90-day Sales Turnaround

%

Increase in Leads/month

Avg. Sales Pipeline/rep ($)

%

Forecast Accuracy

The Challenge

The client was at the time a ten-year-old software as a service vendor to the financial sector. The company was experiencing slow to flat sales growth for several years, and asked SOMAmetrics to turnaround sales.

SOMAmetrics conducted a sales audit and found a number of challenges that were preventing the company from meeting its stated revenue targets:

  • Its sales funnel was filled with opportunities that have been sitting for over a year and had little likelihood of closing.
  • The sales team did not have a uniform sales methodology and did not have consistent metrics to follow. As a result performance among the team varied by as much as 300% from the top to the bottom producers.
  • Its inside sales team was producing an average of 4-6 new sales leads a month, not enough for one sales rep, let alone for a team of six.
  • Its marketing campaigns were mostly targeted at existing customers and did little to generate new business opportunity leads from non-customers.

The Solution

After conducting an initial sales assessment to understand the current status, SOMAmetrics proposed a series of changes to remedy the situation.

  • The company named Alicia Assefa as interim Sales Director to lead the turnaround effort.
  • Under Alicia’s leadership, the following changes were made to the sales Organization and its process:
    • Implemented Solution Selling methodology and trained the team on how to use this methodology.
    • Cleaned up the sales funnel and implemented more stringent requirements regarding what goes on the sales funnel.
    • Implemented Salesforce.com and trained the team on how to use it.
    • Conducted an online survey of the company’s customer base to better understand customer pain, pricing, and alternatives.
    • Refined its messaging, purchased a target list, and began a series of email campaigns to provide sorely needed Marketing Qualified Leads.
    • Implemented a team of Business Development Reps that began turning in an average of 24-30 Sales Qualified leads per month to the Inside Sales Team.
    • Implemented Key Performance Indicators for the Inside Sales Team requiring more activities and more directed results that lead to closed deals.

The results were that within a three-month period, the company saw its sales pipeline converting faster, was able to hit 90% of its quarterly revenue targets for the first time in years, and was able to grow revenue by 19% over the previous quarter.