Case Study: What Does Losing a Sales Opportunity Cost You?

Problem: A provider of used packaging and process equipment machinery has a top notch marketing system for generating new leads. The system also will develop and send a quote out to the prospect looking for a particular piece of machinery, then send a copy to the assigned sales executive, averaging about 200 quotes per day. The sales executives process orders from the prospects who either request more information about a particular machine or are interested in purchasing one.

The system, however, can only tell if a prospect has received and opened the quote, and the sales executives do not have the time to call them to check to make sure everything was received properly, leaving several thousands of dollars on the table from prospects who accidentally deleted the quote before saving it, who may need the quoted item but in a larger or smaller size, or want multiple units and want to see if there is a volume discount

Solution: Randolph Sterling, Inc. was hired first to find out if this company was missing out on opportunities and if so, how many. We were given access to the database of generated quotes from the 6 prior days to contact the decision maker to:

  1. confirm the quote was received
  2. answer any basic questions about the quote and their overall needs, insuring that they were quoted what they truly needed
  3. if they did need a new quote, collect the correct information so that a new quote could be generated
  4. ask if they also might have any equipment for sale

In the first two weeks of calling, we found the following:

  1. 8% of the quotes were not received by the decision maker and needed to be resent, although the system had said they had been properly delivered
  2. 5% of the prospects actually needed a different piece of equipment than was originally quoted or needed multiple pieces of equipment.
  3. Many prospects were basing their buying decision on factors such as delivery time, shipping costs, or the interest in the selling company purchasing some of their used equipment
  4. Several more prospects stated that their decision to purchase rested in the fact that our client actually took the time to follow up, where most of the other competitors did not.

The result of these calls, in just the first two weeks of the project, were over $300,000 in new sales that the client determined they would not have otherwise received.

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