‘White Space’ Proves to be the Right Space for Revenue Generation
GROWTH CHALLENGES SOLVED WITH BUSINESS DEVELOPMENT
How strategic Business Development enabled a global technology organisation to undertake a sales transformation programme; resulting in increased revenue from high net worth deals uncovered in white space accounts.
Driver for change
It’s a widely acknowledged that sales people excel at closing deals, but creating sales pipeline opportunities is a challenge most organisations recognise.
Selling transactionally, one product to one buyer can sustain a business but this model often means the average deal size is too low to achieve growth objectives and leaves a gaping revenue opportunity untapped.
This was the issue that one of the leading global technology and consulting firms faced when undertaking a sales transformation programme. The transition involved migrating from selling primarily to IT customers to selling into new accounts with multiple business stakeholders and lengthy complex sales propositions. The revenue potential from new logo, white space accounts, was the trigger for this transition as it far exceeded the wallet-share generated from existing accounts.
The sales force however was struggling to break into these key accounts; with Field Sales reverting to the comfort zone of selling single product deals to existing customer contacts, there was a lack of capability to focus on the complex end-to-end solutions that the business now required.
Why Business Development and not Demand Generation?
Outsourcing the Business Development function was a viable option, but due to the strategic nature of the brief – to engage and access C Suite stakeholders – traditional Demand Generation lacked the essential skills needed; namely researching, identifying, developing and qualifying early stage opportunities.
Clarify works with organisations engaged in taking new or disruptive complex, high value sales propositions to market. The role of its skilled Business Development teams is to uncover a prospect’s latent need; this requires multiple conversations across numerous touch points in the business, often at Board level.
The depth of qualification, nurturing of initial prospect interest and presentation of a valid business case is what sets Clarify’s Business Development programme apart.
After an initial pilot, at this international technology organisation, over 170* highly qualified multi-stakeholder opportunities have been delivered to date, all in an 18 month timeframe. The average order value of these opportunities is three times that which the business could achieve alone.
The UK sales team now has a multi-million dollar pipeline and Clarify is the highest ROI pipeline generation activity in the UK.
Why Business Development and not Demand Generation? Business Development as a strategic asset
It is a testament to this activity that Business Development (BD) is a now regarded as a valued part of the sales process; the Clarify BD team is involved in the account planning process, attends sales kick offs and is viewed and treated as an extension of the Sales team. To qualify this further, Clarify has been sponsored by the Sales Director into another area of the business, which has recognised the strategic value of Business Development and is investing in a sales transformation programme to develop accounts were no current footprint exists.
Employing strategic Business Development is proven to increase sales productivity, deliver consistent highly qualified, early stage pipeline opportunities and used strategically it plays a pivotal role in the sales transformation process.
* NB a Business Development programme is designed to scale so the ROI will continue to increase along with revenue, new logo opportunities and closed deals
Clarify’s strategic Business Development capability is proven to increase sales productivity, generate predictable revenue and plays a critical role in sales transformation. Enlightened companies that take high-value complex sales propositions to market are investing in this capability because it delivers a competitive advantage – which is why they often prefer to remain anonymous.
If you would like to discuss how strategic Business Development could help your business, please contact us