Number of Deals Closed Doubled in 18 Months, Marketing Budget Reduced by 22%
Critical Issue
Good money after bad. A large provider management company was spending big bucks on ads, tradeshows and brochures but they still weren’t meeting their sales goals.
The solution suggested by the company’s traditional marketing firm was to just spend more money on ads, tradeshows and brochures. They assured the company that this singular, brand-centric approach was the way to go. Even though they couldn’t provide any measure of the return on the company’s already significant marketing investment.
It was clear the company needed a marketing firm that understood their business. And, one that could measure the ROI of their marketing expenditures.
Solution
Upon engagement, CCO determined that an enormous number of qualified leads had to be generated to meet the company’s revenue goals. In addition, CCO found that the company’s cost per lead and cost per deal were extremely high.
The company’s target market was far too broad so CCO developed criteria to narrow the focus. This allowed the company to concentrate its resources on the people most likely to buy their service.
CCO then developed and executed a multi-faceted marketing approach with a heavy emphasis on lead generation and channel partner development. The branding efforts were scaled back and refined to better reach the narrower target market.
Throughout the entire process CCO measured the ROI on each tactic to ensure the marketing efforts were as efficient and cost-effective as possible.
Results
Within 18 months both the number of qualified leads generated and the number of deals closed had doubled.
Plus, the cost per deal was reduced by 80 percent and the overall marketing budget decreased by 22 percent.
