Driving Revenue Growth by Identifying Untapped Cross-Sell Opportunities
Post-merger, executives at a leading US healthcare firm faced operational, profitability and scalability problems in their sales. Analyzing the bottlenecks in their sales pipeline provided insight to an untapped incremental revenue opportunity. Identification of sequential cross-sell opportunities and bundling helped increase client revenue and build customer equity.
Clearly Define Your Business Objectives
Executives at a leading US healthcare firm were trying to identify potential causes of reduced post-merger sales. Their goal was to identify bottlenecks in the sales pipeline and create a new targeted marketing strategy directing customers to their ideal products at the right time. This would enable a revenue upswing without the need to expand beyond their existing suite of products.
Acquire & Synthesize Relevant Data
Combining the client’s Salesforce data and revenue database enabled a trend analysis to identify likely candidates for additional product purchases based on a customer’s existing product purchase and usage patterns. This data was used to generate a cross-sell grid (Fig. 1) mapping a customer’s main product (highest revenue) to all other existing products to help predict most likely products for cross sale.
Fig. 1 – Cross-Sell Penetration Grid for Product & Segment
Develop an Action Plan
The resulting action plan identified a set of high-potential cross-sell opportunities. A list of top clients with corresponding products for likely cross-sell conversion enabled the client’s sales and account team to understand the revenue potential of each client group, subsequently developing a go-to-market strategy with targeted leads for a more streamlined sales effort. Using these leads and the supporting analytics allowed managers to clearly identify and target customers for cross-selling, increasing overall revenue and profitability.
Partner with You to See it Through
Partner with You to See it Through
With a revamped, targeted marketing and sales strategy, the company was able to capture a previously untapped $80mm cross-sell opportunity within their client base. Utilizing their existing product suite enabled them to act on the opportunity with almost no additional investment. A simple refocusing of sales and marketing efforts helped them quickly overcome their post-merger inefficiencies.
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