The client
As a global leader in infrastructure development across industries, our client has played a pivotal role for over seven decades. They have shaped the growth of various sectors by providing reliable and efficient equipment for small, medium, and large-scale projects. Operating in a highly competitive market, our client’s R&D wing continually strives to innovate and manufacture products for both niche and broad market segments, making them pioneers in certain sectors they operate in.
The problem
The company has been around for decades, and their products are the best in the industry, which are of a higher quality than competition, with the initial investment at a premium.. Competitors’ products are also good, with lesser initial investment, but in the long run prove more expensive as the product is less efficient than that of our client. The sales team finds it a challenge to – identify quality leads, and the also end up pursuing non-productive leads. One of the reasons is that the products need high capital investment, and therefore prospects conduct a lot of market research before purchase, which is why the – quality of leads is weak, and many leads may end up being unproductive.
Less qualified leads
- Larges volume of enquiries of which some are leads
- Inefficient analytics and filtering mechanisms
- Increased sales costs
- Increased sales cycle time on qualified leads
Pursuing non-productive leads
- Competition gaining the edge in the meanwhile
- Sales team getting demotivated
- Inefficient utilization of contact canter and business analysts’ teams
- Low customer intel
Low sales productivity
- Time lost in unproductive tasks
- Less time spent in front of prospects, and customers
- Lots of junk data in sales CRM
OUR SOLUTION
We researched the current quality of leads, segmented each lead into buckets by lead source, segment (small, medium, large client), industry, and customer product, and identified the root cause of lead quality. After conducting workshops with client stakeholders across levels within the organization and conducting a detailed mystery shopping exercise, we arrived at a solution. We developed a 3-stage solution:
a) AI-based search, with an iterative loop, across the internet. With each loop refined with additional keywords and sources, helping the system gradually filter out qualified vs unqualified leads.
b) Apply digital marketing efforts to the target segment, and
c) A headhunting team validating the qualified leads further and then uploading them onto the sales CRM for the sales team.
AI based technology
- AI-based iterative search mechanism increasing the quality of leads.
- The outputs were analyzed gradually, and the ML (Machine Learning) algorithms were refined to obtain more focused leads. ML was applied, keeping in mind three factors – relevancy, recency, and region.
Digital Marketing
- Focused outreach to potential target customers.
- Identified target customers in each region and conducted marketing campaigns targeting key stakeholders and influencers, applied ABM (Account-Based Marketing) techniques, and began engaging with prospects and customers
Head Hunting
- Validating the quality of each lead and approving them for upload to the sales CRM.
- Worked with the client contact center team to analyze the types of leads coming from the Worxwide system versus others.
- Fed those learnings back to the AI developers to maximize lead efficiency.
Our work in action
The Impact
Quality of leads
Increased the quality of leads by 20%
Volume of leads
More than 2x leads compared to current volume by the end of 8-12 months
Increased Sales Efficiency
Optimal usage of sales time.
Increased focused attention on qualified leads.
