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To increase sales in the US, one of the largest markets for CAE technology, CD-adapco recognized a need to develop new vertical markets in which it lacked experience selling into. However, the company’s sales force was already operating at capacity with pursuing and closing deals within its current target markets.
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Introduction
CD-adapco,
a provider of advanced computer aided engineering (CAE) solutions
including computationally-based engineering technology and a wide range
of engineering services in Computational Fluid Dynamics and Structural
Finite Element Analysis, helps manufacturers design reliable, high
quality products. Driven by steady sales growth in the automotive and
aerospace industries, the 25-year old company looked to expand
significantly in new markets and specific geographies across the globe
with an emphasis on the US.
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“The
CAE industry is complex and challenging. WhiteSpace team members were
quick learners and listened to CD-adapco and its prospects, rapidly
developing an understanding of our business.”
Bill Clark,
Dir. Engineering Software Business Unit,
CD-adapco
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Challenge
Despite the company’s competitively superior technology and success, it
needed to rapidly increase exposure in new markets similar to other
competitors but with a budget smaller than its larger counterparts.
CD-adapco recognized a significant need to develop a new go-to-market
strategy and tactical plan that would increase sales performance in
newly targeted markets. However, with a relatively small sales force
and less than adequate marketing resources in the US, the course that
produced a sustained stream of Sales Opportunities that were qualified
and ready to move through the sales cycles were traditionally slow due
to conservative evaluations and scarce budgets. CD-adapco realized that
if it wanted to increase sales performance, it needed to do something
different.
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“The WSP team fully integrated with our sales team and went above and beyond what the engagement had called for. We have improved the quality of our pipeline in the US and increased it by approximately 50% so far and are looking to exceed our revenue goals for the year. Most importantly we are closing deals provided by WhiteSpace.”
Bill Clark, Dir. Engineering Software Business Unit, CD-adapco.
Solution
After considering several alternatives, CD-adapco sought the support of WhiteSpace to grow revenue and reduce the cost of sales. At the onset of the engagement, WhiteSpace rapidly integrated with the CD-adapco sales team and immersed itself into its business. WhiteSpace then conducted an assessment of CD-adapco’s market opportunities and refocused their US sales operations on key vertical markets including micro-segments of aerospace, marine, offshore, and biomedical.
A strategic account approach was taken to rapidly identify “best-fit” customers in select markets that were strategically significant, but not sufficiently penetrated. New and unique customer value propositions were created to highlight CD-adapco’s dominant value. WhiteSpace worked closely with the sales team to execute a revenue development course that produced a sustained stream of Sales Opportunities that were qualified and ready to move through the sales process.
This in-depth qualification process requires not only the ability to find prospective buyers in the buying cycle with decision authority, but also the understanding of the prospects requirements, mapped to CD-adapco’s solution and the prospect’s conclusion that they can benefit from working with CD-adapco.
Results
As a result of the collaboration between WhiteSpace and CD-adapco, the company’s go-to-market strategy and message was re-defined in select key markets, supporting its unique position in the competitive landscape. WhiteSpace increased CD-adapco’s outreach activity, establishing stronger and more profitable business relationships with many existing clients and developed a scalable and repeatable process to enable CD-adapco to grow into new market segments. In addition, the company has experienced increased name recognition amongst prospective buyers in target markets.
“They have converted both software and services sales…In addition, I have people approaching me at industry events saying I have heard of you – we are being recognized more.”
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