Example : Targeted database helps tent maker pivot
It would be an understatement to say that COVID-19 has forced businesses to make significant changes. We’re all living it, we all know the impact. But some changes are more difficult than others. When that change is to focus on a new ideal customer, it can be difficult to pivot quickly. Many companies have built their customer base and customer contacts over many years.
This is where external data can be helpful to get highly qualified leads for saas company
For example, TentCraft sells tents to event producers for concerts. But the events industry halted worldwide in March. While the team always knew they were too narrowly focused on just one industry and should diversify the business, they never got around to acting on it. But as the saying goes, necessity is the mother of invention. Suddenly they needed to pivot their entire go-to-market approach and find a new target customer quickly. The team came up with the idea to turn concert tents into drive-thru COVID-19 testing facilities, but they never sold to hospitals and didn’t know any hospital administrators
The team looked for a way to quickly enter a new market without increasing overhead. They worked with ZoomInfo to get data and insights for hospitals and other healthcare systems. They used the company and contact search to quickly execute a layered approach. The marketing team would start with a broader approach to outreach building an outreach list of 2,000 to 3,000 contacts. Based on open rates, responses and conversations, they learned not only about the specific roles they should be targeting but also what their pain points were. The sales team would use this information to create a more targeted outreach list of 100 to 200 contacts and then tailor messaging and visuals to demonstrate how TentCraft could address the specific pain points. The click-to-open rate for the broader emails ranged from 15% to 28% while the more targeted lists typically ranged from 35% to 45% with a handful nearing 60%. Keep in mind, when you see those numbers, that this was all cold outreach. Because they had phone numbers, job titles, and location data, the marketing team was able to supply this information to the sales team in real-time when emails were being opened and link being clicked. This helped the teams prioritize, move to conversation quicker, and shorten the sales cycle.
Over $600,000 in revenue disappeared in March alone, but during the first two months of this pivot the company booked more than $2 million in revenue, and April was the biggest revenue month in company history (during a pandemic with the core revenue shut off). They are now 12% ahead of last year’s pace. In the first month of the pivot, they went into contract with more than 100 healthcare facilities which, remember, is an industry the tent maker had no prior experience with. This pivot was reactive. And while it has worked out thus far, the mindset in the company has now changed.
“A big takeaway for our team is that we need to always be pivoting to new markets, new products, features, and partners. That means pairing speed and agility with execution,” said Matt Bulloch, President, TentCraft…Read More
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