CASE STUDY
Leadsinfotech takes care of Travel & Expense management platforms outbound sales strategy and helps to increase business inquiries
The Client
One of the leading Travel & Expense management platforms with broad functionality needed help defining their outreach strategy. The client was doing their first steps in outbound sales and the initial issue was that their process was set up in a wrong way. While being an end-to-end Travel & Expense management system the client tried to reach out to companies having more than 200+ employee size.
Challenges
- Wrong account targeting. The client had their Ideal Customer defined improperly. Instead of targeting their competitors with the comparable functionality, they’ve decided to go after payment processing providers, covering only a small part of what they have to offer. These leads are a bad fit as they are mostly settled with what they have as of now.
- Limited resources to scale business development process
- To produce prosperous campaigns it is always important to be ready for experiments. It can be either a new audience to reach out to or other geographies and industries to cover. Therefore a clever research team must have a dozen ideas in mind, or at least a decent plan “B” to help your business grow.
What Was Done
At the beginning of the project, we decided to try out the original approach to identify the flaws and define the best strategy to stick to. Not to get the time wasted we decided that two weeks would be enough for this cadence. The results were not very pleasant as we got only 1 meeting scheduled and the prospect wasn’t best fit. So we decided to create a new outreach campaign plan.
The first two weeks were a learning curve for us to know every in and out of the product we were going to offer. It is important to fully understand the value proposition of the product you are going to sell as with knowledge of every aspect you may come up with a fresh and unorthodox strategy.
When providing customers with a huge number of features you know that it gets pricey. But why not use it to your advantage? We started off our own campaign targeting solutions like TravelDesk that were more expensive but provided less rich functionality. Due to the corona crisis unfolding, it was the perfect time to offer businesses something cheaper, yet more powerful (actually it is a good selling point in any case).
We started the whole campaign targeting unhappy customers of our main competitors, collecting their complaints via multiple sources (G2, Capterra, Twitter, Facebook, etc.) and creating a highly personalized communication sequence of several steps.
Apart from targeting employee size of the companies we’ve also played a bit with different industries. Starting off with OEM’s having received some positive feedback we’ve decided to experiment more and target NBFCs, IoT, Pharmaceutical, Financial Services, Industrial Manufacturing and even Retail companies. All this led to several qualified business appointments.
The Result
Over the course of the 5 months the project was running we’ve managed to:
- Built a fresh human verified target prospect list of 4500 unique decision makers in 2193 unique companies with all important business informations
- Reached out 5 times to all 4500 contacts on the list that includes 1 Fresh + 4 Follow-up emails.
- Convert that outreach into 73 set appointments with the decision makers of various industries starting with Pharmaceutical and ending with Independent Mutual Fund distributor.
- A healthy sales pipeline of 163 warm leads that includes responses like, Request for proposal (RFP), Reach out next quarter, Please share more information and I am not in charge please connect with my colleague etc.
- Maintain open rates around (35)% within the sequences of emails and response rates near (5-6)%.
This was a huge success for Leadsinfotech as we helped our client to identify their main mistakes and put their outbound sales on the right track. With the strategy we created, the client decided to continue with our services to sustain a highly targeted outreach process with stable open-rates and the number of appointments that allows converting nearly every third demo into a new client.