Helping a Technology Company Increase Revenue by $174 million
The firm wanted to boost sales from its current clients and also target new customers in three main markets—the global enterprise market, public sector, and the government industry. Central to this strategy was data analytics—a critical part the company’s plan to identify the most profitable opportunities to both cross-sell and upsell, determine the value of individual customers, and apply customer experience strategies to improve sales and marketing communications.
This exercise required a four-pronged approach. The organization needed to evaluate and analyze the behavior of current customers, turn these insights into a meaningful marketing program, design and develop effective marketing materials, and finally execute sales and marketing activities that would generate additional revenue, both from current customers as well as new ones.
Business leaders recognized that this ambitious project required the expertise of a seasoned company and chose us as a partner because of our holistic Acquisition and Growth and Retention solutions. We helped the company use these tools to build a digital marketing plan to engage customers with relevant communications and increase their lifetime value in the three target markets.
We started by using customer data analytics to evaluate the strongest market opportunities, gain insight into customer behavior, and anticipate purchasing decisions. Our revenue generation experts used customer profiling, behavior pattern recognition, and predictive modeling to design a research-based program that would maximize sales results. Further, we applied social media and interactive tools to further encourage customer engagement and build personal relationships between the company’s sales professionals and customers.
Once the customer growth and retention program was in place, we embarked on its technology-powered marketing campaigns to drive traffic to product webpages. The campaign included warm-up emails from the account managers to remind customers of their sales representative’s name and introduce new account managers who just started covering the region. A quarterly email campaign announced new computer products and reminded customers of promotions.
We then used its customer tracking and analytics tools to create a customized experience for each person. Purchase history data, for instance, was used by Revana’s Analytic Multichannel Platform to automatically trigger campaigns delivering complementary offerings, including storage, software, and subscription services. Further, with customers’ purchase history in hand, we automatically recommended relevant product upgrades.
The success was felt in a very short period of time and within six months our cross-sell, upsell, and customer acquisition campaigns generated more than $174 million in revenue. A notable 130 new accounts were acquired in Q2 of 2012 alone, delivering $115 million in revenue, making that period the highest revenue-producing quarter in more than two years. This is helping the company increase revenue by 15 percent year over year.
But, an increase in sales wasn’t the sole success of the campaign. An added benefit of the project was that it enhanced the customer experience through the use of social media and delivered more relevant communications, which fostered lasting relationships. Ultimately, customers will continue doing business with organizations they feel treat them as individuals, making this success instrumental to continued business results.