Fortune 500 high tech manufacturer selling Automation Solutions. Technology client seeking to drive sales for new product with specialized application. Campaign strategy deployed: Integrated email, Highly specialized Tele-qualification, Tele-prospecting and nurturing. Target market: A target list of well scrutinized businesses with specified demographics and criteria were mined from the client’s internal database. Prospects in specified 5 vertical markets.
Email broadcast generated first wave of inquiries. Every single inquiry was followed up on and qualified promptly and when qualified distributed to direct sales force or the channel. Highly focused Tele prospecting to the “non-respondents” followed to increase lead ratio and overall campaign ROMI. ROI of dollars in the pipeline over 20 : 1
THE CHALLENGE :
Our Client is a well-known, Fortune 500 high tech manufacturer offering a range of automation solutions with applications offered to verticals including manufacturing, retail, transportation and logistics, healthcare, and hospitality.
- Client was seeking to drive sales for a new product set with a specialized application.
- The assumption was that it would be received successfully in a specified segment of the verticals in which the Client had had historical successes.
- It was important to the project’s success that the Client was able to identify existing clients and prospects who had expressed interest at one time in the past in a solution like that provided by the new product set.
- The overall objective was to deliver to their internal and channel partner sales resources only fully qualified, ready-to-engage prospects with near-term sales potential.
- The project needed to be cost-effective and serve as a model for future campaigns.
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As a function of our extensive long-term partnership, VALASYS was able to mine the Client’s existing client/prospect database to identify approximately 100,000 prospects for this new technology. Based on our recommendations, the client agreed to an integrated two-phase campaign. Phase one entailed an email broadcast to an audience of approximately 100,000 prospects offering two response mechanisms: a dedicated toll-free number that went directly to VALASYS and a link to a web form that was transmitted in real-time to the VALASYS database for rapid follow up by the VALASYS Business Developers.
When inquiries were received by telephone or via the web form, VALASYS Business Developers qualified the prospect interest carefully, gathering vital information about the nature of the interest the prospects had expressed as well as profiling the business challenges they were facing and the potential applications they were using that might benefit from the technology. As qualified prospects were identified from among the myriad of respondents, they were immediately sent to the Client and/or channel partner for appropriate follow up.
Phase two of the campaign was an outbound tele prospecting to a large sample of the non-respondents with the objective of maximizing the return on the initial email investment by testing the market response of these who either never received the email or chose not to respond.
Inquiries from the email
- 3,400 responses received (3.4%)
- From this 619 near-term sales opportunities identified which is a 18% conversion rate from inquiries to qualified opportunities.
- Cost per qualified sales opportunity: approximately $70 (including cost of email)
Outbound Tele prospecting to non-respondents
- 7,800 targeted prospect companies engaged.
- 340 near-term sales opportunities identified.
- 4.3% conversion rate of companies contacted.
- Cost per qualified sales opportunity from cold calling: approximately $640
- $2.6 million in reported revenue.
- $6.6 million in residual pipeline value.
- Total program expenditure of $75,000.
ROI of dollars in the pipeline over 20 : 1
- Significant data acquisition: Decision makers, key contact and Influencers,CompVALASYStive business intelligence, Focused market intelligence.
- Enhanced Client brand and product awareness as a result of direct, detailed.
- consultative dialogue with the people most affected by the prospect’s challenges.
- Increased Client sales productivity by focusing the efforts of sales assets on prospects with need and pain in an environment in which there is a willingness to consider a change in practices.
- Detailed profiles of complex organizations and selling scenarios.