Targeting new business
Targeting new business through better Insight of existing customers
Background
FTSE listed market leader with global operations delivering Human Resource (HR) and people performance solutions.
Problem/Opportunity
The company had undergone significant reorganisation at board level with a new CEO and management team Traditionally the business had achieved growth through technical innovation and an established reputation with strong academic links. Whilst this business invented the whole sector newer smaller sharper players who have been able to embrace online technology more readily now besiege it. A reliance on heritage and a wide range of sound services are no longer sufficient to retain market share
Solution
Initially the client required a short-term lead generation and sales solution to boost revenues. However in discussion it was proposed that the first step should be to identify and research the existing client base to understand the purchase dynamics, key industry sectors, Key accounts and the reasons why customers purchased from the company. This research would then establish a blueprint profile to be used to identify potential new clients who would be most likely to purchase. The resultant analysis revealed that the company had a strong position in the Finance and Government sectors where average order size and purchase frequency were significantly above average. It showed a significant under performance in the IT sector. The analysis also identified that 90% of revenue was generated by just 10% of clients. Through the analysis of purchase patterns and transactional data it was demonstrated that the largest client was in fact a major credit card company spending in excess of £1m pa.
Results
These findings formed the basis of further proposals for direct marketing campaigns which were then accurately targeted with key messages and case studies relevant to each of the key existing and opportunity sectors. Key account management programmes were also developed to ensure that the top 10% of clients were managed more appropriately