Looking to improve revenue, profit, and retention, our client partnered with ThreeBridge to help identify which of their prospects had the highest likelihood of becoming top purchasers, or lead scoring. The ThreeBridge lead scoring capability takes a data-driven, analytical approach to scoring and ranking leads, using your existing tools and data. Working beyond the scores, we then integrate the rankings into your organization and existing processes, and assemble an internal cross-functional team including sales, marketing, and management to cultivate success. Read on to find out how ThreeBridge helped one client grow their business by using data-driven best customer analysis and insights.
For many years, our client, a national B2B services company, had followed a traditional method of aligning their sales representatives to regional territories. At the beginning of the year, each sales rep was assigned over 3,000 prospects—far more than they could ever reach over the course of the following twelve months. In years past, the sales reps began their year by contacting prospects who were geographically closest to them and therefore, easiest to call on. However, they often later found that while these prospects were close to them in proximity, they tended to be smaller companies with more price sensitivity and higher attrition, and were ultimately deemed Low-Value Customers. To avoid the continuation of this cycle, our client called on ThreeBridge to help them identify which prospects had the potential to become High-Value Best Customers, so the sales team could better-focus their time.
The project began by partnering with the client to identify their current High-Value Best Customers within their customer database, and through statistical analysis, determining which factors differentiated them from others. Based on these factors, ThreeBridge identified prospects who most-resembled existing Best Customers, scored them, and placed them into tiers based on their potential value to the client. These tiers were to be utilized in a new prospect targeting method: sales reps would be directed to first contact prospects in the top tier, in hopes of making more fruitful use of their of their time and efforts.
With the list of potential Best Customers complete, the client took special care to build sales rep and sales management support on their new prospect targeting method. The client leveraged ten specific sales representatives who had successful histories of employing new tactics and created a pilot group to test the newly tiered database. With the support of District Managers, the pilot reps were trained to target their prospects based on the potential opportunity identified in the database, versus going by geographic location.
The result of the pilot program was a four-fold increase in revenue per account, which contributed to record setting revenue and profit for four consecutive quarters. The pilot was so successful that the roll-out was implemented in less than six months, rather than the 12-month timeline they client had originally planned for.
August 20, 2018
Case Studies, Smart Data