$8.2 in Revenue for Every $1 Spent
Advantage|ForbesBooks lacked an outbound customer acquisition strategy and system to provide visibility into their current sales metrics. Inside of 90 days, they realized the following benefits after ScaleUpOnDemand implemented a new GTM strategy, benchmarked the newly created BDR team, implemented CRM improvements, and started bringing in new created pipeline:
- Implemented 6-month training program and individual development plans
- 44% increase in new opportunities (406 new opps)
- A completely new sales channel with $715,824 Revenue
Advantage|ForbesBooks (ForbesBooks) lacked an outbound business development strategy and leader. This led to sporadic and ineffective prospecting efforts, little to no sales coaching and very little accountability from each sales team member. Upon realization of this shortcoming, Justin Batt (CRO) saw the need to insert an effective sales process and team leader.
In addition to a non-existent prospecting strategy, ForbesBooks also faced many technological challenges in relation to generating sales and maintaining customer relationships, the main issue being the lack of an optimized CRM software system. ScaleUpOnDemand (ScaleUp) implemented changes immediately to measure prospecting and sales velocity and conversion rates.
“It’s great. I now have a lead source in outbound prospecting that predictably generates $8.2 for every $1 spent, which is better than most of our other channels. We didn’t have this one year ago.” - Justin Batt, CRO
In order to solve the problem of a lack of new business, a Go-to-Market strategy, sales stack, and formal training program were developed. The plan called for a change in mindset about how to prospect, an increase in the quality and quantity of prospecting efforts, and the formation of a new team, Business Development.
ScaleUp supported ForbesBooks by placing a veteran sales rep as the first BDR, directly within their sales team. ScaleUp became an integral part of their team and a model of ideal behavior for the two other BDRs that joined the team. Within 90 days, the BDR role was proven to be a predictable and financially viable lead source. With supporting data in hand, the team was to grow to seven and generate 40% of the next year’s revenue.
A ScaleUp veteran BDR Manager joined and was responsible for building this new team. Prospecting successes and failures were discussed regularly and performance was reviewed using data from the newly implemented CRM and sales process. The team’s performance and level of self-accountability increased. For the first time, new pipeline was developed consistently, and at record levels.
New tools such as Vaetas (video outreach program) and SalesLoft (sales enablement platform) were implemented to increase effectiveness and efficiency.
ScaleUp’s new Go-to-Market strategy and CRM implementation improved efficiency and provided accountability metrics for sales leaders to ensure opportunities move at a rapid and positive pace.
Customer acquisition costs continue to decrease as ForbesBooks optimizes the role’s compensation plan, brings the manager role in-house, and finds the ideal BDR:AE ratio. A ScaleUp BDR manager trained the full-time internal BDR manager.
ROI through outbound business development >$8 per $1 spent
ROI through previously defined channels <$6 per $1 spent
Outbound was the only channel that increased revenue quarter over quarter
55% increase in Avg. revenue/client