How our client embraced dynamic change to dramatically drive revenue and create a direct-to-market, digital sales pipeline
The Challenge
Business, technological, and cultural transformation all rolled into a single mission
Our client is a global innovator of advanced microscopy lenses for a wide variety of high-tech and R&D applications. As a key technology provider to academia, the life sciences industry, medical labs, and semiconductor manufacturing, our client is on a mission to make the world a better place.
For years, they had been relying on established distribution partners to sell its mid-level line of microscopy products, which make up 40% to 60% of its revenue. When faced with the potential downsizing of one of its key foreign markets, the leadership at this technology giant turned to its U.S. sales division to make up the difference.
“The ask was daunting: Double its U.S. market revenues in five years to $500 million without scaling up its salesforce.”
Its existing relationship-based sales system, which was too focused on organic sales growth, simply couldn’t handle such numbers. Tightening the screws on its current practices was not going to cut it. The solution had to penetrate new markets, generate new revenue streams, and transform its entire sales model.
Additionally, many of its customers were highly regulated or government-related projects. Relationships were well established. Resistance to change within a deeply entrenched sales approach was formidable. This all created a second and serious challenge for Goods & Services: transformation of this scale would require a clear and convincing consensus.
“The customizations required for many of our microscopy products adds a certain level of complexity to our sales process and often lengthens our average time-to-close.”
Our Solution
Creating a world-class technology platform along with the consensus to make it a reality
For Goods & Services, one key imperative for this project became obvious early. Technology was noticeably absent from existing sales practices. Very little was automated. Our client was missing out on a huge opportunity. It was clear, for a challenge this big, the solution had to be just as large. This required the stakeholders to believe in a whole new way of seeing things—to envision a north-star-guided pathway to success.
Working in close partnership with stakeholders, the Goods & Services team began the design and creation of a technology platform that redefined the customer sales journey from discovery to evaluation to direct purchasing. All the complexities of microscopy engineering were built in, including custom configurations, customer service, and tech support. Add-on features were developed, such as sell-up and cross-selling tools, “Talk-to-an-expert” and “Test- drive-a-product” functionality.
Greatly expanding access to new markets, this new digital sales environment was comprehensive, completely scalable, and fully automated where it had to be. While reducing dependance on manual sales methods, the platform continued to facilitate and support traditional sales methods.
“Proof of performance for us would only come after the platform was launched and generating sales. Goods & Services stayed the course and remained focused on the end goal.”
The Impact
From a practice to a process
A year and a half after launch, our client is on its way to meeting its revenue goals with orders climbing weekly. Without increasing the size of its salesforce, our client is now realizing steady business revenue from a direct-to-customer sales pipeline, with high levels of adoption by leadership, product managers, and even sales team members.
Its sales process has been significantly accelerated with the overall average time-to-close dramatically reduced. Lead generation performance has been enhanced and AI-assisted selling is being introduced across the platform.
In place of an old-school, human-based sales “practice,” our client now has an innovative ecommerce “process” poised for future growth. The leaders have become believers as they now look for more north stars to follow in other product areas of the enterprise.
“We’re already seeing the impact in how we reach customers, generate demand, and support our sales teams. This platform gives us the foundation to keep growing.”
FOR ADDITIONAL INFORMATION
Luke Barton VP, Growth - Healthcare & Life Sciences
luke.barton@goodsandservices.com
