THE SITUATION- It’s not unusual for companies to overlook how shifts in their market focus, packaging, pricing or promotion might make a big difference in outcomes. A small business owner was attempting to launch a new multi-media virtual tour platform. He had a few early adopters, across several different market segments, but he was not getting any traction–even a dedicated, full-time sales person was unable to achieve any meaningful momentum.
dlb PLAN- After surveying existing customers, assessing the early adopter market segments, researching the competition and interviewing the owner about the effectiveness and challenges of every step of the sales process, a new strategy & plan of action was recommended: 1) PLACE: Target one vertical market segment initially, which would allow for a more specific marketing message, a more compelling portfolio, multiple “touches” to the same prospect base (not spread the marketing budget too thin) and a reputation as the “expert” in the market. 2) PRODUCT & PRICE: Bundle and price a complete solution, including travel and expenses, to accelerate the sales process and simplify the buying decision. In my discovery phase, it was clear that leads were bogging down in the qualification/evaluation process due to a complicated “chicken and egg” process of trying to figure out a price quote based on what the job requirements “might” look like during implementation. Instead, we sized a typical tour, estimating average cost, determining desired margin per job and then “fixed” the price offer for a starting package bundle. Larger jobs could grow on an “a la carte” basis with individually priced “add-ons”. 3) PROMOTION: Publish the pricing bundle and add-ons on the company website. The owner was continually getting inquiries from unqualified prospects, which was a huge distraction and time sink. He needed to let the market know there was a “different kind of solution” in the marketplace, one that served a higher-end corporate client with a tour that clearly looked and felt different–with a an implied message, “you get what you pay for.” Publishing the price would have the affect of driving away non-qualified prospects and attracting qualified prospects, allowing him to be very efficient in acquiring the “right clients” for his product.
dlb Direct- dlb Strategies then designed and implemented the direct marketing and sales launch campaign: 1) Create the target prospect list from available information on website portals using a set of qualifiers about the ideal target customers including size of business, exact name and title of buyers, physical address, email address and phone number 2) Implement a multiple touch, multiple channel direct campaign including physical mail, email, phone call and e-newsletter follow ups. 3) Join industry associations & participate in targeted promotions to the exact same audience, by title and market segment, that we were targeting with the direct campaign.
THE RESULTS- dlb Strategies’ Plan and Direct efforts lead to the owner becoming the dominant provider of virtual tour solutions within the chosen market segment. The owner contracted with dlb Strategies long-term for ongoing business development and strategy support. This relationship has lead to over a decade long success story of continued professional growth and evolution as the dominant provider of virtual tour solutions in his primary market.