1+1 equals two, but sometimes it can add up to a whole lot more. Think about peanut butter and chocolate, Penn and Teller, champagne and orange juice; all are examples of the whole equaling much more than the sum of the parts.
A lot of organizations have deployed “Predictable Revenue” – the popular tome penned by Mary Lou Tyler and Aaron Ross. The authors espouse a strategy of specializing your business development and sales efforts to create an assembly line approach to opportunity identification.
The book offers a few tips and tricks for business development services as well. The one that has been attempted most often is researching the CEO in a number of target accounts by sending an email. Many of you are familiar with the email requesting, “who is the best person to talk to about . . . ?”
According to the authors, one should expect a 7%-9% (positive and negative) response rate.
We’ve talked to a number of our clients who have mimicked the approach. The feedback has been mixed. Many have been frustrated and not able to scale. Several clients have asked for help, so we decided to do a test to determine how we could validate and optimize their results.
Our test included targeting 287 accounts. As part of this sales aptitude test, we researched each account and sent the template email to the CEO. We received a total of 19 responses (6.6%) with 13 being positive (4.5%). After pursuing the 13 positive responses, we ended up with 4 (1.4%) “are we a fit” conversations.
This test took a considerable amount of effort. These results were in line (actually a little better) than what our clients were seeing. As a result, we looked at what we could add or tweak to move the needle.
After testing a number of variations, we came up with a concoction that added champagne to the orange juice. The “champagne” we added was our Staccato™ methodology and technology. Among other things, Staccato uses a specific telephone outreach to these same executives. It includes interacting with the CEO via certain touch points (voice messages, admin etc.) in a simple and highly repeatable way. The results were astounding!
Putting forth equal effort as the 287 test accounts above, we were able to reach out to 92 accounts. To keep the test pure, we used the same client profile and the same value propositions. Adding the Staccato touches resulted in positive referrals an amazing, SIXTY-TWO (67%) times. Of the 62 referrals, meaningful “are we a fit” conversations resulted in 32 cases (34.8%).
How can this impact you? It’s quite simple really; by adding a prescriptive outreach effort to your Predictable Revenue initiative you can reduce any frustration you may be experiencing and drive dramatic increases in outcomes.
I don’t know about you, but this mimosa tastes pretty good.