Valued at approximately $19 billion in 2016, the market for Business Intelligence (BI) and Analytics is one that continues to grow, with forecasts predicting that we will see it reach $25.7 billion within the next 3 years (Gartner).
In a market that is experiencing substantial growth, capitalising on the opportunities for business development is a pressing concern for all BI vendors and their channel partners – both long withstanding organisations and new entrants.
With the nature of the market environment, high levels of competition are inevitable but for many the challenge is not the availability of growth opportunities but rather overcoming the obstacles in securing them:
Differentiation & Positioning
A promising market can quickly become filled with organisations all claiming ‘me too’; and not standing out from this clamour means that your prospects will overlook your products and service time and time again. What’s more, as a partner it can be all too easy to fall into the trap of lacking the necessary distinction.
As markets become crowded the self-proclaimed accolade ‘We are the best’ is no longer enough for the buyers of today. With the fate of a precious budget in question; your potential prospects are reluctant to engage with anyone who cannot provide a well-defined and specialised value proposition.
A marketing strategy which centres around a clear specialisation is what makes an organisation stand out from the background noise. Industry, geography, experience, partner certification, supplementary services, and many others can be used elevate the ‘We are the best’ to a ‘We are the best for the manufacturing industry’, positioning your message in front of a select audience who are much more likely to listen and recognise your value.
Engaging with your Buying Markets
Being part of a partner program means that you have a product or service that you know the market needs and wants. But even with a product or service you believe in, not being able to get your brand in front to the forefront of your buying market is a challenge that will seriously inhibit growth.
Lead generation requires a marketing strategy which creates a messaging which speaks directly to the challenges and opportunities your Buyer Personas are facing. Today, your buyers live their lives online, and in order to get their attention, your brand and your messaging of how you are best positioned to help must inhabit this space. Understanding exactly who your buying audience are and the challenges they face is the first step in getting your brand in front of and engaging with your buying market.
With this information, digital channels can be incorporated into your marketing strategy; enabling you to deliver content, social media activities, email marketing, and a blogging strategy, in the online space your audience frequents.
Finding Enough Leads to Support an Ideal Growth Rate
Continued business growth depends on a substantial sales pipeline; a continuous flow of highly qualified leads that can be nurtured into fully fledged sales opportunities. Sustaining this pipeline growth requires an effective marketing strategy which generates sales for today and leads for tomorrow; a hybrid Direct and Digital Marketing approach.
Creating a successful digital lead generation campaign requires time and the set up process can become resource intensive. However, when in the place, the efforts attract, engage and convert prospects early in their buying journey. By gaining their early attention you can nurture them and ultimately convert these visitors over time into the highly qualified sales opportunities of tomorrow.
However, these leads will not come to fruition overnight. In order to accelerate growth, you must also consider targeting the prospects which are ready to engage today with direct lead generation. Finding, qualifying and closing these opportunities requires a highly qualified inside sales team, who can find and engage directly with your buying market. By entering into a conversation that is aimed at understanding challenges and sharing insights, prospects do not feel as though they are being sold to but rather entering into a consultative relationship with an industry thought leader. Thus combining digital and direct lead generation will result in consistent pipeline, with a combination of quick wins from inside sales and inbound leads to be nurtured from digital channels.
Being in a highly competitive partner market, it becomes essential to use the direct and digital channels available to create a strong relationship with your buying market. By demonstrating experience, skills, knowledge and thought leadership you will be able to build a foundation of trust that will last the transition from prospect to customer and not just lay the ground work for a competing Partner Agency.
INCo attended the Tableau Partner Leadership Summit in London last week, to share more about how a hybrid direct and digital approach can benefit the partner community.
In an presentation John MacLeod, VP of Sales and Neil Ritchie, CEO, took an an in-depth look at the challenges faced by channel partners and how a combined direct and digital approach can accelerate lead generation and business growth.
Exploring this topic INCo, have created a bespoke campaign framework, designed specifically for Tableau partners to increase lead generation and accelerate business growth.
To learn more about this program or how INCo can help you accelerate buisness growth speak to us today.