Moving to Solutions Marketing and Selling and away from Product Features

Publicly traded enterprise-reporting company needing to re-invent their go-to-market due to competitive pressures.

Domains

  • Business Intelligence
  • Performance Management
  • Financial Management
  • Financial Services
  • Reverse shrinking product license revenues after years of exponential annual revenue growth
  • Find ways to side-step the competition whose latest releases leapfrogged current feature list after years of marketing and selling product features
  • Find application and industry use cases in which Actuate could succeed
  • Reorient and enhance skill set of existing sales force
  • Sales force historically won technical sale by selling features with a comprehensive demo, which was now teeing up the competition to win
  • Marketing had kept the sales force fed by renting lists and executing volume direct email campaigns which were no longer performing
  • Very little product marketing content existed on the web site or in any digital form
  • Partnered with World Wide Sales Operations and Business Development Executives to understand competitive challenges
  • Observed sales calls and demonstrations to understand current process
  • Analyzed lead generation program results
  • Led executive task force through a “Crossing the Chasm” process to identify key applications and vertical industries at which the product excelled
  • Analyzed product to identify key differentiation, strengths and weaknesses
  • Analyzed customer installations to find mapping between technical differentiation and successful use cases
  • Researched potential target applications and industry for current trends, business issues and competitive landscape
  • Unique combination of “under-the-covers” technical features made the product excel in companies going through frequent mergers, acquisitions and reorganizations
  • Unique combination of “under-the-covers” technical features made the product excel at applications with hundreds or thousands of report users but whose reports were 65% or more the same
  • Selling services with initial deal significantly increased probably of future add-on sales
  • Financial Services had the most use cases with the need for unique features
  • Finance or corporate banking departments were the best paths to penetrating a new accounts
  • Developed new go-to-market strategy focused on unique business value and applications of product line instead of technical features
  • Developed internal resources to become domain experts in key use case areas
  • Innovated new multi-level marketing messages from corporate to product to use in all outbound communications
  • Created solution-oriented marketing assets and new website
  • Trained sales force on new solution-selling techniques

.

  • Rejuvenated struggling product line, increasing revenues to $53M from a low of $36M by redefining marketing programs and repositioning product
  • Drove record $10M in new solutions licenses and first year maintenance revenue in one quarter
  • Generated 80%+ of license revenue from financial services vertical by concentrating marketing efforts on online customer statements, corporate banking, budget variance reporting and sales reporting
  • Leveraged digital marketing to achieve quarterly results of 32,766 organic search referrals, 6,648 registered content downloads and top 10 rankings for 62 keywords

.

Related Works