Systematic and guided by data
THE CHALLENGE
MachineryResellerCo with a sales team of 17 and annual revenue of circa £20 Million is a business with customer value at its core.
For almost 14 years the founders built the business organically, obsessively focused on customer experience, meeting customers’ needs, and streamlining internal processes.
But recently, things changed.
For two years they acheived <1% annual revenue growth while two key competitors achieved around 8%, as a result they took the decision to appoint a new sales director.
The new sales director knew he needed to raise the bar and find new levels of performance. Fast.
With a high impact on win rates and conversion costs, he identified pipeline management and sales forecasting as a key capability that by improving could unlock new levels of performance.
Plus, not only would improving pipeline management and sales forecasting improve performance and reduce costs the improvements were highly measurable and would provide some valuable quick wins.
THE SOLUTION
“I learned the benefits of combining data from different systems to visualise and share information when reducing our inventory costs” says MachineryResellersCo finance director
And the sales director recognised the benefits this same approach would bring to the sales team.
Using Salesforce to record and manage their customers interactions they had high user adoption but, deal information was often incomplete and updates sporadic reducing the integrity of the data and by extension the usefulness of the CRM analytics.
First, we benchmarked our existing pipeline and forecasting capabilities, Impactive’s assessment tool was particularly appreciated “It helped us not only breakdown and benchmark the moving parts in our pipeline and forecasting processes but also model the improvements and translate into financial benefits.”
“The OneView app is both a telescope and microscope” we have a near live view of our pipeline health and the transparent deal inspection helps us see both buyer engagement and deal progression. We more accurately predict buyers needs meaning our reps are able to spend their time on the most valuable tasks and we’ve reduced the time spent compiling forecasts and improved accuracy.
MachineryResellerCo predicts that by the end of the year they will have increased win rates by over 12% providing over £1million of additional revenue and reduced sales costs by 6%, savings of over £100k annually. The last 3 monthly forecasts achieved an error rate of between 4% and 6%, helping reduce inventory costs further.
By unlocking our data, the OneView platform allows us to focus the sales team in a systematic and structured way, improving performance and reducing costs.
Where are the gaps in your pipeline management?