Human resources in most companies is considered to be a cost center. Budgets are small and technology spend is limited. Companies less than 100 employees generally have one or two HR personnel. Companies of this size would have just started to move from spreadsheets to HR tools, and perhaps started with a payroll processing solution. As the team size grows, companies add more specialized HR folks and introduce other tools into the mix ranging from HRIS platforms, learning management solutions, recruitment solutions and applicant tracking systems. As companies add more HR personnel, they also try to bring in efficiencies in their HR suite as well, and they may consider purchasing HR training solutions, applicant streamlining solutions and other tools that complement their current platform suite.
So what does that mean for you? If you are a HR product company, an important point to note is that there are essentially two types of companies in this space - Companies that offer a core solution (ATS / LMS/ HRIS / Payroll) or ones that integrate with one of their core solutions. A stand alone product offering that does not solve a core problem and neither does integrate with their core platform would find it extremely difficult to sell to this space as you would essentially need to create a separate category. GIven the small budget and lower propensity to try out new categories, it is always better to solve a problem in a category that HR teams scout solutions in. In fact, there is also consolidation happening among core platform offerings, as most HR teams prefer dealing with a smaller set of technologies.
If you do not offer a core solution, you are better off building integrations with some of them. Targeting companies based on HR platforms you integrate with would be much more effective. If you do not integrate with any of these platforms, you are going to see prospects asking for these integrations over time. You’ll find that many deals fall through as you do not compliment their current suite. So it is always a good idea to go to the market after building your integrations. Craft hyper targeted messaging before reaching out, as there are not going to be many platforms you’d be integrating with right away so your target audience is limited. It is extremely important to get your messaging right and do your research well before you reach out to them.
In this article we’ll specifically pick one of the popular ATSs, Greenhouse, and tell you how you should be going about your target market if you have built an integration with Greenhouse. We have put together some hacks that will help you improve your conversion rates :
If you have used Greenhouse yourself, or spoken to prospects who use Greenhouse you already know what could be better. While you may already have a standard sales pitch for your product, it would be great if you can tweak it to talk about a hard hitting pain point that can benefit Greenhouse users.
Alternately you could partner with Greenhouse for a joint go to market offering for their customers. This would work if you are able to do is to solve a critical problem that customers have been asking Greenhouse for a while.
Give them examples of other clients using Greenhouse that implemented your software
If you had some traction with Greenhouse clients, who have already adopted your software you know exactly what to pitch. Drop the names of a few clients (similar size or similar industry) and tell your prospect how you are working with them. If you can send them a case study that would be even better.
For instance if Lyft or Airbnb are your customers, you may want to name drop and let your prospects know these companies use Greenhouse and have adopted your product. Once you talk to them about how they are using your solution in conjunction with Greenhouse, your chances for a demo go up significantly.
Give examples of companies in the same industry you have sold to
If you have sold to customers in a particular industry, it is always a good idea to target the others in the industry. You’ve already seen use cases relevant to that particular industry and what you say along with the names of your clients will not go unnoticed.
For instance if you converted Expedia, you should be targeting all other notable companies in the online travel space. Use cases would be very similar, and people do not want to miss out on the opportunity to understand how their competitors function.
Here is a market map from Mozio on the online travel space. You can use market maps to drill down to other companies in the same space, and then use custom messaging to get their attention.
Many a time prospects will not pay much attention to a cold outreach unless you talk about one of the most important pain points they would like to solve for. The best way to tell them this is worth their investment is by throwing industry stats on average cost/ time savings your solution can bring and also provide an RoI calculator for them to help figure out if this is worth their investment.
Most first meetings today are not exploratory in nature. There are way too many cold reach outs that prospects see everyday. Unless you nail the pain point and justify the RoI in you email, 30 mins of their time may be too much to ask for.
Here is an ROI calculator from Hubspot :
Figure out what their priorities in 2018 are
If you are not able to figure out what their pain points could be based on the technologies they use, blogs they’ve written, company news articles or what companies in a similar space are facing, your best bet is to figure out what their priorities for the year are. You may want to drill down from an organization level to a department and then a function level.
For instance if an organization is not able to attract good inbound resumes, they need to improve marketing of their brand and may be looking for a good recruitment marketing solution. If an organization has a lot of inbound resumes but still relies on outbound for sourcing, they may be looking for good semantic search and ranking tools to help with their inbound.
We hope these hacks will help you position your solution better and get you more demos. Always keep in mind that demos are always function of how your solution fits into their current context. Don’t just spread and pray, rather research what their pain points are and customize messaging to improve your chances.