Celebrating 15 Years of Leadership under Greg Hakim
December 20, 2024Procurement technology (ProcureTech) is booming. With over 1,000 startups in the ecosystem and 75% claiming to leverage AI, the competitive noise is deafening. As a ProcureTech company, you’re likely talking about savings, efficiency, risk reduction, and user experience. It makes sense – these are critical value drivers. But here’s the catch: your competitors are saying the exact same thing.
So, how do you differentiate without scaring off buyers? How do you ensure your solution cuts through the clutter, resonates with CPOs, and earns their trust?
Victoria Stevenson, VP at Corporate Ink, recently took the stage at DPW Amsterdam’s Digital Procurement World to address this challenge. Her session, “Disrupt and Differentiate: Standing Out in a Complex ProcureTech World,” explored how startups can position themselves to break out, win buyer attention, and grow market share.
Here are the five essential strategies to disrupt, differentiate, and thrive in ProcureTech:
1. Focus on Solving Real Problems – Better and Faster
At the baseline, every ProcureTech solution promises cost savings, risk reduction, and greater efficiency. To stand out, go deeper. Solve the most pressing, specific challenges your buyers face, and speak in their language, not yours.
Take Salesforce, for example. In their early days, they didn’t pitch features like cloud CRM or automation. Instead, they honed in on a major pain point: the complexity and cost of managing customer data. Their message was simple: “No Software.” They offered a clear solution to a real problem.
For ProcureTech startups, the takeaway is clear: ask yourself what’s keeping your prospects up at night. Then make sure your messaging emphasizes how you solve those challenges better and faster than anyone else.
2. Stay Relevant – Be Flexible and Timely
Markets evolve. Buyer priorities shift. Staying relevant means aligning your story with what the market cares about right now while staying true to who you are.
A great example is EcoVadis, a leader in supply chain sustainability ratings. Early on, they struggled to gain traction by focusing on CSR. With Corporate Ink’s help, EcoVadis shifted their message to focus on reputational risk, which resonated more deeply with buyers at the time. As ESG gained momentum, their story evolved again to emphasize societal impact and sustainability improvements. Today, in an environment of shrinking budgets and public ESG scrutiny, EcoVadis remains relevant by tying its solution to compliance and financial performance.
The lesson? Your messaging should adapt to market dynamics without losing sight of your core value.
3. Build Trust Through Thought Leadership
Trust is everything. And in a complex, often misunderstood space like procurement, thought leadership is the bridge that connects you to your audience. But thought leadership isn’t about product pitches. It’s about offering actionable insights that help your audience solve real challenges. Thought leaders don’t just join conversations; they lead them.
Top firms like Kearney and McKinsey excel here. They produce content that educates, inspires, and addresses big-picture challenges like economic shifts and supply chain disruptions – without promoting their services upfront.
For startups, this is an opportunity to establish your expertise. Decide what you want to be known for, provide valuable insights consistently, and show up as a trusted advisor.
4. Drive Urgency by Tapping Into the News Cycle
Procurement and supply chain have taken center stage in global news. Legislation, supply chain disruptions, ESG mandates, inflation, and workforce issues are dominating headlines. For ProcureTech vendors, these events create powerful opportunities to build awareness and urgency.
For example, the recent U.S. port strikes provided sourcing and logistics companies with a timely way to spotlight their solutions. By tying your messaging to breaking news and critical pain points, you demonstrate real-world relevance and give buyers a reason to act now.
PR and social media are your best tools here. Proactively share expertise, insights, and stories that show how your company solves problems impacting your buyers today.
5. Leverage Third-Party Validation
Credibility wins deals. In ProcureTech, where trust and relationships drive decisions, third-party validation carries tremendous weight.
Start by leveraging your ecosystem:
- Customers: Put their success stories front and center. When a CPO from a leading enterprise shares how your solution transformed their processes, it resonates far more than a company-branded pitch.
- Influencers and Analysts: Build partnerships with respected voices who can introduce your solution to new audiences and validate its impact.
- Data and Reviews: Real-world stats from surveys or platforms like Gartner, Capterra, and G2 can amplify your claims and underscore your value.
Companies like Resilinc and Interos do this exceptionally well, using proprietary data to insert themselves into the news cycle and win headlines. Startups can follow suit by producing their own insights and case studies that validate their solution’s impact.
Breaking Out of the Sea of Sameness
The ProcureTech world is crowded, noisy, and complex. But the companies that disrupt and differentiate – the ones that solve real problems, stay relevant, and build trust – are the ones that will stand out and succeed.
To recap, here are your five essentials for differentiation:
- Focus on solving specific, pressing challenges.
- Stay flexible and align messaging with current market needs.
- Build trust with consistent thought leadership.
- Tie your story to the news cycle to drive urgency.
- Establish credibility through customer success, influencers, and data.
At Corporate Ink, we specialize in helping ProcureTech companies cut through the noise, build credibility, and accelerate growth. From tailored messaging to PR campaigns that land headlines, we know what it takes to differentiate and win in this space.
Ready to disrupt and differentiate? Let’s talk.