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Focus Research Insight: 25% of ERP buyers differentiate on the basis of Industry Specifics…
In our most recent study, we found that at least a quarter of ERP buyers differentiate vendors' solutions on how suited they are to specific industries. While it's clear why industry specifications are important to buyers, how do you think a vendor can illustrate this? Buyers emphasize the importance of user references and case studies, but what specifically can the vendor provide... or DO, in order to convey their presence (and effectiveness) in your specific business niche?
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6 Answers
Vendors need to be able to "talk the talk" when dealing with prospects interested in a specfic vertical industry ERP solution. Expert knowledge within a particular market comes only from years of working within and selling to that market. Vendors can more easily gain the confidence of a prospective customer by identifying specific gain and pain points directly related to the client's industry and in doing so can succesfully postion their ERP recommendation accordingly.
User references and case studies are definitely key, but how can you trust them from the vendor? How do I know they aren't just giving me a list of their happiest customers? For me though, when vendors are able to point things out to me that I may have overlooked in my own requirement gathering, that is compelling. I like when vendors do their homework about my business... and are then able to bring things to my attention. For example, if a vendor can point out specific features that other businesses in my industry typically use, or if the rep is able to identify requirements I may have overlooked, based on industry standards. The other way I think it's helpful to "prove" a product is industry specific is simply by doing a little research yourself: find out who the major players servicing your industry, then come back to the vendor and ask about those (competitive) solutions. If the vendor (or rep) has a good grasp of how their solution compares to other industry-specific solutions, chances are they may very well work-- depending on exactly what you're trying to do...
Provide buyers with relevant industry case studies demonstrating your understanding of their industry specific business problems. Give specific examples of how your ERP software improved their (the previous buyer's) business functions (try and use similar problems that the new buyer may be also be experiencing) creating a connection with the buyer and building your company’s credibility.
Jessica
Whilst not specific to ERP - I think it's very important that vendors make it clear how their solution is targeted at specific niche markets. Obviously this is done with case studies / client lists & testimonials that can be chased up.
While some companies fear this will limit their potential market, we found it did the opposite. Once we established a good reputation with one niche it was relatively easy to jump into another.
Our existing clients were more than willing to help us and we put then in direct touch with the prospective buyers from a new industry.
Although there was little cross-over with their products, they shared similar concerns and so the required reassurance was passed across.
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Attending, exhibiting and networking at industry trade shows and conferences has proven very successful for many vendors.
Following up on Barry's and Kansas's answers, being able to show that the people representing your package have real and relevant knowledge of the industry is extremely compelling to buyers. Case studies are a good start and may serve to get your product on the buyer's shortlist, but it is this nuts-and-bolts industry knowledge that really builds confidence. I have seen an ERP package go straight to the top of the list because of the practical knowledge its consultants were able to demonstrated about how that package would help a company in that industry.
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