Engaging Buyers in the Emerging Technology Market

emerging technology market

No matter where you look, new technologies are being developed both on a consumer and commercial basis. With that in mind, businesses are working to figure out the best practices for selling those new technologies to buyers.

An article posted on CompTIA detailed a Joint Advisory Council Meeting that CompTIA recently hosted where executives from multiple sectors discussed aspects of engaging new buyers, as well as incorporating new technologies.

Here’s what their discussions were centered around:

The Buyer’s Journey

The first session primarily focused on how best to target the buyer. According to CompTIA’s article, “65 percent of all technology purchases are made or influenced by the line-of-business buyer.”

Understanding your buyer’s pains, wants and needs is crucial for engaging with them. Yet, many IT solution providers seem to have a direct lack of knowledge of what the buyer needs. According to CompTIA’s own research, “80 percent of businesses say they’re delivering superior products and services, but only eight percent of customers agree […]”.

It is not enough to simply develop technologies in a vacuum that you think buyers will latch on to. Even if you do the research and understand the buyer’s journey of your target market, you must research your competition.

Ask yourself what your product does a) differently and b) better than the competition. Especially so if your competitor(s) are more established within the sector than you.

Additionally, technology providers have the enablement tools they need to streamline the buyer’s journey and utilize it effectively. CRM and document management software (among others) allow solution providers to spend less time on internal processes and more on their potential prospects.

Drones

Another interesting facet of CompTIA’s Joint Advisory Council Meeting was the session surrounding drone usage. The session featured two solution providers who took different approaches to the market.

The first solution provider focused primarily on agriculture and specifically, providing drone usage to farmers. Ultimately, they figured out the most effective method would be to sell hardware and service plans via a subscription based model.

The second solution provider discussed his implementation of drones within law enforcement. As the article states with regards to drones, “law enforcement has numerous use-cases including evidence retrieval, crime scene investigations, search and rescue, accident reconstruction and keeping watch on convicted felons.”

The implementation of drone technology in these sectors opens the doorway for drone usage in other markets. The construction and fabrication sector, particularly, could make ample use of drones.

With regards to construction, drones have already begun to change business. Contractors now use drones for land surveys, communication management and overall security among other purposes.

Smart Cities

The final session that took place was a panel conducted by the Smart Cities Advisory Council. During this panel, they focused on educating service providers about how to enter the smart city market.

According to the article, the primary focus was centered around “traditional infrastructure maintenance and helpdesk support, as well as business optimization and innovation.”

IoT, especially as it relates to cities, could be a potential gold mine for IT service providers. As this article points out, cities can make great use of IoT technology with regards to grid systems, lighting and, interestingly enough, elevators. According to the article, “IBM noted that in 2010, people in New York City waited a total of 22.5 years for elevators. As a result, Allied Market Research expects the smart elevator market to nearly double from $12 billion in 2015 to $23 billion in 2020.”

As the emerging technology market continues to evolve with no signs of stopping, IT providers must take a more dynamic look at what products/services they offer and how they offer them. Researching your market’s problems will allow you to better offer solutions that are not only profitable, but solve the buyer’s dilemma as well.

Alastor Vyohr is a San Diego-based writer and editor, presently working as SaaSMAX's Content Developer.

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