8MAY 2021If you want to grow your IoT company fast(er) and capitalize on this exciting trend, you need to get the basics of a sales and marketing strategy in place. McKinsey & Company predicts that linking the physical and digital worlds could generate up to $11.1 trillion a year in economic value by 2025. In this article, you will learn how to capitalize on the myriad of opportunities for companies like yours by getting the foundations of a sales and marketing strategy in place. Get buy-In from the whole organization and find your target audienceSelling IoT products can be challenging because of the fact that the people who can benefit the most from it will not always be the decision-makers. On top of that, implementing new technology often requires:· Training staff in new technologies· Hiring specialized staff· Upfront investment costs· New security measures· Infrastructure designed for handling IoT· Flexible hardware can change over timeThis can make IoT a tough sell.However, IoT can create unexpected benefits that will get the attention of whoever controls the budget. So, how do you convince multiple decision-makers buyers to pay for these benefits? This is why you need to expand the amount of sales touchpoints, and consider using account-based marketing to reach multiple buyers in an organization. Instead of focusing on attracting a single individual, you need to cast a wider net and think about all the different roles and departments that can benefit from your product. For example: A city planner might focus on reducing a city's environmental footprint by using air-quality sensors, creating more energy-efficient buildings, using smart traffic solutions, or have a smart system for controlling street lighting. A government official on the other hand focuses on economic growth and wants their city to be attractive for young families and businesses. IoT can help make buildings smarter and more sustainable while providing a lot of conveniences that save a family or business a lot of time. He who understands the customer best wins. Selling IoT is not about selling a set of features, and there is more than one person that needs to evaluate your solution. By getting to know what each decision-maker value when considering your IoT solution, you can tailor your content, ads, and outreach for each role, account, or vertical, making your message seem highly relevant to a prospective buyer.Create a unique value proposition for your productIoT the subject of a lot of hype, and it is still unclear for many businesses how IoT will earn a return on investment by implementing it. This is why IoT companies need to be exceptionally good at articulating their unique value proposition (UVP). A good value proposition explains to prospective buyers The IoT Opportunity: Is Your Customer Acquisition Strategy as Smart as Your Product?Thorstein Nordby, Customer acquisition for industry 4.0 companiesCXO INSIGHTS
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