IoT Prospecting Strategy Development
The global marketing director of an embedded analytics provider saw an opportunity to extend their business into the IoT market.
An embedded analytics software provider had established a strong position in the e-commerce and finance markets. Recently they had been approached by a growing number of IoT software and integrated solution companies that were seeking an embedded analytics solution. They recognized the growth potential but lacked clarity on how to modify their value proposition and prospecting approach for this new market. In order to enter the IoT market successfully, the marketing director recognized the need to properly segment the market, identify customer requirements, and develop a sales strategy with supporting communication market.
IoT ONE worked with the marketing and sales teams to define four customer segments based on their unique needs for embedded software solutions: traditional OEMs, digital native OEMs, system integrators, and software vendors. Interviews with potential customers in these segments provided insight in their solution needs and their procurement decision processes. Based on these interviews, we identified the typical buyer personas and user personas for each segment.
We next translated our understanding of buyer decision criteria into a sales playbook. This included specific value propositions for each segment, prioritized solution configurations, and customer prospecting kits with customized marketing language. Finally, we identified over 600 potential customers across these segments and tagged them according to size and other characteristics in order to accelerate the development of a sales funnel.
- Define customer segments based on their unique needs for embedded software solutions.
- Interview potential customers to gain insight in their solution needs and procurement decision processes.
- Document the typical buyer personas and user personas for each segment.
- Draft the sales playbook with value propositions, solution configurations, and customer prospecting kits.
- Identify potential customers across segments and tag them according to size and characteristics.