What’s the power of closing-the-loop? A few years ago, I worked on a lead generation program with a client that launched a new product life cycle management (PLM) software product. The product was expected to have an average sale of $200,000. Their initial target database was comprised of 2000 product driven companies across 20 unique SIC codes.
During their sales lead close-loop feedback sessions, they discovered key pieces of information that impacted their overall go-to-market strategy. Since this was a new product, the feedback process was even more iterative than a typical lead generation program.
For example, they learned that 4 SIC codes comprised their sweet spot not 20. Their original ‘sweetspot’ decreased from 2000 companies to roughly 500 companies.
Their initial marketing budget was cut in half because their market size was much smaller. Yet their lead generation was five times more potent because they focused on the companies that had the highest potential.
In addition, they isolated their most important trigger events which increased their sales teams success of winning by 400%.
As a result, their new software product went from zero to $8 million in its first year and their revenue more than doubled in their second year to $20 million.
I’m hosting this week over at the Revenue Roundtable Blog and just wrote two posts on how to close-the-loop.
Read "Improving performance via close-loop feedback"
Read "Start Closing the loop on lead generation results"