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 marketing and sales process, a new plan of action was recommended:
1) Target one vertical market segment, 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 build reputation as the “expert” in the market segment.
2) Bundle and price a complete solution, including travel and expenses, to simplify the buying decision and accelerate the sales process. In my discovery phase, it was clear that prospects were bogging down during the evaluation phase 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 bundle. Larger jobs could grow on an “a la carte” basis with individually priced “add-ons.”
3) Publish pricing on the website. This was unusual in the industry. However, the owner was continually getting inquiries from unqualified prospects, which was a huge distraction and time-sink. Also, 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.
4) dlbDirect- dlbStrategies then designed and implemented a direct marketing and sales campaign:
- Build the target prospect list using a set of qualifiers about the ideal target customers including size of business, exact name and title of potential buyers, physical address, email address and phone number
- Implement a multiple touch, multiple channel, direct campaign including physical mail, email, telemarketing and in-bound sales processes.
- Join industry associations & participate in targeted advertising and trade shows with the exact same audience 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.