Case Study: Identifying Underserved Needs to turn around Win Rate
Challenge
Win rate of a high-profile prospect program dropped significantly, putting revenue targets at risk
A leading B2B information services business leveraged conferences as a vehicle to showcase their value proposition to prospects, with the goal of converting those prospects into clients. A curated and exclusive conference experience program was available for qualified prospects, with a full complement of support and experience before, during, and after the conference.
The win rate for the preeminent prospect program had declined significantly YOY. The business’ revenue forecast counted on wins from this program, and the decline in program win rate put that forecast at risk. There was no obvious reason for the precipitous decline, but it was critical to identify the cause and turn the program around.
Solution
In depth customer research, coupled with analytics, to identify critical factors to turn around win rate
Compelling customer stories to back up controversial recommendations
I conducted in-depth research with prospects who had converted and prospects who did not. I also interviewed sales people and other internal employees who interacted with prospects during the program. I identified unmet and underserved needs by the prospects who did not convert; I identified the patterns and experiences that influenced a prospect to purchase a subscription.
I also conducted in-depth analytics to identify other opportunities to improve program performance.
I identified 4 key root causes of the win rate decline. Some of these changes were controversial, as they challenged long-held assumptions about what constituted a compelling prospect experience. But I had the evidence - in the form of customer insights - to support the recommended changes. I presented recommendations to executive leadership, and was asked to lead the program overhaul incorporating all recommendations.
Results
12 point increase in win rate YOY
I led the planning and implementation of all program changes, completing an overhaul in 3 months - with changes to process, systems, communication to prospects, and onsite conference experience. Win rate for the program not only returned to previous levels, but went up YOY.