Developing a B2B acquisition strategy via a test and learn approach
Situation
A fleet monitoring company expanded its GPS product portfolio through a merger with a provider of scheduling software. The company wanted to quickly initiate marketing and sales efforts to introduce the software product to existing fleet monitoring customers. Orchid Strategy Group was engaged to develop the customer acquisition strategy and plan.
Approach
The secret to a winning acquisition plan is pragmatic marketing. Orchid Strategy Group recommended a test and learn approach to gain a clear understanding of the current situation as well as gain in-market experience to inform the acquisition plan. We executed a qualitative customer research survey with existing users of the scheduling software to learn about their customer journey and value proposition. We analyzed profiling data including SIC codes, company size, employees, decision-makers, etc. to determine targeting and segmentation potential. Last, we conducted an inventory of current marketing efforts as well as listened in on sales/customer service calls to find integration and cross-sell opportunities. Then, we moved to in-market test mode where we implemented an iterative sales script process to research potential product positioning, offers, and sales pitches. We also trialed targeting approaches, email campaigns, and landing pages. Based on these findings, Orchid Strategy Group quickly developed an acquisition plan with strategies and tactics based on solid market intelligence.
Solution
The final recommendation included objectives and strategies as follows: aligning the software product’s value proposition with customer perceptions and usage of the GPS product, targeting high-potential segments with relevant industry/ vertical messaging, optimizing contact strategies based on campaign response, and identifying success measurements. Each strategy was fully supported by tactics including the following: Email (acquisition, nurture, cross-sell/ upsell, retention), Digital (SEO, SEM, online, video, social, mobile), Direct (mail, brochures), Offline (sales, service), and others. Last, we created a one-year Roadmap including activities and timing and built standardized metrics and reports to track the Roadmap activities.
Results
Acquisition goals for trials, demos, and sales exceeded initial aggressive forecasts. Our client continues to build on the listen, learn, and test approach to continually improve marketing efforts.