Target Fast Growers to Grow Fast
A major tech vendor bought an upstart security firm to diversify into enterprise markets. Of course, to be successful they had to beat a big, wealthy, aggressive, nasty competitor – the market’s 800-pound gorilla. To do this, this not-as-deep-pocketed tech firm needed to be smart. So we did a lot of primary research to learn we should target fast growers to grow fast.
We gathered the insights, developed the segmentation, personas, and demand generation strategy and campaigns that blew away goals. And not for for one metric, but on every metric by at least 20% – response, meetings, sales, average contract value, and speed of sale.
Speed Enterprise Security Market Entry
To compete, this not-as-deep-pocketed tech firm needed to be smart. They needed the insights, demand generation strategy and campaigns targeting the portions of the market they could quickly win.
Target Accounts for Quick Wins
Market Segmentation, Personas, and Target Accounts
First, we did a primary research study with medium and large enterprises in 11 countries. Second, to learn more about these enterprises, we augmented survey data with third-party data sources. Third, we applied the usual statistical methods – weighting, regression, factor analysis, K-means, and discriminant analysis.
Armed with the resulting segmentation model, next came the magical steps that helped our client blow out marketing and sales metrics. Using a super simple 4-questions typing tool, we identified all the world’s enterprises in high value segments. Next, we fleshed out high value segments with persona research and pulled account lists. Last, we crafted messages and campaigns to appeal to them.
High Response to Outbound, More Meetings, More and Faster Sales.
The most fun part about the project is that we defined a control group of companies because we wanted to measure results. So, a year later, the result was 20% higher sales than the control group with an average sales cycle that was half the amount of time. Indeed, it pays to target fast growers to grow fast.