of the findings using cross-tabulation and statistical models is essential. Studying and researching based on several ready-made reports about the industry, market and territories add value. After thorough market research, one can come to the conclusion about market trends and value his company’s solution would add. A revenue projection can be made as well based on the outcome of the market survey. Research for upcoming contracts, bids and opportunities of partnership with other companies becomes unavoidable if the company plans to establish its channels of revenue generation. Apart from all these, one should subscribe to industry related consortiums, events and news portals.
Competitive analysis is needed for the desired positioning of your offering. It involves identifying the top competitors and carrying out a SWOT analysis of their offerings. Study the price, product and service quality, brand exposure and reputation. Gathering information from your competitors is easier when you are not a known name in the market.
Reach out to your existing clients and known references in order to assess the marketability of your new offering. Building a close relationship with your prospects through follow-up emails, calls, face to face meetings, technical presentations and collaborative PoCs lead to successful closure of deals. Keep your prospects and existing customers abreast of the latest news in the industry, your participation in events and the updates on your offering. Ensure your prospects keep you in mind when they really need something you are offering. Don’t allow your competitors to get in. Maintain regular interactions with your prospects by asking them relevant questions and taking a stance that you are helping them solve their pain points. If sales executives are presented the savings and benefits they are getting they are convinced that investment on technology is required. Tailor the sales pitch based on the prospects’ participation in discussions and industry forums.
Transformation rate from lead to prospect is highest if they are obtained from relevant Networking Events in the industry. Industry-related events, summits, seminars, trade shows and interoperability events are great platforms for getting new; potential clients, exhibiting in these events and demonstrating offering from a booth. These efforts yield a bucket full of leads. Brand identity can be established in these trade shows. Following up with attendees of these events gives a huge number of leads, and it is generally a good idea to keep in touch with them even after the event.
To summarize the software industry relies on systematic relationship building for achieving the projected revenue and this relationship continues post-sales, as part of software maintenance, training and upgrades.