GoFleet
Sep - Dec 2020
Background
GoFleet was a telematics company that supplied companies possessing fleets with the necessary GPS tracking technology
Telematics allowed them to optimize fuel usage and monitor aspects of their fleet such as driver behavior and vehicle maintenance.
GoFleet had only executed a clear-cut cold calling approach with their Sales team so far in all their years of operations
They lacked was a robust funnel where high-quality leads were discovered, then generated and qualified before closing.
My Solution
Funnel Revamp & A/B testing: Extended the old 3-stage funnel into a 5-stage funnel with a longer sales cycle, and A/B tested every stage of the funnel
Why? It did not make sense that a product with such a high switching cost should be closed in a sales cycle lasting only a couple weeks, requiring the customer to rush to a decision without an adequate amount of nurturing & qualification.
The Goal: Though the customer would take longer to close, the hope was that they would nurtured well enough to result in higher closing rates
Lead Generation
Lead Qualification
Funnel Management
Funnel Revamp
I curated new content and collateral for every stage of the funnel as well, including
Qualification questionnaires (i.e. pain discovery)
Industry pains & messaging (i.e. trucking, courier, food & beverage, etc.)
Buyer personas (i.e. fleet managers, procurement managers, asset managers, etc.)
Battle cards, competitor charts & product sheets (i.e. FAQs, features & specs)
To confirm the success of the new outbound qualification strategy, we compared the proportion of prospects who were qualified to the Quotes & Negotiation Stage (Stage 4 out of 5) in the old strategy (0.8%) versus the new strategy (2.3%).
Uplift in Qualification
290%
Outbound leads per day
50+
Lead Discovery
Outbound Qualification
Pain Discovery
Persona Creation
Sales Enablement
Funnel Stage A/B Testing
Once we had confirmed that the new strategy is objectively superior, we began refining it further. For this, we built a system for A/B testing, where we had control version (A), and it's variant (B). The variant would have only a single feature differentiating it from the control.
Through this process, we were able to filter out the ideal time of day & day of week to prospect. Additionally, this enabled us to build a hierarchy of most pressing pain points according to each persona & industry.
There were 3 kinds of A/B tests we conducted:
Messaging
Addressing a different pain or showcasing a different feature
Audience
Prospecting a different persona or industry
Timing
Reaching out on a different time of day or day of the week
No. of A/B tests
24
Qualification rate
8%
A/B Testing
Segmentation
Email Marketing
Marketing Automation
Outcome
Sales cycle: 7 weeks long now (longer than the previous 4 week sales cycle)
Qualification Rate: 2.3% of leads were now being qualified to Stage 4 (out of 5) of the funnel, a 290% uplift from the previous qualification rate of 0.8%
The Tradeoff: Achieved a higher qualification rate in exchange for a longer sales cycle (prospects were able to make a decision with comfort without feeling rushed
Sales Pipeline: 16 high-ticket prospects reached the 4th stage of the funnel, and thus a $50k sales pipeline was built. This meant minimal qualification effort for the Sales Team at the final two (negotiation & closing) stages of the funnel.
Quote stage prospects
16
Sales pipeline built
$50k
Learnings
Customers love a personalized experience. This means meeting them at the right channel at the right time, with the right messaging
Marketing & Sales is not about memorizing scripts and rebuttals to customers objections. Instead, it is in fact about developing the emotional intelligence to connect with prospects on a personal level
This means to have a genuine interest in understanding the customer's psyche and pains / needs
