August 18, 2015

A B2B Company empowers its salesforce with targeting capabilities

 

The situation

A global e-invoicing company used us to build targeting tools, and a conversion calculator for targeting new adopters

Executive Summary
This is an example of how a small investment in insight development, using existing data on the sales process, generated considerable value through better use of sales resources, and improved client trust from more accurate predictions

The Client’s Business Goals
• To make the most effective use of its salesforce resources by targeting suppliers most likely to convert to e-invoicing
• To set accurate expectations with its clients as to the expected conversion rates amongst their supplier base
• To highlight specific supplier characteristics that lead to low conversion rates

Our Solution
• The client had maintained detailed campaign histories in terms of suppliers approached and their individual conversion histories
• To these were added campaign characteristics such as the strength of the message provided and the specific e-invoicing proposition being made
• We developed a model using CHAID to explain the drivers of conversion
• From this we built a calculator, into which in advance of a campaign being launched, the client could enter campaign characteristics and obtain an estimate of overall campaign conversion %
• The CHAID model outputs were then used to score individual supplier prospects with their probability of conversion
• The salesforce was then targeted on the better prospects

Key benefits
• From a client perspective being able to provide realistic estimates of conversion rates for suppliers was very re-assuring
• From an internal resourcing view considerable savings were achieved by not using salesmen on low probability of conversion suppliers
• And from a development point of view the analysis identified aspects of the sales and communications process that needed to be fixed