The tech world is booming – and it’s only projected to grow. By 2026, experts forecast a 31% increase in software development occupations and a 28% increase in professionals working in information security fields. For context: the all-occupation growth rate sits at about 7%.
As of 2017, an estimated 11.5 million Americans were working in the tech industry. The economic impact is profound – tech is a top-five economic contributor in 22 states and a top-10 contributor in 42.
That’s all well and good – unless you’re trying to make a marketing splash in a very (very) crowded digital space.
For one of our tech clients, there came a point when their marketing needs became overwhelming, and they were finding it difficult to compete with other businesses in the field. By crafting a unique, strategic plan that showcased this company’s strengths, we were able to help empower them to reach the next level in their growth.
Intensity of competition in the tech industry is nothing to brush off – when tech professionals were asked to rate the level of competition in the field on a scale from 1-10, more than sixty percent of them said it was an 8 or higher.
Businesses, especially startups, in this industry are known to use disruptive, divergent tactics to make a splash, attract investors, and spread the word about their companies. While not every tech company has the moxie or money to bust onto the scene with a record-breaking Weissman score like the Pied Piper engineers, there are endless ways of attracting attention and presenting your business to the masses.
This particular tech client understood the value of marketing – but they couldn’t understand why they were hemorrhaging money. Not only were they experiencing negative overall ROI in their marketing efforts, but the rare conversion came at a steep cost of hundreds of dollars. They were spending the money, so why weren’t they getting the results they wanted?
They also lacked a comprehensive marketing strategy, and their efforts were concentrated mostly in reacting to losses or promoting one-off events or offers.
To start, we worked with this company to determine who their ideal customer was. From there, we helped them build out buyer personas to help define even more explicitly who their ideal customers were. Buyer personas are integral in inbound marketing efforts; they give structure and guidance to marketing initiatives, they help with targeting, and they help businesses define growth goals.
Once that direction was established, we worked with the company to unify their brand across all platforms. We standardized their marketing collateral and guidelines (logo, colors, fonts, imagery, artwork, and more) and worked with them to create a cohesive experience from their social channels to their website.
After the foundation was laid, we developed a plan for more complex integrated marketing efforts. We built out a top-to-bottom digital strategy, including social, email, and asset creation. An additional aspect of our partnership with this specific company involved the creation of monthly social calendars, bi-monthly emails, and artwork assets to promote offers.
With all collateral and digital efforts up and running, we developed a strategy for marketing and sales alignment. Marketing and sales, though traditionally considered warring parties, work best when in symbiosis. With better leads coming from marketing and better communication and follow-up coming from sales, the circle was closed, and they were primed to close more leads and grow their business.
Lastly, as we moved forward in our partnership with this company, we relied heavily on analytics to guide marketing decisions. By tracking marketing tactics like A/B testing, targeted ads, engagement-boosting content, and conversion optimization on the website, we were able to glean meaningful data and adjust our strategy accordingly.
Once all marketing and sales efforts were humming along, this tech company started to see dramatic results.
Conversion rates on bottom-tier sales increased from 5% to 33%, and conversion rates on top-tier sales increased from .7% to an astonishing 46%. Newly empowered by a robust inbound marketing strategy, this company was closing more deals than it had in years.
Rather than spinning their wheels trying to obtain new business, the company was able to spend more time nurturing existing customers, thus increasing their lifetime ROI significantly. After all, once customers make an initial purchase from a company, there is a 60% chance they will make another purchase. Focusing on customer retention continues to be a major aspect of this company’s success.
Finally, they saw the marketing ROI lift they had been waiting for. In our first year working with them, this company saw their marketing ROI increase 300%.
Companies like this one, especially companies that already understand the importance of marketing, can benefit greatly from committing to a comprehensive marketing plan based on the principles of inbound marketing.
Once the foundational pieces are in place and a strategy is developed, growth is all but inevitable.